Karachi, February 5, 2024 – The Federal Board of Revenue (FBR) in Pakistan has delineated the parameters for Pakistan source income for the tax year 2024, providing a comprehensive framework for the calculation of annual tax liabilities.
(more…)Author: Shahnawaz Akhter
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New Record High 5.63 Million Active Taxpayers in Pakistan
Karachi, February 5, 2024 – In a significant milestone, the Federal Board of Revenue (FBR) announced on Monday that the number of active taxpayers in Pakistan has reached new record high at 5.63 million, according to the weekly Active Taxpayers List (ATL) for the tax year 2022.
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Insurance Services to Incur 13% Sales Tax in Sindh for 2024
Karachi, February 4, 2024 – In a significant development, insurance services offered by insurance companies will be subjected to a 13 percent sales tax in the tax year 2024, as per the updated Sales Tax on Services Act, 2011, released by the Sindh Revenue Board (SRB).
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Rupee Likely to Hold Steady Against Dollar Amid General Elections
Karachi, February 4, 2024 – As Pakistan gears up for general elections scheduled for February 8, 2024, financial analysts predict that the Pakistani Rupee (PKR) is likely to maintain its stability against the US dollar in the coming week.
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FBR Defines Resident for Tax Year 2024 in Pakistan
Karachi, February 4, 2024 – The Federal Board of Revenue (FBR) in Pakistan has recently provided a comprehensive definition for resident individuals, associations of persons, and companies for the tax year 2024.
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FPCCI Backs Restructuring of FBR for Economic Stability
Karachi, February 3, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) announced its support on Saturday for the proposed restructuring plan of the Federal Board of Revenue (FBR).
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Pakistan’s Import Bill Witnesses 14.11% Decline in 7MFY24
Islamabad, February 2, 2024 – Pakistan’s import bill has experienced a substantial decline of 14.11 percent during the first seven months (July – January) of the fiscal year 2023-24, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. This decline reflects a positive trend in the country’s trade balance.
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Provinces Collect Rs 230 Billion in Sales Tax in 1HFY24
Karachi, February 2, 2024 – The provinces of Pakistan have recorded an impressive collection of Rs 230 billion as sales tax on services during the first half (July – December) of fiscal year 2023-24, as per official data released by the federal finance ministry.
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SBP Slaps Meezan Bank with Rs 82.74 Million Regulatory Penalty
Karachi, February 2, 2024 – The State Bank of Pakistan (SBP) has imposed a regulatory penalty of Rs 82.74 million on Meezan Bank Limited, citing violations of regulatory instructions for the quarters ended June 2023 and December 2023.
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Petroleum Sales Decline by 13% in Pakistan During 7MFY24
Karachi, February 1, 2024 – The petroleum industry in Pakistan has witnessed a significant downturn as sales of petroleum products dropped by 13 percent during the first seven months (July-January) of fiscal year 2023-24.
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