Karachi, January 16, 2024 – Salaried persons in Pakistan have shown a remarkable inclination towards the banking system, as their deposits experienced a substantial surge of over 20 percent in the year 2023.
(more…)Author: Shahnawaz Akhter
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FBR Imposes Strict Penalties for Smuggling in 2024
Karachi, January 16, 2024 – In a bid to curb the menace of smuggling, the Federal Board of Revenue (FBR) has announced a series of harsh penalties for individuals involved in the illegal transportation of goods, including essential commodities, into or out of Pakistan.
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Pakistan Reduces Tax Liability for Women Entrepreneurs
Karachi, January 16, 2024 – In a progressive move, Pakistan has taken a significant step to empower women entrepreneurs by reducing tax liability under the category of income from business.
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Bank Deposits Reach Historic High of Rs 27.84 Trillion in Pakistan
Karachi, January 15, 2024 – In a remarkable turn of events, bank deposits in Pakistan have achieved an unprecedented milestone, reaching a historic high of Rs 27.84 trillion by the end of December 2023, as reported by the State Bank of Pakistan (SBP) on Monday.
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FBR Initiates Domicile Verification of Balochistan Employees
Karachi, January 15, 2024 – The Federal Board of Revenue (FBR) has embarked on a comprehensive verification process of the domiciles of its employees hailing from the province of Balochistan.
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Pakistan Achieves Record 5.5 Million Taxpayers on ATL
Karachi, January 15, 2024 – In a landmark achievement, Pakistan has hit a historic high with 5.5 million taxpayers listed on the Active Taxpayers List (ATL), as disclosed by the Federal Board of Revenue (FBR) in its release on Monday.
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FTO Investigates Bribery by FBR Officials Targeting Fish Exporters
Islamabad, January 15, 2024 – The Federal Tax Ombudsman (FTO) has launched an investigation into allegations of bribery by officials of the Federal Board of Revenue (FBR) targeting fish exporters.
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Stringent Penalties Enforced for Violations of Customs Act
Karachi, January 15, 2024 – The legal landscape of Pakistan surrounding international trade and customs regulations has undergone a significant shift with the enforcement of stringent penalties under the Customs Act 1969.
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FBR Allows Reduced Tax Rates on Profit on Debt for 2024
Karachi, January 15, 2024 – The Federal Board of Revenue (FBR) has allowed a reduced rate of income tax on profit on debt for the year 2024. This decision comes as part of the updated Income Tax Ordinance, 2001, specifically tailored for the tax year 2024.
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FBR Specifies Offenses Leading to Confiscation of Goods
Karachi, January 14, 2024 – The Federal Board of Revenue (FBR) has outlined offenses for which goods shall be subject to confiscation during the tax year 2024, following the recent update to the Customs Act, 1969.
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