Karachi, October 26, 2023 – Pakistan has announced a significant budget deficit of Rs 963 billion for the first quarter of the fiscal year 2023-24, highlighting the financial challenges the country faces.
(more…)Author: Shahnawaz Akhter
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FBR Declines to Revise Tax Exemption on Salary Threshold
Islamabad, October 25, 2023 – The Federal Board of Revenue (FBR) has officially declared that it has no intentions to revise the current tax exemption threshold for salaried individuals, putting an end to speculation surrounding potential changes in tax policy.
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Karachi Tax Bar Highlights Misalignment of Debt and Credit Notes, Urges FBR’s Swift Action
Karachi, October 25, 2023 – The Karachi Tax Bar Association (KTBA) has raised a red flag concerning the misalignment of debt and credit notes within the framework of tax regulations.
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PKR Slides for Third Day in a Row, Closes at PKR 279.88 Against Dollar
Karachi, October 25, 2023 – The Pakistani Rupee experienced its third consecutive decline against the US dollar on Wednesday, signaling increased pressure on the country’s import payments.
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KTBA calls for removal of HS codes condition in sales tax returns
The Karachi Tax Bar Association (KTBA) has raised concerns and called for the removal of the condition requiring the reporting of HS codes in sales tax returns.
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MCB Bank Reports Unprecedented 134% Surge in Nine-Month Profit
Karachi, October 25, 2023 – MCB Bank, a prominent financial institution in Pakistan, has made a stunning announcement with a remarkable 134 percent growth in after-tax profit for the nine-month period ending on September 30, 2023.
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UBL Announces Massive 126% Profit Growth in Third Quarter of 2023
Karachi, October 25, 2023 – United Bank Limited (UBL), one of Pakistan’s leading financial institutions, has reported a staggering 126 percent year-on-year (YoY) profit growth in the third quarter of 2023, ending on September 30.
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FBR Achieves Remarkable 41% Growth in Tax Collection from Salaries in FY23
Karachi, October 25, 2023 – The Federal Board of Revenue (FBR), Pakistan’s premier tax collection agency, has achieved a remarkable 41 percent growth in tax collection from salaries during the fiscal year 2022-23, based on official data.
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FBR and KTBA Deliberate Return Filing Challenges as Deadline Nears
KARACHI, October 24, 2023 – The Federal Board of Revenue (FBR) and the Karachi Tax Bar Association (KTBA) convened on Tuesday to deliberate on challenges surrounding the filing of tax returns for the tax year 2023.
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SBP Updates List of Eligible Audit Firms for Banks and Financial Institutions
KARACHI, October 25, 2023 – The State Bank of Pakistan (SBP) has recently made updates to the list of eligible audit firms for conducting audits of banks and financial institutions.
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