Karachi, February 19, 2024 – The State Bank of Pakistan (SBP) reported on Monday that Foreign Direct Investment (FDI) into Pakistan has experienced a significant decline of 21.4 percent during the first seven months (July – January) of the fiscal year 2023-24.
(more…)Author: Shahnawaz Akhter
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FBR Tightens Procedures for Tax Recovery from Bank Accounts
Karachi, February 19, 2024 – The Federal Board of Revenue (FBR) has tightened its grip on tax recovery procedures, mandating that its offices obtain prior approval for accessing taxpayers’ bank accounts.
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Pakistan Records Remarkable 71% CAD Contraction in 7MFY24
Karachi, February 19, 2024 – Pakistan has achieved a noteworthy 71 percent contraction in the Current Account Deficit (CAD) during the first seven months (July – January) of the fiscal year 2023-24, signaling positive economic developments, according to data released by the State Bank of Pakistan (SBP).
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FBR Seeks Customs Duty Proposals for Budget 2024-25
Islamabad, February 19, 2024 – The Federal Board of Revenue (FBR) has officially initiated the process of gathering customs duty proposals for the upcoming budget of 2024-25, inviting input from all chambers of commerce and industry.
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FBR to Update Property Valuations Based on FTO Suggestions
Karachi, February 18, 2024 – The Federal Board of Revenue (FBR) is gearing up to update immovable property valuations, aligning them with fair market prices, in response to recommendations from the Federal Tax Ombudsman (FTO).
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Rupee May Encounter Uncertainty Amidst Political Turmoil
Karachi, February 18, 2024 – The Pakistani Rupee (PKR) is expected to encounter increased pressure against the US dollar in the coming week, starting February 19, 2024, as the country grapples with heightened political turmoil.
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FBR Chairman Greenlights Penalties Against Non-Filers
Karachi, February 16, 2024 – Federal Board of Revenue (FBR) Chairman Malik Amjed Zubair Tiwana has given the go-ahead for stringent penal measures against non-filers.
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FTO Directs FBR to Conduct Thorough Audit of Taxpayer Data
Islamabad, February 16, 2024 – The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to audit all fake transactions and taxpayers data.
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FBR Lacks Standards to Determine Property Value: FTO Report
ISLAMABAD, February 16, 2024 – In a recent report, the Federal Tax Ombudsman (FTO) has highlighted significant deficiencies in the Federal Board of Revenue’s (FBR) process of determining fair market property values.
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Simplified Tax Return to Benefit 1.4 Million Salaried Persons
KARACHI, February 16, 2024 – In a move to alleviate the burden on salaried individuals and pensioners, the Federal Tax Ombudsman (FTO) has revealed that the newly simplified income tax return form is set to benefit approximately 1.4 million taxpayers.
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