Karachi, November 18, 2023 – In a major move to enhance tax compliance, the Federal Board of Revenue (FBR) has initiated a significant crackdown against non-filers of tax returns by employing stringent measures, including the disabling of mobile phone and electricity connections, according to official sources on Saturday.
(more…)Author: Shahnawaz Akhter
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Pakistan Witnesses Massive 186% Jump in Car Imports During First Four Months of FY24
Karachi, November 17, 2023: Pakistan has experienced a significant surge of 186% in car imports during the first four months (July – October) of the current fiscal year 2023-24, according to official data released on Friday by the Pakistan Bureau of Statistics (PBS).
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SBP Unveils Ambitious Five-Year Plan for Sharia-Compliant Banking System
Karachi, November 17, 2023 – The State Bank of Pakistan (SBP) has announced an extensive five-year strategic plan aimed at transitioning the current conventional banking system into a Sharia-compliant financial system for the country.
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FPCCI Urges Government to Evolve Strategy to Get Rid of IMF
Karachi, November 16, 2023 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the government to formulate a comprehensive strategy to emancipate itself from the International Monetary Fund (IMF).
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Foreign Exchange Reserves Decrease by $78 Million on External Debt Payments
Karachi, November 16, 2023 – The State Bank of Pakistan (SBP) on Thursday said that the country’s foreign exchange reserves have witnessed a decrease of $78 million due to external debt payments.
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Government Empowered to Impose Windfall Tax Across Sectors with Section 99D
Karachi, November 16, 2023 –Section 99D of the Income Tax Ordinance, 2001, has granted the federal government the authority to levy an additional tax on windfall profits across various sectors of the economy, according to sources within the Federal Board of Revenue (FBR).
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Citizens Rejoice as Government Extends Sales Tax Holiday on Petroleum Products
Karachi, November 16, 2023 –The citizens in Pakistan are set to continue enjoying a sales tax holiday on the purchase of petroleum products throughout the second half of November 2023 in a move of the government aimed at providing relief to the masses amidst a global economic downturn.
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Banks to Contribute Rs 58 Billion in Windfall Tax Boosting Government Revenue
Karachi, November 16, 2023 – Banks in Pakistan are set to pay an additional Rs 58 billion in income tax following the federal cabinet’s approval of a 40 percent tax on windfall profits derived from foreign exchange transactions in 2021 and 2022.
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