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The FBR has announced the income tax return filing deadline.

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4 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

In interbank trade, the Pakistani rupee beats the US dollar.

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5 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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