Karachi, July 25, 2023 – Pakistan’s private sector has been hit hard by the economic slowdown and high interest rates, as bank loans plummeted by a staggering 87 percent in the fiscal year 2022-2023, according to data released by the State Bank of Pakistan (SBP) on Tuesday.
(more…)Author: Shahnawaz Akhter
-
IMF Loan Success: Pakistan Wins Applause from Foreign Investors for Economic Resilience
Karachi, July 24, 2023 – Foreign investors have expressed their appreciation for Pakistan’s successful efforts in securing a $3 billion IMF loan under the Stand By Agreement (SBA).
(more…) -
FBR Sets Deadline for Income Return Filing for Tax Year 2023
Islamabad, July 24, 2023 – The Federal Board of Revenue (FBR) has officially declared the deadline for filing income tax returns for the Tax Year 2023.
(more…) -
Karachi Tax Offices bid farewell to FBR Chairman Asim Ahmad
Karachi, July 23, 2023 – A heartwarming farewell dinner was organized in honor of Chairman Federal Board of Revenue (FBR), Asim Ahmad, by the Heads of all IRS (Inland Revenue Service) Field Formations of the Karachi region.
(more…) -
FBR Extends Lower Sales Tax Rate of 1% to Alternative Medicines
Karachi, July 22, 2023 – In a move to promote accessibility and affordability of alternative medicines, the Federal Board of Revenue (FBR) has extended the lower sales tax rate of 1 percent to the supply of alternative medicines/medicaments.
(more…) -
Sales Tax Rate Increased to 15% for Tier-1 Retailers of Textile Products
Karachi, July 22, 2023 – In a move aimed at generating additional revenue and streamlining the tax structure, the Federal Board of Revenue (FBR) has announced an enhancement in the sales tax rate for Tier-1 retailers of finished fabrics and articles of textile leather, among other materials.
(more…) -
PTBA Raises Concerns Over Illegal Restrictions in National Sales Tax Return
Karachi, July 22, 2023 – Pakistan Tax Bar Association (PTBA) has brought to light a series of illegal restrictions in the national sales tax return process, which are causing significant hardships for taxpayers trying to fulfill their duties.
(more…) -
Petrol Pumps Across Pakistan Will Remain Open After Dealers Postpone Strike
Karachi, July 21, 2023 – In a significant development, petrol pumps across Pakistan will continue to operate as the Pakistan Petroleum Dealers Association (PPDA) decided to postpone their planned strike for the next 48 hours.
(more…) -
FBR Introduces Method for Payment of Section 7E Tax on Sale and Transfer of Property
Karachi, July 21, 2023 – The Federal Board of Revenue (FBR) has released the method for making tax payments on deemed income under Section 7E of the Income Tax Ordinance, 2001, specifically concerning the sale or transfer of immovable property.
(more…) -
Korea to Establish IT Center in Karachi, Aims to Boost IT Sector and Bilateral Trade
Karachi, July 21, 2023 – The Consul General of the Republic of Korea, Yi Sungho, revealed that the Korean Government is making preparations to set up an IT Center in Karachi, near the Airport.
(more…)