Karachi, September 14, 2023 – In a surprising move, the State Bank of Pakistan (SBP) announced on Thursday that it would maintain the benchmark policy rate at the existing level of 22 percent, contrary to various forecasts of an anticipated rate hike.
(more…)Author: Shahnawaz Akhter
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FBR to Impose Penalties on Businesses for Not Displaying Tax Numbers or Licenses
Karachi, September 13, 2023 – The Federal Board of Revenue (FBR) has announced strict measures to ensure that businesses display their National Tax Numbers (NTNs) and tax licenses prominently. Those failing to comply will face financial penalties.
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Pakistan Faces Challenging Decision on Petroleum Prices Amidst Global Oil Price Surge
Karachi, September 13, 2023 – Pakistan is facing a challenging decision regarding the revision of petroleum prices for the second half of September 2023, particularly due to the recent surge in global oil prices.
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Government Bank Borrowing Surges by 72% in First Two Months of FY24
Karachi, September 13, 2023 – Government borrowing from banks has seen a substantial surge of 72 percent during the initial two months of the fiscal year 2023-24, as revealed by official data released on Tuesday.
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Bank Deposits Reach New Record High at Rs 26.11 Trillion
Karachi, September 12, 2023 – Pakistan’s bank deposits have surged to a historic high, reaching Rs 26.11 trillion by the end of August 2023, as per data released by the State Bank of Pakistan (SBP) on Tuesday.
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RTO Karachi Launches FIR Against Mega Fake Sales Tax Invoice Scam Worth Rs 312 Billion
Karachi, September 12, 2023 – The Regional Tax Office (RTO) Karachi has taken a significant step in the fight against tax fraud by registering a First Information Report (FIR) to initiate formal legal proceedings against individuals involved in a massive fake sales tax invoice scam, which has led to a staggering loss of approximately Rs 312 billion to the national exchequer.
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Mounting Concerns as Electricity Bills Reveal a Myriad of Taxes and Duties
Karachi, September 12, 2023 – The rising concern over inflated electricity prices has brought to light a myriad of duty and taxes, in addition to government charges, that are embedded within electricity bills, impacting the daily lives of consumers.
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SBP May Raise Benchmark Interest Rate to New High Amidst Inflation Woes
Karachi, September 12, 2023 – The State Bank of Pakistan (SBP) is likely to consider a substantial increase in the benchmark interest rate, potentially reaching a historic high above the current record of 22 percent.
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IRIS 2.0 Disables Taxpayers from Responding to Audit and Assessment Notices
Karachi, September 11, 2023 – A critical flaw within the digital tax infrastructure of IRIS 2.0 has come to light, causing a predicament for taxpayers who find themselves unable to effectively engage with audit and assessment notices.
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Record-Breaking 4.6 Million on ATL as FBR Intensifies Hunt for Potential Taxpayers
Karachi, September 11, 2023 – Pakistan’s Active Taxpayers List (ATL) has soared to a remarkable pinnacle, reaching a record-breaking 4.6 million individuals and entities.
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