Author: Shahnawaz Akhter
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Consequences of Not Filing Income Tax Returns in Pakistan
In Pakistan, the failure to file an income tax return for a specific tax year triggers a series of actions by the Federal Board of Revenue (FBR).
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Pakistan Customs Deploys Pre-Arrival Clearance Module
Karachi, February 24, 2024 – In a move aimed at fostering efficiency and enhancing trade facilitation, Pakistan Customs has successfully deployed the Pre-Arrival Clearance module in the Web-Based One Customs (WeBOC) and Pakistan Single Window (PSW) systems.
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FBR Seeks New Ideas to Boost Revenue from Undertaxed Sectors
Karachi, February 24, 2024 – In a bid to enhance revenue collection and address the issue of undertaxed sectors, the Federal Board of Revenue (FBR) has urged the offices of Inland Revenue (IR) to contribute new and innovative ideas.
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SBP Facilitates Exporters in Foreign Currency Utilization
Karachi, February 23, 2024 – The State Bank of Pakistan (SBP) announced on Friday a significant move to facilitate exporters by liberalizing the utilization of foreign currency under its ease of doing business initiatives.
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PTBA Concerns Over Tax Justice Delay
Karachi, February 23, 2024 – The Pakistan Tax Bar Association (PTBA) has raised concerns about potential delays in tax cases as a result of the non-availability of tribunal members.
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HBL Records Phenomenal 84% Growth in Annual Profit for CY23
Karachi, February 23, 2024 – In a remarkable financial performance, Habib Bank Limited (HBL) has reported an impressive 84 percent growth in its annual profit for the calendar year 2023.
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Taxpayers Beware: FBR Can Sell Property for Tax Recovery
In a move that highlights the stringent measures taken by the Federal Board of Revenue (FBR) to recover outstanding tax amounts, taxpayers should be aware that the FBR possesses the authority to sell immovable properties.
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FBR Seeks Tax Proposals as Pakistan Prepares Budget 2024-25
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.
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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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