Amidst heated debates surrounding the demonetization of the Rs 5000 banknote in Pakistan, particularly in the wake of a recent fake news episode, the question of why Pakistan should consider phasing out this high-denomination currency looms large.
(more…)Author: Shahnawaz Akhter
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FBR Mandates Taxpayers to Retain Records for Six Years for Audit Purposes
Karachi, September 9, 2023 – The Federal Board of Revenue (FBR) has reminded taxpayers of the mandatory requirement to retain records for the past six years for audit purposes.
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PKR Maintains Winning Streak Against Dollar for Third Consecutive Day at Interbank
Karachi, September 8, 2023 – In a remarkable display of resilience, the Pakistani Rupee (PKR) continued its winning streak against the US dollar for the third consecutive day on Friday, bolstered by a series of proactive measures implemented by authorities.
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Pakistani Banks Raise Lending Cost to Record High at 24.62%
Karachi, September 8, 2023 – Analysts have reported that Pakistani banks have raised lending costs to a record high of 24.62 percent, indicating potential actions by the central bank to increase its benchmark policy rate to an all-time high in the near future.
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Pakistan Facilitates Conversion of Rs 5 Billion Worth Unregistered Prize Bonds
Karachi, September 8, 2023 – Pakistan has taken steps to facilitate its citizens in converting unregistered prize bonds worth approximately Rs 5 billion, with a deadline set for the end of June next year.
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FBR Launches Aggressive Initiative to Combat Fake and Flying Invoices
Karachi, September 7, 2023 – The Federal Board of Revenue (FBR) has taken a decisive step to tackle the growing menace of fake and flying invoices, a practice that has been undermining government revenues and integrity in tax administration. This initiative, announced through Sales Tax General Order No. 12 of 2023, outlines a comprehensive plan to confront this issue head-on.
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FBR to Compensate Taxpayers with KIBOR+0.5% Interest for Delayed Income Tax Refunds
Karachi, September 7, 2023 – The Federal Board of Revenue (FBR) in Pakistan has introduced a policy to compensate taxpayers for delayed income tax refunds.
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State Bank of Pakistan Introduces Reforms in Exchange Companies
Islamabad, September 6, 2023 – The State Bank of Pakistan (SBP) has initiated a series of structural reforms aimed at enhancing the monitoring and governance of exchange companies operating within the country.
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FBR Reshuffles 74 Senior IRS Officers in Major Shake-Up
The Federal Board of Revenue (FBR) has embarked on a significant administrative restructuring, unveiling a comprehensive reshuffle involving 74 senior officers within the Inland Revenue Service (IRS).
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Taxpayers Encounter New Challenges in Return Filing: Karachi Tax Bar
Karachi, September 6, 2023 – Taxpayers in Pakistan are grappling with a range of fresh challenges as they attempt to file their annual income tax returns for the tax year 2023.
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