Karachi, September 20, 2023 – In a stern warning to citizens, the Federal Board of Revenue (FBR) announced that individuals may face at least one year in prison for various tax offenses.
(more…)Author: Shahnawaz Akhter
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Pakistan’s Private Sector Opts for Debt Retirement Over New Bank Loans
Karachi, September 20, 2023 – Pakistan’s private sector has exhibited a distinct preference for debt retirement over taking on new bank loans for business activities.
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FBR Launches Campaign for Return Filing as Deadline Nears
Karachi, September 20, 2023 – The Federal Board of Revenue (FBR) has embarked on a vigorous campaign, imploring citizens to promptly file their income tax returns as the looming deadline of September 30, 2023, approaches.
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Pakistan Sees 50% Surge in Gold Imports in August 2023
Karachi, September 20, 2023 – Pakistan has witnessed a substantial 50 percent increase in the import of gold in August 2023 compared to the previous month, according to official statistics released by the Pakistan Bureau of Statistics (PBS).
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SBP Increases Profit Rates on USD-Based Naya Pakistan Certificates
Karachi, September 19, 2023 – The State Bank of Pakistan (SBP) announced on Tuesday that the government has raised the profit rates on USD-based Naya Pakistan Certificates, making these investment instruments even more attractive for investors.
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Late Return Filers Face Exclusion from Active Taxpayers List 2023
Karachi, September 19, 2023 – The Federal Board of Revenue (FBR) has announced that individuals and entities filing their income tax returns after the deadline will not be included in the Active Taxpayers List (ATL) for the year 2023.
READ MORE: FBR Extends Working Hours to Assist Taxpayers with Return Filing
According to FBR officials, the final date for submitting annual tax returns for the tax year 2023 is September 30, 2023. This deadline applies to all taxpayers, including salaried individuals, business owners, associations of persons (AOPs), and companies with special fiscal years, who are required to file their annual returns.
Officials emphasized that those who file their income tax returns after the deadline will not be included in the ATL. The ATL is a crucial document that allows taxpayers to avail themselves of reduced tax rates and certain benefits.
READ MORE: Pakistan’s Active Taxpayers List Hits Record High at 4.66 Million
Under Section 182A of the Income Tax Ordinance, 2001, individuals and entities can be added to the ATL even after the deadline by paying a surcharge. The surcharge rates are as follows:
Twenty thousand rupees for companies.
Ten thousand rupees for associations of persons.
READ MORE: FBR Initiates Penal Action Against Failure to Declare Business Bank Accounts
One thousand rupees for individual taxpayers.
Taxpayers who are not included in the ATL will face restrictions, including being denied the ability to carry forward losses, access refunds, and receive payments for delayed refunds.
The FBR is set to release the ATL for the tax year 2023 on March 1, 2023. This list will include the names of individuals and entities who filed their returns by the due date as well as those who filed their returns after the due date but paid the necessary surcharge.
READ MORE: IRIS 2.0 Breakdowns Make Return Filing Challenging, Says KTBA Convener
It is imperative for taxpayers to meet the filing deadline and comply with tax regulations to maintain their status as active taxpayers and access the associated benefits and privileges.
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Private Sector Bank Deposits Soar by 21% as Investors Seek Secure Havens
Karachi, September 18, 2023 – The private sector in Pakistan has shown a significant surge in bank deposits, increasing by a remarkable 21 percent. This uptick reflects a growing preference for secure investments in the face of ongoing economic challenges.
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Pakistan’s Active Taxpayers List Hits Record High at 4.66 Million
Islamabad, September 18, 2023 – Pakistan’s Active Taxpayers List (ATL) has achieved a historic milestone, reaching a record high of 4.66 million individuals and businesses as of September 17, 2023, according to the latest update issued by the Federal Board of Revenue (FBR) on Monday.
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Banking Sector Records Impressive 125% Profit Surge Amid Economic Challenges, Reports SBP
Karachi, September 18, 2023 – Despite facing economic challenges, Pakistan’s banking sector has witnessed a remarkable surge in profit by 125 percent during the first half of fiscal year 2023, according to a report released by the State Bank of Pakistan (SBP) on Monday.
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Pakistani Rupee May Fall to PKR 340 to Dollar by June 2024 Despite Recent Gains
Karachi, September 18, 2023 – Financial analysts are predicting that the Pakistani Rupee (PKR) may experience a significant depreciation, potentially falling to PKR 340 against the US Dollar (USD) by June 2024.
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