Karachi, October 23, 2023 – In a significant move aimed at boosting the country’s information technology sector, Pakistan announced the removal of restrictions on foreign payments made by the IT industry.
(more…)Author: Shahnawaz Akhter
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SBP Facilitates Freelancers with Exporters’ Special Foreign Currency Account
Karachi, October 23, 2023 – The State Bank of Pakistan (SBP) has introduced a significant initiative to support the growing community of freelancers in the country by launching the Exporters’ Special Foreign Currency Account (ESFCA).
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Conflicting Judgements Complicate Taxation of Properties for Pakistani Residents in UAE
Karachi, October 22, 2023 – As the deadline for filing income tax returns for 2023 approaches in Pakistan, a thorny issue has emerged, causing confusion among Pakistani tax residents who own properties in the United Arab Emirates (UAE).
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FBR Initiates Action Against Millers for Under-Declaring Sugar Value to Evade Sales Tax
Karachi, October 22, 2023 – The Federal Board of Revenue (FBR) has launched an action against sugar millers for allegedly declaring a lower value of sugar to evade sales tax.
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Pakistan Customs Reiterates Commitment to Combat Under-Invoicing
Karachi, October 22, 2023 – Pakistan Customs has reaffirmed the government’s commitment to addressing the issue of under-invoicing.
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Majority of Survey Respondents Expect SBP to Maintain Policy Rate at 22%
Karachi, October 20, 2023 – The majority of respondents in a recent survey have expressed their belief that the State Bank of Pakistan (SBP) is likely to keep its benchmark policy rate unchanged at 22 percent in its next review.
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FBR Establishes Committee to Implement Single Portal for Sales Tax Return Filing
Islamabad, October 20, 2023 – The Federal Board of Revenue (FBR) took a significant step on Friday by constituting a dedicated committee tasked with the design, development, and implementation of a single portal for the filing of sales tax returns across various jurisdictions.
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Pakistan Reports 58% Contraction in Current Account Deficit in 1QFY24
Karachi, October 19, 2023 – Pakistan has reported a substantial contraction in its current account deficit (CAD), with a remarkable 58 percent reduction during the first quarter of fiscal year 2023-24.
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Thailand Urges Pakistan to Resolve LC and Foreign Currency Repatriation Issues
Karachi, October 19, 2023 – In an effort to promote a more business-friendly environment and enhance economic cooperation, Thailand has called upon Pakistan to address issues related to Letter of Credit (LC) and the repatriation of foreign currency.
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UNISAME President Leads Meeting to Address Challenges in Pakistan’s Solar Energy Industry
Karachi, October 19, 2023 – The President of the Union of Small and Medium Enterprises (UNISAME), Zulfikar Thaver, recently presided over a significant meeting involving key stakeholders to tackle the challenges facing Pakistan’s solar energy industry.
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