Karachi, June 23, 2023 – The Directorate of Intelligence and Investigation (Inland Revenue) – I&I IR, Karachi has intensified its efforts to combat the issuance of fake and flying sales tax invoices by the fashion designers.
(more…)Author: Shahnawaz Akhter
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Pakistan’s Foreign Exchange Reserves Plunge by $514 Million, Raising Concerns
Karachi, June 22, 2023 – Pakistan’s foreign exchange reserves have experienced a significant decline, dropping by $514 million over the past week, according to the State Bank of Pakistan (SBP).
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Ishaq Dar Assures FPCCI of Resolving Anomalies in Budget 2023-24
Karachi, June 22, 2023 – Finance Minister Ishaq Dar has assured the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the apex trade body of Pakistan, that anomalies in the budget for the fiscal year 2023-24 will be addressed, according to a statement released on Thursday.
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Cotton Prices Experience Steep Decline due to Taxation and Subsidy Removal
Karachi, June 22, 2023 – Cotton prices in Pakistan have undergone a significant decline, attributed to high taxation and the removal of energy subsidies, industry sources revealed on Thursday.
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FBR Launches Draft Income Tax Return Forms for Year 2023
ISLAMABAD: The Federal Board of Revenue (FBR) has taken a significant step towards facilitating taxpayers by launching the draft income tax return forms for the tax year 2023.
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Possibility of Deadline Extension for Exchanging Bearer Prize Bonds beyond June 30
Karachi, June 20, 2023: The government of Pakistan is considering extending the deadline for exchanging bearer prize bonds beyond June 30, 2023, as the last two days of the deadline coincide with public holidays.
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Pakistan’s Current Account Deficit Shrinks by 81% in 11MFY23
KARACHI: Pakistan’s current account deficit witnessed a significant reduction of 81 percent during the first eleven months (July – May) of the fiscal year 2022-23, compared to the same period in the previous fiscal year.
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Number of Active Taxpayers in Pakistan Reaches 3.94 Million
Islamabad, June 19, 2023 – Recent data released on Monday highlights a significant increase in the number of active taxpayers in Pakistan, reaching 3.94 million.
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Tax Exemption and Concession Expenditure Reaches 3.36% of GDP: FBR
Islamabad, June 19, 2023 – The Federal Board of Revenue (FBR) has announced that the cost of exemptions and concessions in Pakistan expanded to 3.36 percent of the GDP during the fiscal year 2021-2022.
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SBP Directs Banks to Extend Sunday Operations for Convenient Tax Payment
The State Bank of Pakistan (SBP) has issued a directive to commercial banks, instructing them to extend their operating hours on Sunday, June 24, 2023. This move comes in response to a request from the Federal Board of Revenue (FBR) and is aimed at facilitating the payment of duties and taxes by taxpayers.
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