Karachi, December 13, 2024 – Oil and Gas Development Company Limited (OGDCL) has made a significant breakthrough with the discovery of gas and condensate in the Khyber Pakhtunkhwa (KPK) province, a promising development for Pakistan’s energy sector.
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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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KSE-100 Index Achieves Historic High, Posts Third-Largest Gain
Karachi, December 12, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) soared to an unprecedented level on Thursday, recording its third-largest single-day gain to close at a historic high of 114,180 points. The index surged by 3,370 points, equivalent to a 3.04% increase, compared to the previous day’s closing of 110,810 points.
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PM Shehbaz Constitutes Probe Team for Sales Tax Frauds
Islamabad, December 12, 2024 – Prime Minister Shehbaz Sharif has taken decisive action against sales tax fraud by forming a high-powered joint inquiry team to investigate and address this pressing issue.
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Pakistan Secures $200M ADB Loan for Electricity Improvements
The Asian Development Bank (ADB) has approved a $200 million loan to support Pakistan in modernizing its power distribution infrastructure and enhancing the capacity of distribution companies to provide reliable electricity.
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Pakistan Announces Early Salary Disbursement for Christmas
Islamabad, December 11, 2024 – The government of Pakistan has announced the early disbursement of salaries and pensions for Christian citizens ahead of Christmas festivities. The measure aims to facilitate the Christian community in celebrating the occasion with ease and joy.
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FBR Designates 34 Banks as SWAPS Withholding Tax Agents
Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has officially designated 34 banks to act as agents under the Synchronized Withholding Administration and Payment System (SWAPS). This initiative is intended to streamline the deduction and collection of withholding taxes, integrating these functions into the advanced SWAPS portal.
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FBR Launches Faceless Customs Assessment for Trade Ease
Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has announced a significant modernization of its customs operations with the launch of the Faceless Customs Assessment (FCA) system. This initiative aims to enhance trade facilitation, ensure faster clearance of Goods Declarations (GDs), and promote transparency and uniformity in customs processes.
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FBR Provides Procedure for Claiming Foreign Tax Credit
The Federal Board of Revenue (FBR) has outlined the procedure for resident taxpayers to claim a foreign tax credit under Rule 16 of the Income Tax Rules, 2002. This rule implements Section 103 of the Income Tax Ordinance, 2001, which allows relief for taxes paid abroad, ensuring that resident taxpayers do not face double taxation on their foreign income.
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FBR Amends Baggage Rules, Issues SRO 2028
Karachi, December 9, 2024 – The Federal Board of Revenue (FBR) has introduced amendments to the Baggage Rules, 2006, through SRO 2028(I)/2024, aiming to tighten regulations and curb misuse of baggage exemptions for commercial purposes.
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SBP Reports 34% Growth in Home Remittances for 5MFY25
Karachi, December 9, 2024 – The State Bank of Pakistan (SBP) announced on Monday that home remittances have experienced a robust growth of 34% during the first five months (July–November) of the fiscal year 2024-25. This surge reflects the resilience of overseas Pakistanis in contributing to the national economy.
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