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.
(more…)Author: Shahnawaz Akhter
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Pakistan Takes Significant Step Towards Implementing Riba-Free Banking System
State Bank of Pakistan works towards Sharia-compliant financial system
Karachi, June 19, 2023: In a significant move that aligns with Islamic teachings, Pakistan is on the verge of implementing a Riba-free banking system in the country.
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Pakistan Slashes Petroleum Subsidy by 47% for FY24, Impacting Business and Industry
Islamabad, June 18, 2023: Pakistan has taken significant measures to reduce its petroleum subsidy by 47 percent for the upcoming fiscal year 2023-24, according to official budget documents released recently.
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Tax Concession to Retailers Termed as Politically Motivated
Karachi, June 18, 2023 – The tax concession provided to retailers and jewelers through the Finance Bill, 2023 has come under scrutiny, with critics arguing that it is aimed at appeasing certain political groups in light of the upcoming general elections.
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FPCCI Urges Immediate Resolution to Anomalies in Budget 2023-24
Karachi, June 17, 2023: The President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called upon the government to promptly address the anomalies present in the recently announced Budget 2023-24.
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Pakistan Single Window Integrates Fisheries and Mercantile Marine Departments
Karachi, June 17 – The Pakistan Single Window (PSW) has successfully integrated the Marine Fisheries Department (MFD) and Mercantile Marine Department (MMD) into its digital network in collaboration with the Ministry of Maritime Affairs.
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Tax Experts Express Concerns over Increase in Threshold for Money Whitening
Tax experts have raised questions regarding the proposed enhancement of the foreign currency threshold for the money whitening scheme outlined in the Finance Bill of 2023.
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IR Intelligence Karachi Successfully Prevents Escape of Mastermind in Fake Invoice Mega Scam
Karachi, June 16, 2023 – The Directorate of Intelligence and Investigation (I&I) of Inland Revenue (IR) in Karachi has made a significant breakthrough in the fight against the mafia involved in fake and flying invoice scams.
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FBR Takes Action Against Sputnik Shoes Outlets in Karachi for Tax Evasion
Karachi, June 16, 2023: The Federal Board of Revenue (FBR) has taken strict measures against Sputnik Shoes by sealing their outlets in Karachi due to their persistent tax evasion over the years.
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Pakistan’s Petroleum Import Bill Plunges by 22%
Islamabad, June 16, 2023 – The import bill for Pakistan’s petroleum group has experienced a significant decline of 22% due to falling international oil prices and reduced domestic demand.
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