Author: Shahnawaz Akhter
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FBR Lacks Standards to Determine Property Value: FTO Report
ISLAMABAD, February 16, 2024 – In a recent report, the Federal Tax Ombudsman (FTO) has highlighted significant deficiencies in the Federal Board of Revenue’s (FBR) process of determining fair market property values.
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Simplified Tax Return to Benefit 1.4 Million Salaried Persons
KARACHI, February 16, 2024 – In a move to alleviate the burden on salaried individuals and pensioners, the Federal Tax Ombudsman (FTO) has revealed that the newly simplified income tax return form is set to benefit approximately 1.4 million taxpayers.
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FBR Appoints 156 BS-16 Officers in Pakistan Customs
Karachi, February 15, 2024 – The Federal Board of Revenue (FBR) has announced the appointment of 156 officers at the BS-16 level in Pakistan Customs, as per an official notification issued recently.
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Peshawar High Court Declares Section 7E Unconstitutional
Islamabad, February 14, 2024 – The Peshawar High Court (PHC) has struck down Section 7E of the Income Tax Ordinance, 2001, terming it beyond the legislative competence of the Parliament.
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APTMA Warns of 50% Shutdown in Textile Sector
Karachi, February 14, 2024 – The All Pakistan Textile Mills Association (APTMA) issued a stern warning to the government on Wednesday, cautioning that over 50 percent of firms in the textile and apparel sector are at high risk of shutting down in the coming weeks unless urgent corrective measures are taken.
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Hub Power Company Reports 15% Profit Growth in 2QFY24
Karachi, February 14, 2024 – Hub Power Company Limited has revealed a robust financial performance, declaring a remarkable 15 percent growth in profit for the second quarter of fiscal year 2023-24 on a Year-on-Year (YoY) basis.
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Pakistan Witnesses 10.59% Drop in Saving Certificates Investment
Karachi, February 14, 2024 – In a significant economic development, Pakistan has experienced a notable 10.59 percent decline in investments in saving certificates issued by the Central Directorate of National Savings (CDNS).
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Pakistan Suspends Operations of Exchange Companies
Karachi, February 13, 2024 – In a significant move, Pakistan has suspended the operations of several foreign exchange companies for serious violations of regulations.
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PTCL Records Widening Annual Losses at Rs 14.15 Billion in 2023
Karachi, February 13, 2024 – Pakistan Telecommunication Company Limited (PTCL) revealed on Tuesday that its annual losses for the calendar year 2023 widened to Rs 14.15 billion, as reported in the financial statement shared with the Pakistan Stock Exchange (PSX).
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Pakistan’s Public Debt Soars to 74.8% of GDP: SBP Report
Karachi, February 12, 2024 – Pakistan’s economic landscape is grappling with a significant challenge as the State Bank of Pakistan (SBP) reveals that the country’s public debt has surged to 74.8 percent of the Gross Domestic Product (GDP) by the end of December 2023.
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