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The FBR has announced the income tax return filing deadline.

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3 months ago

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As of September 30, the Federal Board of Revenue (FBR) has declared that income tax returns must be filed by this date.

It is strongly advised that taxpayers nationwide fulfill the deadline, as the FBR has said that an extension of the submission date has not been decided upon.

The Federal Bureau of Revenue issued a strong warning, stressing that failure to file returns by the deadline will result in legal action being taken against organizations and individuals. There is a daily penalty of 0.1% of the outstanding tax amount for those who fail to pay their taxes.

While companies and other entities may be subject to a minimum penalty of Rs50,000, individuals are only subject to a punishment of Rs1,000.

Furthermore, as explained by the FBR, people who own cars, homes, or other real estate, have bank accounts, or have foreign trip records must always file their taxes on time. Serious consequences will follow noncompliance with these standards.

A further announcement made by the FBR was that retailers and traders who have not enrolled in the trader-friendly Tahir Dost program may face consequences. Shops without registration that are discovered to be in default will first be closed for seven days; if repeated offenses occur, the closure period will be increased to twenty days.

Shopkeepers who disregard the regulations may also be subject to steep fines. There is a penalty of Rs 50 million for the first default and Rs 200 million for each consecutive default.

All qualified taxpayers must comply with the law, and the FBR’s stringent regulations are designed to increase tax compliance and expand the revenue base. It is urged that, in order to avoid fines and legal action, taxpayers submit their returns on time.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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14 hours ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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15 hours ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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