Karachi, February 12, 2024 – Pakistan’s economic landscape is grappling with a significant challenge as the State Bank of Pakistan (SBP) reveals that the country’s public debt has surged to 74.8 percent of the Gross Domestic Product (GDP) by the end of December 2023.
(more…)Author: Shahnawaz Akhter
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Inflow of Remittances Dips to $15.82 Billion in 7MFY24
Karachi, February 12, 2024 – The State Bank of Pakistan (SBP) reported on Monday that the inflow of workers’ remittances has witnessed a decline to $15.82 billion during the first seven months (July – January) of the fiscal year 2023-24.
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Active Taxpayers of 2022 Given Tax Benefits Until February 29
Karachi, February 12, 2024 – Active taxpayers for the tax year 2022 are granted an extended window to avail themselves of reduced tax rates, with the deadline set for February 29, 2024, announced the Federal Board of Revenue (FBR).
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Unregistered Prize Bonds Worth Rs 4.77 Billion Await Redemption
Karachi, February 12, 2024 – Unclaimed prize bonds worth a staggering Rs 4.77 billion are still up for grabs as the State Bank of Pakistan (SBP) extends the deadline for conversion until June 30, 2024.
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Fresh IMF Program and Budget Pose Challenges for New Govt
February 11, 2024 – In the aftermath of Pakistan’s General Elections on February 8, 2024, analysts at Arif Habib Limited are highlighting the formidable challenges facing the new government, particularly in negotiating a new loan program with the International Monetary Fund (IMF) and formulating the budget for the fiscal year 2024-25.
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Insurance Sector Contributes Rs 10.15 Billion in Sindh Sales Tax
Karachi, February 11, 2024 – The insurance sector has emerged as a significant contributor to the Sindh government’s revenue, having paid a substantial amount of Rs 10.15 billion as sales tax on services during the fiscal year 2022-23, according to the latest report released by the Sindh Revenue Board (SRB).
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Pakistan Imposes Rs 136 Million Penalty on Bank Alfalah
Karachi, February 11, 2024 – In a significant development, the State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs 136 million on Bank Alfalah for various regulatory violations during the calendar year 2023, according to official documents.
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PTBA Urges FBR for Efficient Tax Jurisdiction Processes
Karachi, February 10, 2024 – The Pakistan Tax Bar Association (PTBA), apex tax bar of the country, has called on the Federal Board of Revenue (FBR) to optimize the transfer process of tax cases to their correct jurisdictions.
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How to Modify Income Tax Registration at FBR
In a recent development, the Federal Board of Revenue (FBR) has introduced a comprehensive procedure for individuals seeking to modify their income tax registration due to changes or omissions in their information.
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Sindh Tax Collection from Food and Hospitality Grows 41%
Karachi, February 10, 2024 – Sindh has reported a remarkable 41 percent surge in sales tax collection from the food and hospitality sector during the fiscal year 2022-23, according to the annual report released by the Sindh Revenue Board (SRB).
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