Karachi, October 24, 2023 – The Pakistani Rupee faced its second consecutive fall against the US dollar on Tuesday, highlighting mounting pressure on the nation’s import payments.
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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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FBR Unlikely to Extend Deadline for Tax Return Filing Beyond October 31
Islamabad, October 24, 2023 – The Federal Board of Revenue (FBR) is expected to stick to the October 31, 2023, deadline for filing the annual return of income for tax year 2023, with no further extensions in sight. This decision follows the recent one-month extension granted by the FBR.
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Pakistan Achieves Record-High Number of Active Taxpayers at 4.93 Million
Karachi, October 24, 2023 – Pakistan has achieved a historic milestone with a record-breaking 4.93 million active taxpayers, as per the latest data released by the Federal Board of Revenue (FBR).
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Tax-to-GDP Ratio Falls to 8.5% in FY23 from Previous 9.2%: State Bank
Karachi, October 23, 2023 – The tax-to-GDP ratio in Pakistan has declined to 8.5 percent in the fiscal year 2022-23, down from the previous year’s 9.2 percent, according to official data revealed on Monday.
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State Bank of Pakistan Forecasts GDP Growth of 2-3% for FY24
Karachi, October 23, 2023 – The State Bank of Pakistan (SBP) has released its Annual Report on the State of Pakistan’s Economy for the fiscal year 2022-23, projecting a GDP growth rate of 2 to 3 percent for the fiscal year 2023-24.
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Pakistan Lifts Restrictions on Foreign Payments by Information Technology Sector
Karachi, October 23, 2023 – In a significant move aimed at boosting the country’s information technology sector, Pakistan announced the removal of restrictions on foreign payments made by the IT industry.
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Pakistani Rupee Eases to PKR 279.12 Amid Week’s Start Dollar Demand
Karachi, October 23, 2023 – The Pakistani Rupee (PKR) faced a mild setback on Monday, as it eased to PKR 279.12 against the US Dollar due to heightened demand for the greenback at the commencement of the week.
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SBP Facilitates Freelancers with Exporters’ Special Foreign Currency Account
Karachi, October 23, 2023 – The State Bank of Pakistan (SBP) has introduced a significant initiative to support the growing community of freelancers in the country by launching the Exporters’ Special Foreign Currency Account (ESFCA).
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Conflicting Judgements Complicate Taxation of Properties for Pakistani Residents in UAE
Karachi, October 22, 2023 – As the deadline for filing income tax returns for 2023 approaches in Pakistan, a thorny issue has emerged, causing confusion among Pakistani tax residents who own properties in the United Arab Emirates (UAE).
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FBR Initiates Action Against Millers for Under-Declaring Sugar Value to Evade Sales Tax
Karachi, October 22, 2023 – The Federal Board of Revenue (FBR) has launched an action against sugar millers for allegedly declaring a lower value of sugar to evade sales tax.
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