Karachi, December 2, 2023 – The Federal Board of Revenue (FBR) has explained tax treatment of foreign-source income of residents during tax year 2024.
(more…)Author: Shahnawaz Akhter
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FBR Empowered with Real-Time Access to Information and Databases under Sales Tax Law
Karachi, December 2, 2023 – The Federal Board of Revenue (FBR) has taken a significant leap into the digital age as it gains real-time access to information and databases under the recently updated Sales Tax Act, 1990 for the tax year 2024.
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Headline Inflation Skyrockets to 29.2% in November 2023
Pakistan Bureau of Statistics (PBS) on Friday revealed that the headline inflation, measured by the Consumer Price Index (CPI), surged to a staggering 29.2 percent Year on Year (YoY) basis in November 2023.
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Pakistan Achieves 33.59% Contraction in Trade Deficit During 5MFY24
Islamabad, December 1, 2023 – Pakistan has reported a substantial contraction of 33.59% in its trade deficit during the initial five months (July – November) of the fiscal year 2023-2024, as per official data released by the Pakistan Bureau of Statistics (PBS) on Friday.
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Building Control Authorities Mandated to Collect 5% Tax Before Approval of Construction Plans
Karachi, December 1, 2023 – In a significant development, provincial building control authorities are now mandated to collect a five percent advance tax before approving building construction plans, as per the updated Income Tax Rules, 2002 for the tax year 2024, issued by the Federal Board of Revenue (FBR).
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State Bank of Pakistan Assures 98% of Depositors Fully Protected
Karachi, December 1, 2023 – The State Bank of Pakistan (SBP) announced on Friday that a remarkable 98% of depositors in the country are fully protected, ensuring their financial security even in the unlikely event of a bank’s failure.
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FBR Achieves Impressive 30% Tax Collection Growth in 5MFY24
Karachi, December 1, 2023 – The Federal Board of Revenue (FBR) has reported an impressive growth of 30 percent in tax collection during the first five months (July – November) of the current fiscal year 2023-2024.
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FBR Takes Strong Action Against Non-Filer Tax Officials
KARACHI, November 30, 2023 – The Federal Board of Revenue (FBR) has issued a directive to initiate action against tax officials who have failed to file their income tax returns.
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Industrialists Announce Shutdown on December 4 in Protest of Gas Tariff Increase
Karachi, November 30, 2023 – The industrialists of Karachi has announced a widespread shutdown of all industries on Monday, December 4, 2023, demanding the immediate implementation of the approved gas rates of 1350 rupees per MMBTU (Million British Thermal Units) by OGRA.
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FBR Warns Sugar Millers of 3-Year Jail Sentence for Sales Tax Evasion
Islamabad, November 30, 2023 – The Federal Board of Revenue (FBR) has delivered a stern warning to sugar millers, cautioning them against sales tax evasion and emphasizing the potential consequences, including a three-year jail sentence.
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