Islamabad, July 24, 2023 – The Federal Board of Revenue (FBR) has officially declared the deadline for filing income tax returns for the Tax Year 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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Punjab’s Revenue Rally: Real Estate and Unexplored Sectors to Fuel Rs 240 Billion Goal
Lahore, July 23, 2023 — The Punjab Revenue Authority (PRA) is intensifying efforts to meet its ambitious tax collection target of Rs 240 billion for the fiscal year 2023-24 by expanding into unexplored sectors, especially the booming real estate industry.
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Pakistan Implements Electricity Tariff Hike as per IMF Agreement
In a move to reduce the deficit and meet the conditions set by the International Monetary Fund (IMF), Pakistan has officially notified an increase in electricity tariffs on Saturday. The decision will affect both industrial and residential consumers.
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Government to Link Conditions to Petroleum Dealer Margin Increase
Karachi, July 22, 2023 – The State Minister for Petroleum, Musadik Malik, has announced that the government will tie the increase in petroleum dealers’ margin to the fulfillment of certain conditions.
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Pakistan Takes Major Stride in Tax Reform: Unveils Draft Changes for Harmonization and Simplification
Islamabad, July 22, 2023 – In a significant move towards tax reform, Pakistan has unveiled draft changes to inland tax laws aimed at harmonization and simplification.
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FBR Introduces Method for Payment of Section 7E Tax on Sale and Transfer of Property
Karachi, July 21, 2023 – The Federal Board of Revenue (FBR) has released the method for making tax payments on deemed income under Section 7E of the Income Tax Ordinance, 2001, specifically concerning the sale or transfer of immovable property.
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FBR Imposes Sales Tax on Bulk Goods Sold Under Brand Names and Trademarks
Islamabad, July 21, 2023 – The Federal Board of Revenue (FBR) has taken the decision to apply sales tax on goods supplied under brand names and trademarks.
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Pakistani Rupee Continues Downward Spiral Against Dollar, Hits 6-Day Losing Streak
Karachi, July 21, 2023 – The Pakistani Rupee continued its losing streak for the sixth consecutive day against the US dollar, reaching PKR 286.81 on Friday. The currency experienced a significant depreciation, losing PKR 10.35 from its value since July 13, 2023, when it was trading at PKR 276.46.
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Pakistan’s Imports from China Plummet 44% in FY23
Karachi, July 21, 2023 – Pakistan has experienced a substantial 44% decline in imports from China during the fiscal year 2022-23, according to data released by the State Bank of Pakistan (SBP).
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Fuel Crisis Looms as Petrol Stations in Pakistan Go on Indefinite Shutdown
Karachi, July 21, 2023 – In a move that will likely cause widespread inconvenience to citizens and businesses alike, the Pakistan Petroleum Dealers Association (PPDA) has declared an indefinite shutdown of petrol stations across the country beginning on Saturday, July 22, 2023.
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