Islamabad, February 22, 2024 – The Federal Board of Revenue (FBR) has taken a proactive step towards promoting transparency and inclusivity in the upcoming budget formulation process by inviting trade bodies to submit tax proposals for the fiscal year 2024-25.
(more…)Author: Shahnawaz Akhter
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Windfall Tax on Banks Deemed Invalid due to Legislative Delay
Karachi, February 22, 2024 – The imposition of a windfall tax on the additional income of banks has become null and void as it failed to secure approval from the national assembly, according to sources.
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Engro Polymer Pays Rs 1.7 Billion in Super Tax for CY23
Karachi, February 21, 2024 – Engro Polymer and Chemical Limited (EPCL) has contributed Rs 1.7 billion as super tax for the calendar year 2023.
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PTBA Engages Chief Justice Faez Isa on Crucial Tax Issues
Karachi, February 20, 2024 – The Pakistan Tax Bar Association (PTBA) took a proactive stance on addressing key tax concerns during a recent meeting with Chief Justice of Pakistan (CJP) Justice Qazi Faez Isa.
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Foreign Direct Investment Drops by 21.4% in 7MFY24
Karachi, February 19, 2024 – The State Bank of Pakistan (SBP) reported on Monday that Foreign Direct Investment (FDI) into Pakistan has experienced a significant decline of 21.4 percent during the first seven months (July – January) of the fiscal year 2023-24.
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FBR Tightens Procedures for Tax Recovery from Bank Accounts
Karachi, February 19, 2024 – The Federal Board of Revenue (FBR) has tightened its grip on tax recovery procedures, mandating that its offices obtain prior approval for accessing taxpayers’ bank accounts.
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Pakistan Records Remarkable 71% CAD Contraction in 7MFY24
Karachi, February 19, 2024 – Pakistan has achieved a noteworthy 71 percent contraction in the Current Account Deficit (CAD) during the first seven months (July – January) of the fiscal year 2023-24, signaling positive economic developments, according to data released by the State Bank of Pakistan (SBP).
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FBR Seeks Customs Duty Proposals for Budget 2024-25
Islamabad, February 19, 2024 – The Federal Board of Revenue (FBR) has officially initiated the process of gathering customs duty proposals for the upcoming budget of 2024-25, inviting input from all chambers of commerce and industry.
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FBR to Update Property Valuations Based on FTO Suggestions
Karachi, February 18, 2024 – The Federal Board of Revenue (FBR) is gearing up to update immovable property valuations, aligning them with fair market prices, in response to recommendations from the Federal Tax Ombudsman (FTO).
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Rupee May Encounter Uncertainty Amidst Political Turmoil
Karachi, February 18, 2024 – The Pakistani Rupee (PKR) is expected to encounter increased pressure against the US dollar in the coming week, starting February 19, 2024, as the country grapples with heightened political turmoil.
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