Business

A jail sentence and heavy fines were declared for fake tax documents.

Published

5 months ago

Farwa

In an effort to strengthen the anti-tax fraud and evasion procedures, the Federal Board of Revenue (FBR) has released a notification detailing important changes to the Sales Tax Act, 1990.

The decision to create a specialised section tasked with looking into tax fraud cases is among the major improvements. The new wing will include a Digital Forensic Unit and an Intelligence and Analytical Unit to improve the enforcement of tax rules.

People who don’t file tax returns could get summonses or notices under the modified laws. A steep fine of either Rs 25,000 or 100% of the tax amount, whichever is higher, would be imposed for submitting forged or fraudulent documentation. On top of that, filing false tax returns can land you in jail for up to five years.

Severe fines for tax evasion have also been established by FBR. Offenders risk a maximum five-year prison sentence for tax evasion of less than Rs. one billion. A fine equivalent to the amount evaded is imposed in addition to a 10-year prison sentence for amounts over Rs-1 billion.

Under the amended definition, purposeful under-declaration of taxes or underpayment of dues are now included, as well as the filing of fake documents and information concealment. The revised law will also closely examine claims of excess tax credits against duty paid.

All matters concerning tax fraud will be handled by the recently established Tax Fraud Investigation Wing. The ability to obtain electronic invoices from people, organisations, or businesses will be provided by this wing. An automated system makes it possible to verify these invoices in real time, guaranteeing increased accountability and transparency.

As a major step towards preventing tax fraud and improving the integrity of Pakistan’s tax system, these strict procedures and the creation of the special investigation wing are being implemented.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

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

Published

1 week ago

Farwa

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.

Business

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

Published

1 week ago

Farwa

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.