Karachi, September 6, 2023 – The Indus Motor Company Limited has taken legal action by challenging a substantial tax demand amounting to Rs 634 million before the Sindh High Court.
(more…)Author: Shahnawaz Akhter
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National Bank of Pakistan Reports Increase in Tax Contingencies to Rs 29.26 Billion
Karachi, September 6, 2023 – The National Bank of Pakistan (NBP) has disclosed that its total tax contingencies have risen to Rs 29.26 billion, according to official documents released recently.
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Rupee Hits Fresh Low at PKR 307.10 to Dollar in Fathomless Journey
Karachi, September 5, 2023 – The Pakistani Rupee (PKR) continued its relentless decline against the US dollar on Tuesday, reaching a fresh low of PKR 307.10 at the interbank closing.
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Pakistan Tightens Checks on Petroleum Levy Collection
Karachi, September 5, 2023 – Pakistan has taken significant steps to enhance oversight and control over the collection of petroleum levy, signaling a move towards more transparent and efficient revenue collection in the petroleum sector.
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Intraday Dollar Rate Hits Record High at PKR 306.25
Karachi, September 5, 2023 – The US dollar reached an all-time high of PKR 306.25 during intraday trading at the interbank market on Tuesday, marking a significant depreciation in the value of the Pakistani rupee.
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Date for Capital Gain Tax Collection on Share Disposal Announced
Karachi, September 5, 2023 – The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of capital gain tax (CGT) on the disposal of shares will take place on September 12, 2023.
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FBR Provides Explanation for Provision Regarding Consumer Loans
Karachi, September 4, 2023 – The Federal Board of Revenue (FBR) has explained the provision related to consumer loans in the updated Income Tax Ordinance, 2001, effective from July 1, 2023.
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FBR Releases Guidelines for Tax Payment on Immovable Properties Under Section 7E
Karachi, September 4, 2023 – The Federal Board of Revenue (FBR) has issued comprehensive guidelines on the procedure for income tax payment under Section 7E of the Income Tax Ordinance, 2001.
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FBR Sets Conditions for Deduction of Bad Debts in Tax Year 2024
Karachi, September 3, 2023 – The Federal Board of Revenue (FBR) has issued guidelines specifying conditions for allowing deductions for bad debts during the tax year 2024.
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PTBA Criticizes FBR for Unlawful Changes to Return Filing Portal, Urges Swift Resolution
Karachi, September 3, 2023 – The Pakistan Tax Bar Association (PTBA) has strongly criticized the Federal Board of Revenue (FBR) for implementing unauthorized changes to the tax return filing system, causing significant challenges for taxpayers as the September 30, 2023 deadline approaches.
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