Karachi, November 21, 2023 – The Federal Board of Revenue (FBR) has notified the rates of default surcharge under the Sales Tax Act, 1990, for the tax year 2024.
(more…)Author: Shahnawaz Akhter
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Pakistan Refinery Strikes Deal to Double Refining Capacity
Karachi, November 21, 2023 – Pakistan Refinery Limited (PRL) announced a groundbreaking agreement on Tuesday, signaling a transformative phase in its operations. The refinery has inked a pivotal license agreement with industry giants Honeywell UOP and Axens for its ambitious Refinery Extension and Upgradation Project (REUP).
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Pakistan Customs Reveals Startling 330% Surge in Almond Imports under Afghan Transit Trade
Karachi, November 20, 2023 – Pakistan Customs has disclosed a staggering 330% increase in almond imports under the Afghan Transit Trade, while simultaneously reporting a significant 62% decline in direct imports into Pakistan.
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Current Account Deficit Contracts Significantly by 66% in 4MFY24
Karachi, November 20, 2023 – The Current Account Deficit (CAD) has experienced a remarkable contraction of 66 percent during the first four months (July – October) of the fiscal year 2023-24, according to data released by the State Bank of Pakistan (SBP).
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FBR Sets Monetary Penalties for Failure in Sales Tax Return Filing in Tax Year 2024
The Federal Board of Revenue (FBR) has introduced monetary penalties for individuals or entities failing to file their sales tax returns for the Tax Year 2024.
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Pakistan Petroleum Limited Announces Major Gas Discovery in Sindh Province
Karachi, November 20, 2023 – Pakistan Petroleum Limited (PPL) revealed on Monday a significant breakthrough in the energy sector with the discovery of gas and condensate in District Sujawal of the Sindh Province.
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Pakistan Permits Sales Tax Invoices in English or Urdu Language
Karachi, November 19, 2023 – Pakistan has granted taxpayers the flexibility to issue sales tax invoices in either English or Urdu language for documenting transactions, according to the updated Sales Tax Act of 1990 for the tax year 2024.
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FBR Advises Taxpayers to Maintain Detailed Records for Tax Year 2024
Karachi, November 19, 2023 – The Federal Board of Revenue (FBR) has issued a directive advising taxpayers to maintain comprehensive records of purchases and supplies throughout the tax year 2024.
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Pakistan Pays Half a Billion Dollars for Mobile Phone Imports in 4MFY24
Karachi, November 18, 2023 – Pakistan has incurred a substantial expenditure of approximately half a billion dollars on the imports of mobile phones during the first four months (July – October) of the fiscal year 2023-24, as revealed by official statistics.
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