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…)Author: Shahnawaz Akhter
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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.
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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.
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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.
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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.
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Pakistan’s Imports from China Plummet 44% in FY23
Karachi, July 21, 2023 – Pakistan has experienced a substantial 44% decline in imports from China during the fiscal year 2022-23, according to data released by the State Bank of Pakistan (SBP).
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Fuel Crisis Looms as Petrol Stations in Pakistan Go on Indefinite Shutdown
Karachi, July 21, 2023 – In a move that will likely cause widespread inconvenience to citizens and businesses alike, the Pakistan Petroleum Dealers Association (PPDA) has declared an indefinite shutdown of petrol stations across the country beginning on Saturday, July 22, 2023.
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Pakistan’s Foreign Exchange Reserves Surge to $14.07 Billion, Boosted by Foreign Inflows
Karachi, July 20, 2023 – Pakistan’s foreign exchange reserves have experienced a substantial increase, reaching $14.07 billion, thanks to significant inflows from the International Monetary Fund (IMF) and other friendly countries.
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KCCI Welcomes Government’s Web Platform for Spot Trading of Currency
Karachi, July 20, 2023 – In an official statement released on Thursday, the Karachi Chamber of Commerce & Industry (KCCI) expressed its appreciation to Federal Minister for Finance & Revenue Senator Muhammad Ishaq Dar and Governor State Bank of Pakistan (SBP) Jameel Ahmed for approving the budget proposal of KCCI for FY2023-24.
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Pakistani Banks Face Sovereign Risk amid Rising Government Debt: IMF Report
Karachi, July 20, 2023 – Pakistani banks are exposed to sovereign risk due to the escalating levels of government debt, warned a report issued by the International Monetary Fund (IMF).
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