Karachi, November 22, 2023 – The Federal Board of Revenue (FBR) has bestowed unprecedented powers upon Inland Revenue officers to arrest individuals involved in sales tax fraud during the tax year 2024.
(more…)Author: Shahnawaz Akhter
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Government Rejects PSMA Demand for Sugar Export, Prioritizing Consumer Interests
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Massive Gas Tariff Hike Sparks Industry Threats of ‘No Export Days’ Protest
Karachi, November 21, 2023 – The industrial sector has issued a stern warning, threatening to observe ‘No Export Days’ in vehement protest against the government’s substantial hike in gas tariffs.
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FBR Announces Rates of Sales Tax Default Surcharge for Tax Year 2024
Karachi, November 21, 2023 – The Federal Board of Revenue (FBR) has notified the rates of default surcharge under the Sales Tax Act, 1990, for the tax year 2024.
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Pakistan Refinery Strikes Deal to Double Refining Capacity
Karachi, November 21, 2023 – Pakistan Refinery Limited (PRL) announced a groundbreaking agreement on Tuesday, signaling a transformative phase in its operations. The refinery has inked a pivotal license agreement with industry giants Honeywell UOP and Axens for its ambitious Refinery Extension and Upgradation Project (REUP).
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Pakistan Records 18% Growth in Foreign Investment in First Four Months of FY 2023-24
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Pakistan Customs Reveals Startling 330% Surge in Almond Imports under Afghan Transit Trade
Karachi, November 20, 2023 – Pakistan Customs has disclosed a staggering 330% increase in almond imports under the Afghan Transit Trade, while simultaneously reporting a significant 62% decline in direct imports into Pakistan.
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Current Account Deficit Contracts Significantly by 66% in 4MFY24
Karachi, November 20, 2023 – The Current Account Deficit (CAD) has experienced a remarkable contraction of 66 percent during the first four months (July – October) of the fiscal year 2023-24, according to data released by the State Bank of Pakistan (SBP).
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FBR Sets Monetary Penalties for Failure in Sales Tax Return Filing in Tax Year 2024
The Federal Board of Revenue (FBR) has introduced monetary penalties for individuals or entities failing to file their sales tax returns for the Tax Year 2024.
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Pakistan Petroleum Limited Announces Major Gas Discovery in Sindh Province
Karachi, November 20, 2023 – Pakistan Petroleum Limited (PPL) revealed on Monday a significant breakthrough in the energy sector with the discovery of gas and condensate in District Sujawal of the Sindh Province.
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