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.
(more…)Author: Shahnawaz Akhter
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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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Dollar Plunges to PKR 301 in Early Day Interbank Trading on September 11
Karachi, September 11, 2023 – In a significant development, the US dollar plummeted to PKR 301 in early day trading on Monday at the interbank foreign exchange market. This marked a steep decline of PKR 1.95 in the dollar’s value from last Friday’s closing rate of PKR 302.95.
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Penalties for Failure in Return Filing by Due Date in Pakistan
Karachi, September 10, 2023 – The Federal Board of Revenue (FBR) in Pakistan has established stringent penalties for individuals, businesses, Associations of Persons (AOPs), and companies that fail to file their annual income tax returns by the due date.
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PKR Expected to Maintain Recovery Against Dollar Next Week
Karachi, September 10, 2023: The Pakistani Rupee (PKR) is likely to continue its recovery against the US dollar in the coming week, buoyed by a major crackdown on currency smuggling and hoarding initiated by authorities.
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IR Intelligence Karachi Detains Four in Rs 11.69 Billion Fake Invoices Scam
Karachi, Pakistan – The Directorate of Intelligence and Investigation (IR) in Karachi has made a significant breakthrough by apprehending four individuals involved in a complex inter-province fake sales tax invoice racket. This scam has reportedly caused a staggering loss of Rs. 11.692 billion to the national exchequer.
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PKR Appreciates by 8% to US Dollar in Open Market Amid Massive Crackdown
Karachi, September 9, 2023 – The Pakistani Rupee (PKR) has experienced a remarkable appreciation of 8 percent against the US dollar during the past week in the open market, attributed to a massive crackdown against currency smuggling operations.
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Unveiling the Benefits: Why Pakistan Should Demonetize the Rs 5000 Banknote
Amidst heated debates surrounding the demonetization of the Rs 5000 banknote in Pakistan, particularly in the wake of a recent fake news episode, the question of why Pakistan should consider phasing out this high-denomination currency looms large.
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FBR Mandates Taxpayers to Retain Records for Six Years for Audit Purposes
Karachi, September 9, 2023 – The Federal Board of Revenue (FBR) has reminded taxpayers of the mandatory requirement to retain records for the past six years for audit purposes.
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