Karachi, July 30, 2024 – In a bid to ensure timely compliance with income tax filing requirements, the Federal Board of Revenue (FBR) has announced the imposition of higher withholding tax rates on late filers and non-filers. This significant change has been enacted through amendments in the Finance Act, 2024.
(more…)Category: Top stories
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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FBR Rolls Out 10% Surcharge Calculation for Salaried Person
Karachi, July 30, 2024 – Federal Board of Revenue (FBR) has issued formula for calculating surcharge on income above Rs 10 million through newly introduced Section 4AB of Income Tax Ordinance, 2001.
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SBP Cuts Benchmark Policy Rate by 100 Basis Points
Karachi, July 29, 2024 – In a bid to stimulate economic growth while keeping inflation in check, the State Bank of Pakistan (SBP) on Monday announced a 100 basis point reduction in its benchmark policy rate, bringing it down to 19.5%.
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FBR Sets July 31 as Deadline for Tax Payment by Retailers
Karachi, July 29, 2024 – The Federal Board of Revenue (FBR) has announced July 31, 2024, as the deadline for shopkeepers and retailers to make the first monthly payment of advance tax under the Tajir Dost Scheme.
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Visa Reforms to Promote Tourism in Pakistan: PM Shehbaz
Islamabad, July 29, 2024 – Prime Minister Muhammad Shehbaz Sharif announced on Sunday that the government has introduced significant visa reforms aimed at facilitating foreign investors, business communities, and tourists.
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Aurangzeb Hopes Provinces to Legislate for Agriculture Tax
Islamabad, July 28, 2024 – Finance Minister Muhammad Aurangzeb expressed optimism that all provinces will legislate to bring agricultural income into the tax net.
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Rupee Expected to Remain Steady Amidst Monetary Policy Await
Karachi: The Pakistani rupee is anticipated to maintain its current range against the US dollar in the coming week, as market participants closely monitor the State Bank of Pakistan’s (SBP) upcoming interest rate decision.
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FBR Notifies Tax Rates on Electricity Consumption for 2024-25
Karachi, July 27, 2024 – The Federal Board of Revenue (FBR) has announced the new income tax rates on electricity consumption for the fiscal year 2024-25. The updated rates are part of the amendments made to the Income Tax Ordinance, 2001 through the Finance Act, 2024.
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Salary Income Slabs for Tax Year 2024 Return Filing
Karachi, July 27, 2024 – As the deadline for filing income tax returns for the tax year 2024 approaches, salaried individuals are grappling with understanding which salary slabs to apply.
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SECP Registers 27,542 New Companies in Fiscal Year 2023-24
Islamabad, July 27, 2024 – The Securities and Exchange Commission of Pakistan (SECP) registered 27,542 new companies during the fiscal year 2023-24, bringing the total number of SECP-registered companies to 222,697, according to an official statement.
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