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The FBR has announced the income tax return filing deadline.

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

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2 days ago

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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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2 weeks ago

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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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2 weeks ago

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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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