Karachi, February 4, 2024 – The Federal Board of Revenue (FBR) in Pakistan has recently provided a comprehensive definition for resident individuals, associations of persons, and companies for the tax year 2024.
(more…)Author: Shahnawaz Akhter
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FPCCI Backs Restructuring of FBR for Economic Stability
Karachi, February 3, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) announced its support on Saturday for the proposed restructuring plan of the Federal Board of Revenue (FBR).
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Pakistan’s Import Bill Witnesses 14.11% Decline in 7MFY24
Islamabad, February 2, 2024 – Pakistan’s import bill has experienced a substantial decline of 14.11 percent during the first seven months (July – January) of the fiscal year 2023-24, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. This decline reflects a positive trend in the country’s trade balance.
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Provinces Collect Rs 230 Billion in Sales Tax in 1HFY24
Karachi, February 2, 2024 – The provinces of Pakistan have recorded an impressive collection of Rs 230 billion as sales tax on services during the first half (July – December) of fiscal year 2023-24, as per official data released by the federal finance ministry.
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SBP Slaps Meezan Bank with Rs 82.74 Million Regulatory Penalty
Karachi, February 2, 2024 – The State Bank of Pakistan (SBP) has imposed a regulatory penalty of Rs 82.74 million on Meezan Bank Limited, citing violations of regulatory instructions for the quarters ended June 2023 and December 2023.
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Petroleum Sales Decline by 13% in Pakistan During 7MFY24
Karachi, February 1, 2024 – The petroleum industry in Pakistan has witnessed a significant downturn as sales of petroleum products dropped by 13 percent during the first seven months (July-January) of fiscal year 2023-24.
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FBR Launches Single Sales Tax Return for Telecom Sector
Islamabad, February 1, 2024 – In a groundbreaking move towards enhancing efficiency and reducing compliance costs, the Federal Board of Revenue (FBR) has officially launched a single sales tax return for the telecom sector, encompassing entities registered with both federal and provincial tax authorities.
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Pakistan Witnesses $78 Million Decline in Weekly Forex Reserves
Pakistan faces a concerning economic setback as official data from the State Bank of Pakistan (SBP) reveals a significant decline of $78 million in the country’s weekly foreign exchange reserves.
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KCCI Strongly Condemns Astronomical Surge in Petroleum Prices
Karachi, February 1, 2024 – In an unequivocal stance against the recent surge in petroleum prices orchestrated by the caretaker government, the Karachi Chamber of Commerce and Industry (KCCI) has voiced its resolute rejection.
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APCAA Rejects Shipping Association’s Embezzlement Allegations
Karachi, February 1, 2024 – The All Pakistan Customs Agents Association (APCAA) came out strongly on Thursday, condemning the All Pakistan Shipping Association for leveling groundless charges of embezzlement against customs agents.
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