Karachi, January 17, 2024 – The State Bank of Pakistan (SBP) released a report on Wednesday, revealing a remarkable 35 percent surge in foreign direct investment (FDI) into the country during the first half (July-December) of fiscal year 2023-24.
(more…)Author: Shahnawaz Akhter
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Pakistan Records Massive Contraction of 77% in CAD for 1HFY24
Karachi, January 17, 2024 – In a remarkable turn of events, Pakistan has witnessed a substantial contraction of 77% in its Current Account Deficit (CAD) during the first half (July – December) of the current fiscal year, according to data released by the State Bank of Pakistan (SBP).
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FBR Specifies Death Penalty for Narcotics Smuggling
Karachi, January 17, 2024 – The Federal Board of Revenue (FBR) in Pakistan has updated the Customs Act, 1969, for the tax year 2024, specifying severe penalties, including the possibility of the death penalty, for those involved in smuggling of narcotics.
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Pakistan Announces Tax Amnesty for 2024
Karachi, January 17, 2024 – Pakistan has taken a significant step to boost its economy by announcing a tax amnesty for certain foreign currency transactions during the tax year 2024.
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FTO Exposes Flaws in Valuation of Immovable Properties
Karachi, January 16, 2024 – The Federal Tax Ombudsman (FTO) has unearthed significant flaws in the valuation of immovable properties across Pakistan, revealing a lack of attention from the Federal Board of Revenue (FBR) and incompetence that has left the field vulnerable to the discretion of provincial and FBR’s field staff.
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Salaried Persons Bank Deposits Surge by Over 20% in 2023
Karachi, January 16, 2024 – Salaried persons in Pakistan have shown a remarkable inclination towards the banking system, as their deposits experienced a substantial surge of over 20 percent in the year 2023.
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FBR Imposes Strict Penalties for Smuggling in 2024
Karachi, January 16, 2024 – In a bid to curb the menace of smuggling, the Federal Board of Revenue (FBR) has announced a series of harsh penalties for individuals involved in the illegal transportation of goods, including essential commodities, into or out of Pakistan.
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Pakistan Reduces Tax Liability for Women Entrepreneurs
Karachi, January 16, 2024 – In a progressive move, Pakistan has taken a significant step to empower women entrepreneurs by reducing tax liability under the category of income from business.
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Bank Deposits Reach Historic High of Rs 27.84 Trillion in Pakistan
Karachi, January 15, 2024 – In a remarkable turn of events, bank deposits in Pakistan have achieved an unprecedented milestone, reaching a historic high of Rs 27.84 trillion by the end of December 2023, as reported by the State Bank of Pakistan (SBP) on Monday.
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FBR Initiates Domicile Verification of Balochistan Employees
Karachi, January 15, 2024 – The Federal Board of Revenue (FBR) has embarked on a comprehensive verification process of the domiciles of its employees hailing from the province of Balochistan.
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