The Federal Board of Revenue (FBR) received 5.215 million returns for the tax year 2024 until Nov 6, an increase of 76 per cent over the 2.959m received during the same period last year. The FBR received 86,035 returns last week, with penalty payments submitted beyond the Oct 31 deadline. The tax payment with returns for tax year 2024 reached Rs132.259 billion until Nov 6, compared to Rs77.
Foreign banks are gradually withdrawing from Pakistan due to the country’s declining credit profile, while local banks, having grown significantly post-privatisation, are outcompeting their foreign counterparts, according to bankers. Speaking at the two-day Future Summit 2024, which concluded on Thursday, Ahmed Khan from Citi Pakistan explained that local banks have expanded since privatisation
In an effort to expedite the elimination of contingency posts, the Ministry of Finance has instructed all federal ministries, divisions and their subordinate offices to adhere to a federal cabinet directive on cost-cutting. According to sources, only 15-16 of over 40 ministries and divisions have started the process more than two months after the cabinet made a decision in this regard, while ot
The stock market on Wednesday retreated from highs, losing over 280 points to settle just above 92,000 as investors consolidated positions following the corporate earnings season. Market sentiment was dampened by concerns over rupee volatility, a drop in global crude oil prices and uncertainty surrounding the outcome of the International Monetary Fund's (IMF) first review of the Extended Fund F
The government on Wednesday urged Nestle Pakistan to increase its exports by four times to $100 million in the next six years, which is double the target the company is planning to achieve by exporting its food products. Nestle Pakistan announced its commitment to increase the packaged food exports to $50 million till 2030. The company earned $23 million from exports this year by selling produc