Karachi, October 8, 2024 – The State Bank of Pakistan (SBP) has taken a significant step towards promoting Small and Medium Enterprises (SMEs) by revising the per party exposure limits for these businesses.
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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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KSE-100 Index Surges to Historic High, Approaches 85,000 Points
Karachi, October 7, 2024 – In a historic leap, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) skyrocketed on Monday, closing just shy of the coveted 85,000-point milestone. The index surged by 1,378 points, or 1.65%, to conclude the trading session at 84,910 points, a significant rise from last Friday’s close of 83,532 points.
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FTO Exposes Cybersecurity Breach in FBR Leading to Rs 14.66 Billion Tax Fraud
Karachi, October 7, 2024 – In a shocking revelation, the Federal Tax Ombudsman (FTO) has identified a monumental tax fraud worth Rs 14.66 billion attributed to a cybercrime breach within the Federal Board of Revenue (FBR). The crime, which infiltrated FBR’s system, resulted in unauthorized access and the misuse of taxpayer data, leading to colossal losses for the national exchequer. This fraud case marks one of the most significant cyberattacks targeting Pakistan’s tax infrastructure.
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PPL Reaches Momentous Settlement with Iraqi Oil Company
Karachi, October 7, 2024 – Pakistan Petroleum Limited (PPL) has disclosed the successful conclusion of a long-standing contractual matter with Midland Oil Company (MdOC) of Iraq, culminating in a strategic settlement agreement concerning Block-8 in Iraq.
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FBR Imposes Five-Year Limit on Wealth Statement Modifications
Karachi, October 6, 2024 – The Federal Board of Revenue (FBR) has imposed a stringent five-year time limit on the modification of wealth statements. Taxpayers will no longer be permitted to revise their wealth statements after the expiration of this five-year window, a rule that underscores the FBR’s commitment to ensuring timely and accurate tax compliance.
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Rupee Set to Remain Stable Amid Strong Dollar Inflows
KARACHI: The Pakistani rupee is projected to maintain stability in the coming week due to healthy dollar inflows from remittances and greenback sales by exporters, according to dealers and analysts. The increased liquidity of dollars in the market is expected to balance out importer demand, keeping the rupee within its current range.
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FTO Imposes Deadline on FBR for Property Valuation Revisions
ISLAMABAD: The Federal Tax Ombudsman (FTO) has set a strict deadline of October 11, 2024, for the Federal Board of Revenue (FBR) to complete the long-delayed revision of property valuations across Pakistan.
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FBR Announces Exemption from Return Filing for TY 2024-25
Karachi, October 5, 2024 – The Federal Board of Revenue (FBR) has announced exemptions from annual income tax return filing for specific individuals for the tax year 2024-25. The exemption is aimed at alleviating the tax burden on certain vulnerable segments of society, as outlined under Section 115 of the Income Tax Ordinance, 2001.
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Petrol Prices in Pakistan Plunge by 23.51% Over Past Year
Islamabad, October 4, 2024 – Pakistan has witnessed a sharp decline in petrol prices, with the cost per liter plunging by a staggering 23.51% over the past year, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday. This marked reduction comes as a welcome respite for consumers amid fluctuating global oil markets and domestic economic pressures.
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Pakistan Equities Soar to Record High of 83,532 Points Amid Yields Decline
Karachi, October 4, 2024 – Pakistan equities soared to a historic high on Friday as the KSE-100 index surged to an unprecedented 83,532 points. This significant milestone was fueled by renewed investor confidence following a sharp decline in yields in the secondary market, particularly in government-issued Treasury Bills (T-Bills) and Pakistan Investment Bonds (PIBs).
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