Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has reported an impressive 95% increase in tax collection from dividend payouts during the first five months of the current fiscal year 2024-25. This significant surge reflects the FBR’s enhanced efficiency and the impact of recent tax policy changes.
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Top stories featuring the most important and trending news updates from politics, business, world affairs, and breaking events across various sectors.
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KSE-100 Index Soars 4.03% Amid PTI-Government Talks
Karachi, December 23, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) experienced a significant surge on Monday, climbing by 4.03% or 4,411 points, driven by the initiation of talks between the Pakistan Tehreek-i-Insaaf (PTI) party and the government. The KSE-100 index closed at 113,924 points, a notable increase from last Friday’s closing of 109,513 points.
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ATL Soars to 5.83 Million for Tax Year 2024: FBR
Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) on Monday announced that the Active Taxpayers List (ATL) has grown significantly, reaching 5.83 million for the tax year 2024. The FBR stated that this milestone reflects the number of income tax returns filed by December 22, 2024.
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SA vs PAK: Pakistan Clean Sweep South Africa in ODI Series
In a thrilling conclusion to the three-match One-Day International (ODI) series at the Wanderers Stadium in Johannesburg on Sunday, Pakistan secured a historic clean sweep over South Africa, winning the final match by 36 runs. Chasing a formidable target of 309, South Africa was bowled out for 271 in 42 overs, handing Pakistan an unassailable series lead.
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Banks Push Rs 1.35 Trillion Loans Amid ADR Crisis
Karachi, December 22, 2024 – Banks have extended loans to private sector amounting Rs 1.35 trillion during the period between July 1, 2024 to December 6, 2024 in desperation to meet Asset to Deposit Ratio (ADR).
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Constitutional Clash: Tax Bill Amendments Spark Debate
Tax experts at Tola Associates and Tola & Tola have raised concerns regarding numerous amendments introduced through the Tax Laws (Amendments) Bill, 2024. They argue that several provisions within the Bill conflict with fundamental constitutional rights, rendering them problematic from a legal and practical standpoint.
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PM Shehbaz Directs Stern Action Against Tax Evaders
Islamabad, December 21, 2024 – Prime Minister Muhammad Shehbaz Sharif has issued firm directives to authorities to bring tax defaulters into the tax net and enforce strict measures against non-compliance. Presiding over a high-level meeting on Saturday, the Prime Minister reviewed strategies aimed at enhancing revenue collection and bolstering the performance of the Federal Board of Revenue (FBR).
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FBR to Gain Unprecedented Access to Bank Data
Karachi, December 21, 2024 – In a landmark move aimed at tightening tax compliance, the Federal Board of Revenue (FBR) is set to be granted sweeping powers to obtain and cross-check taxpayers’ bank details with the income and assets declared in their returns.
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Tax Bill Proposes Restrictions on Various Transactions
The Tax Laws (Amendment) Bill, 2024 introduces a series of proposed restrictions targeting non-compliant individuals and entities under Section 114C(1) of the Income Tax Ordinance, 2001. These amendments are aimed at curbing tax evasion and improving tax compliance by restricting certain transactions for individuals and businesses that fail to meet tax obligations. The bill, as outlined by Tola Associates and Tola & Tola, specifies several key restrictions that will come into effect once notifications are issued by the Federal Board of Revenue (FBR).
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Aurangzeb Shares Tax Transformation Vision with Coca-Cola CEO
Islamabad, December 20, 2024 – Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb reaffirmed the government’s determination to overhaul Pakistan’s tax system, aiming to create a more efficient and equitable taxation structure.
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