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Income tax return filing deadline extended by FBR

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October 14 is the new deadline for filing income tax returns, which was issued by the Federal Board of Revenue (FBR) as a 14-day extension.

Since the previous deadline was about to expire on September 30, the decision was made in a special meeting chaired by FBR Chairman Rashid Mahmood Langrial.

Citizens can now file income tax returns by October 14 after receiving the relevant notification.

The FBR chairman was briefed on tax collection in September during the meeting, in the meanwhile. It was reported that September’s income tax return collection totaled Rs 1106 billion, exceeding the targeted amount of Rs 1098 billion.

As of September 28, almost 2.9 million taxpayers had filed tax returns, according to the FBR sources. “Up until September 28 of last year, 1.4 million tax returns were filed,” the sources continued.

An extension of thirty days was requested by the Federation of Pakistan Chambers of Commerce and Industry to file income tax returns.

The FBR’s faulty system is generating delays due to technological issues, according to Atif Ikram Sheikh, President of the FPCCI, who has stated that filing returns is tough.

According to the President of the FPCCI, the FBR needs to balance its strict policies with attention to improving the tax system.

Because of some restrictions and shortcomings in the FBR’s online system, the tax filing process is still difficult for the average person. He claimed that the system needed to be adjusted for lags and outages.

It is unfortunate that, according to Atif Ikram, just 2.6 million taxpayers have filed tax returns to yet.

The number of new taxpayers introduced to the tax net from July 1st, 2023 is above 8,44,000. “An extension of the deadline for filing returns could result in seven million return filers overall,” the president of FPCCI continued.

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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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