Karachi, November 26, 2023 – The Commissioner Inland Revenue has been bestowed with suo moto powers to call for records during the tax year 2024.
(more…)Author: Shahnawaz Akhter
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FBR Implements Stricter Limits on Entertainment Expenditures for Corporate Tax Calculation
Karachi, November 25, 2023 – The Federal Board of Revenue (FBR) has enforced new restrictions on the deduction of entertainment expenditures when computing corporate taxes for the tax year 2024.
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Implementation of Windfall Tax on Banks Contingent on Timely General Elections
Karachi, November 25, 2023 – The caretaker government finds itself in a challenging situation following the recent announcement of a windfall tax on banks, as the amendment necessitates approval from the National Assembly.
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Pakistan Announces Relaxation Period for Afghan Transit Goods Amid New Security Measures
Karachi, November 25, 2023 – Pakistan has declared a relaxation period for Afghan transit goods, alleviating some of the conditions previously imposed, including the requirement for bank guarantees.
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Iran Proposes Border Markets with Pakistan to Boost Bilateral Trade
Karachi, November 24, 2023 – Iran has proposed the establishment of border markets along the Pakistan border to promote bilateral trade.
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Tax Collection from Dividend Surges 32% in First Four Months of Fiscal Year 2023-24
Karachi, November 24, 2023 – The withholding tax collection from dividend income has experienced a remarkable increase of 32 percent during the initial four months (July – October) of the fiscal year 2023-24, according to provisional data from the Large Taxpayers Office (LTO) in Karachi.
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Sindh Revenue Board Cracks Down on Leading Restaurant Chain for POS Integration Violations
Karachi, November 23, 2023 – The Sindh Revenue Board (SRB) sealed two branches of the renowned M/s. Red Apple restaurant on Thursday for non-compliance with the mandatory requirement of point-of-sale (POS) integration.
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KCCI Urges Immediate Rectification of Technical Glitches Affecting Sales Tax Return Filings
Karachi, November 23, 2023 – The Karachi Chamber of Commerce and Industry (KCCI) has brought to light a series of technical errors that have impeded the filing of monthly sales tax returns.
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