Karachi, October 8, 2023 – Pakistan has implemented a minimum tax requirement for companies that frequently declare losses in their financial statements, effective for Tax Year 2024.
(more…)Author: Shahnawaz Akhter
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PKR Expected to Maintain its Winning Streak Amid Afghan Transit Restrictions
Karachi, October 8, 2023 – The Pakistani rupee (PKR) is poised to continue its ascent against the US dollar in the coming week as Pakistan implements various restrictions on Afghan transit trade.
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Pakistan Begins Collecting Bank Guarantee for Afghan Transit Goods to Curb Pilferage
Karachi, October 7, 2023 – In a bid to enhance security measures and curb pilferage of Afghan transit goods on Pakistani soil, Pakistan has initiated the process of collecting bank guarantees for goods intended for Afghan transit trade.
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PPL Discloses Successful Outcome of Rigless Production Enhancement Campaign
Karachi, October 6, 2023 – Pakistan Petroleum Limited (PPL), a major player in Pakistan’s energy sector, has unveiled the results of its rigless production enhancement campaign, reaffirming its commitment to bolster the country’s energy security by optimizing domestic hydrocarbon production.
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Pakistan Allows No Tax Deduction for Citizens Exempted from Return Filing
Karachi, October 6, 2023 – Pakistan has implemented a policy allowing for no deduction of withholding tax for citizens who are exempted from filing tax returns.
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Pakistan May Reduce Petroleum Prices Sharply for Second Half of October 2023
Karachi, October 6, 2023 – Pakistan may announce a significant reduction in petroleum product prices for the second half of October 2023 following a substantial drop in international oil prices.
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Pakistan Business Council Urges Immediate Action to Halt Massive Under-Invoicing
Karachi, October 6, 2023 – The Pakistan Business Council (PBC) has issued an urgent call to the caretaker government, demanding immediate measures to put an end to widespread under-invoicing, which is causing substantial revenue leakages.
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FBR Sends Large Number of Customs Officers to Admin Pool as Part of Ongoing Reforms
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan announced a series of transfers affecting numerous customs officers as part of ongoing reforms within the Pakistan Customs department.
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Pakistan’s External Debt Surges 39% Year-on-Year in August 2023
Karachi, October 5, 2023 – Pakistan’s external debt has experienced a staggering 39 percent year-on-year increase in August 2023, primarily attributed to a significant depreciation of the Pakistani rupee against the US dollar during this period.
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FBR Targets Retailers Transactions to Widen Tax Base
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan has taken a significant step to expand the tax base by obtaining transaction records of retailers operating in the country. Sources within the FBR have revealed that this move is part of a broader effort to bring more businesses within the tax net.
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