Karachi, July 28, 2023 – The Federal Board of Revenue (FBR) fell short of its fiscal year 2022-23 tax collection target, as revealed by the finance ministry in a monthly report for July 2023.
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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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FBR Unveils IRIS 2.0: A Game-Changer for Efficient Tax Return Filing
Islamabad, July 27, 2023 – The Federal Board of Revenue (FBR) announced a major step forward in tax administration with the launch of IRIS 2.0, an upgraded version of the tax return filing system.
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SBP’s Regulatory Crackdown: 11 Banks Slapped with Rs 575 Million in Fines
Karachi, July 27, 2023 – The State Bank of Pakistan (SBP) has taken a firm stance against regulatory violations in the banking sector, imposing a total monetary penalty of Rs 575 million on 11 banks during the first half (January – June) of calendar year 2023.
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KSE-100 Index Hits 20-Month High to Reach 47,077 Points
Karachi, July 27, 2023 – The Pakistan Stock Exchange (PSX) witnessed a remarkable surge on Thursday as the benchmark KSE-100 index soared to a 20-month high, closing at 47,077 points.
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Pakistan Sees $530 Million Decline in Foreign Exchange Reserves
Karachi, July 27, 2023 – Pakistan’s foreign exchange reserves experienced a significant decline of $530 million for the week ended July 21, 2023, according to a report by the State Bank of Pakistan (SBP).
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SBP Ready to Unveil Interest Rate Fate Following IMF Deal
Karachi, July 27, 2023 – The State Bank of Pakistan (SBP) is poised to make a crucial decision on the benchmark interest rate following the successful conclusion of a loan deal with the International Monetary Fund (IMF).
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FBR Elaborates New Withholding Tax Regime for Motor Vehicles
Karachi, July 27, 2023 – The Federal Board of Revenue (FBR) has elaborated new withholding tax regime for motor vehicles, aiming to streamline the taxation process and generate revenue for the government.
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Foreign Investment Woes: Profit Repatriation from Pakistan Plunges by 80% in FY23
Karachi, July 27, 2023 – The repatriation of profit and dividends from Pakistan has seen a significant plummet of 80 percent, amounting to $331 million in fiscal year 2022-23, as reported by official data released by the State Bank of Pakistan (SBP).
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Pakistan Amends Laws to Tax Virtual Businesses of Foreign Entities
Karachi, July 26, 2023 – In a significant move, Pakistan has revised its tax laws to include virtual businesses operated by foreign entities within the scope of taxation.
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FBR Implements Bar on Property Purchases for Section 7E Defaulters
Karachi, July 26, 2023 – In a significant move aimed at ensuring tax compliance, the Federal Board of Revenue (FBR) has announced that individuals defaulting under Section 7E of the Income Tax Ordinance, 2001, will be barred from purchasing immovable properties.
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