Karachi, July 15, 2023 – The Federal Board of Revenue (FBR) has taken decisive action against individuals who default on tax liability under Section 7E of the Income Tax Ordinance, 2001, by prohibiting them from selling immovable properties.
(more…)Author: Shahnawaz Akhter
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Banks Initiate Withholding Tax on Cash Withdrawal
Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
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Pakistan Exempts Imports By Dignitaries of UAE, Qatar, Bahrain and Saudi Arabia
Karachi, July 13, 2023 – Pakistan has allowed exemption from customs duty on imports by dignitaries of UAE, Qatar, Bahrain and Saudi Arabia during 2023-24 and onwards.
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Banking Mohtasib Pakistan Assists Customers with Rs 539.72 Million Relief in 1HCY23
Karachi, July 13, 2023 – The Banking Mohtasib Pakistan has taken significant measures to address customer concerns by resolving 12,015 complaints, resulting in a monetary relief of Rs 539.72 million during the first half of the current calendar year, spanning from January to June 2023.
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FBR Extends Tax Exemption of Rs12.24 Billion on Civil and Military Pensions
Karachi, July 13, 2023 – The Federal Board of Revenue (FBR) has announced an extension of income tax exemption totaling Rs12.24 billion on pensions disbursed to civil servants and military personnel.
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Bank Deposits Reach Record High of Rs25.51 Trillion Amidst Highest Interest Rate
Karachi, July 13, 2023 – The deposits in commercial banks have soared to a record high of Rs25.51 trillion by the end of June 2023, driven by the prevailing highest interest rate in the country.
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Pakistan Advises Financial Institutions to Refrain from Processing Cryptocurrencies
Karachi, July 12, 2023 – The State Bank of Pakistan (SBP) has issued a detailed report advising all financial institutions (FIs) in the country to avoid processing cryptocurrencies due to their status as non-legal tender.
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FBR Grants Anti-Smuggling Powers to Law Enforcement Agencies
Islamabad, July 11, 2023 – In a significant move, the Federal Board of Revenue (FBR) has delegated the authority to conduct anti-smuggling operations to various law enforcement agencies (LEAs) in Pakistan.
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FBR Officials Given Deadline for Furnishing Asset Declaration
The Federal Board of Revenue (FBR) has set a deadline of July 15, 2023, for all officers of the Inland Revenue Services (IRS) and Pakistan Customs Services (PCS) to submit their Declaration of Assets and Liabilities for the fiscal year ending on June 30, 2023.
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Remittances Plunge by Approximately 14% in 2022-23, Reveals State Bank of Pakistan
Karachi, July 10, 2023 – Workers’ remittances flowing into Pakistan have experienced a significant decline of around 14%, amounting to $24.02 billion in the fiscal year 2022-23, according to official data released by the State Bank of Pakistan (SBP) on Monday.
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