Karachi, August 5, 2024 – The Pakistan stocks experienced a significant drop on Monday, with the benchmark KSE-100 index falling by 1,141 points.
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Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
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Tax Collection on Payments through Credit Cards Surges 492%
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has reported a staggering 492% increase in the collection of withholding tax on foreign payments made through debit and credit cards during the fiscal year 2023-24. The Large Taxpayers Office (LTO) Karachi revealed that the collection soared to Rs 4.7 billion, up from Rs 785 million in the preceding fiscal year.
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FBR Expands Scope of CVT to Residential Houses
Karachi, August 3, 2024 – The Federal Board of Revenue (FBR) has broadened the reach of the capital value tax (CVT) to include residential houses and farmhouses starting from the tax year 2024-25.
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PM Shehbaz Says Reducing Electricity Prices Top Priority
Islamabad, August 2, 2024 – Prime Minister Shehbaz Sharif stated on Friday that the government is focused on providing relief to electricity consumers, emphasizing that reducing electricity prices is a key agenda for PML-N President Muhammad Nawaz Sharif, the government, and its allies.
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Gold Soars to New Record High at Rs 257,300 in Pakistan
Karachi, August 2, 2024 – Gold prices soared to unprecedented heights in Pakistan on Friday, reaching a new record of Rs 257,300 per tola. This significant rise, attributed to escalating trends in international markets, marks a notable moment for the precious metal within Pakistan market.
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Finance Act 2024: FBR Elaborates CGT Regime on Securities
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has clarified the changes to the capital gains tax (CGT) regime on securities as implemented through the Finance Act, 2024. The FBR issued Circular No. 1 of 2024-25 to detail these modifications, providing comprehensive insights into the updated tax structure.
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FBR to Notify Values of Imported Goods for Advance Income Tax
Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced it will soon disclose the values of imported goods for the purpose of collecting advance income tax.
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Pakistan Witnesses 20% Swell in July 2024 Trade Deficit
Karachi, August 2, 2024 – Pakistan has witnessed a significant widening of its trade deficit by around 20% on a year-on-year (YoY) basis in July 2024, according to official data released by the Pakistan Bureau of Statistics (PBS) on Thursday.
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Provincial Tax to GDP Ratio Slips to 0.73%: Finance Ministry
Karachi, August 1, 2024 – The federal finance ministry has reported a decline in the provincial tax to GDP ratio, which has slipped to 0.73% for the fiscal year 2023-24.
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SBP Unveils Risk Coverage Scheme to Boost SME Financing
Karachi, August 1, 2024 – The State Bank of Pakistan (SBP) on Thursday launched a groundbreaking risk coverage scheme aimed at enhancing the financing landscape for Small and Medium Enterprises (SMEs).
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