The Punjab government has expanded the sales tax on services to include district Murree. A notification has been issued to activate the Murree office, following the previous establishment of offices in Bahawalpur, Sheikhupura, and Kasur.
Ms. Marzia Saleem has been appointed as the Read More...
Pakistan has reversed its decision to impose a new tax on banks’ income from government debt just days before a crucial deadline, following strong opposition from lenders.
The proposed tax aimed to stimulate the economy by encouraging banks to increase private-sector lending. Banks would Read More...
President Asif Ali Zardari on Monday night issued the Income Tax (Amendment) Ordinance, 2024, introducing major changes to bank taxation by amending the First and Seventh Schedules of the Income Tax Ordinance, 2001.
The ordinance sets a 44% tax rate for banking companies for the tax year Read More...
Pakistan’s economy saw significant progress in 2024. The country’s default risk dropped by 93%, the current account balance reached a 10-year high, and inflation fell to 4.9% in November—the lowest since May 2018.
The State Bank reduced its policy rate by 900 basis points to 13%, the Read More...
The Post Clearance Audit (PCA) South has uncovered a massive tax fraud of Rs. 2.4 billion by a major cement manufacturer, reportedly exploiting four export tax exemption schemes, according to BR.
The schemes involved include the Manufacturing Bond, Duty and Tax Remission for Exports Read More...
The Executive Committee (EC) of the Special Investment Facilitation Council (SIFC) has set January 7, 2025, as the deadline to finalize upgradation agreements between the Oil and Gas Regulatory Authority (OGRA) and five refineries under the Brownfield Refinery Upgradation Policy.
Sources Read More...
The Lahore Chamber of Commerce and Industry (LCCI) has endorsed the government’s initiative to address large-scale tax evasion, announced by Finance Minister Muhammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Langrial during a recent press conference.
They held Read More...
The Federal Board of Revenue (FBR) has updated the process for granting and renewing customs agents’ licenses, focusing on a competitive selection process and stricter compliance standards. These changes were introduced through an amendment to the Customs Rules, 2001, notified via SRO.2071 on Read More...
Pakistan’s foreign exchange reserves dropped by $261.2 million (1.57%) week-on-week (WoW), totaling $16.37 billion for the week ending December 20, 2024. The decline was mainly due to a significant reduction in reserves held by the State Bank of Pakistan (SBP).
Data released by the SBP on Read More...
The Federal Board of Revenue (FBR) has extended tax exemptions under Sections 236C and 236K of the Income Tax Ordinance, 2001, to overseas Pakistanis not included in the Active Taxpayers List (ATL).
As per a recent FBR notification, non-resident Pakistanis holding Pakistan Origin Cards Read More...
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