Punjab allocates Rs12.52bn for local polls after 1…

The Pakistan Stock Exchange (PSX) came under heavy selling pressure on Wednesday as investors turned cautious amid rising geopolitical uncertainty and external market risks. The benchmark KSE-100 Index surrendered its early gains and remained in negative territory throughout most of the trading session. The market opened on a slightly positive note, with the KSE-100 Index posting modest gains during early trading. However, the positive momentum quickly faded as investors began selling shares across major sectors, causing the benchmark index to reverse course. Selling pressure intensified as the session progressed, dragging the KSE-100 Index down by more than 1,000 points. During intraday trading, the benchmark also touched a low of over 1,800 points below the previous close, reflecting weak investor confidence and heightened market volatility. Analysts said investors remained cautious due to uncertainty surrounding global developments, prompting many traders to reduce exposure to equities and book profits after recent gains. The decline was broad-based, with losses recorded across several key sectors of the market. Automobile assemblers, oil marketing companies, cement manufacturers, fertilizer producers and power generation companies were among the worst-performing segments during the session. The widespread selling indicated that investors were avoiding risk rather than reacting to company-specific developments, highlighting concerns over the broader economic and geopolitical environment. Despite the decline in share prices, trading activity remained healthy. More than 172 million shares changed hands during the session, while the total value of traded shares exceeded Rs9 billion, indicating continued participation by investors despite market weakness. The latest decline came a day after the stock market ended slightly higher following a volatile session. On Tuesday, the KSE-100 Index had climbed more than 2,000 points during intraday trading before profit-taking erased most of the gains, allowing the market to close with only a modest increase.

ISLAMABAD: The Federal Board of Revenue (FBR) has demonstrated several features of its digital income tax return system to the Karachi Tax Bar Association (KTBA), including mechanisms for reporting investments in immovable property, declaring multiple business capital accounts, recording inheritance assets and calculating tax under relevant provisions of the law. The demonstration was held during an online consultation between the FBR Domain Team and representatives of the KTBA as part of the tax authority’s efforts to obtain feedback from taxpayers and tax practitioners on the design and functionality of the income tax return system. The meeting focused on improving the digital filing experience and identifying areas where the online return could be made simpler, more efficient and easier for taxpayers and professionals to use. KTBA President Mehmood Bikiya welcomed the FBR’s prompt response in arranging the session and appreciated the efforts made by the Domain Team to develop a responsive and user-friendly return system. According to the participants, the existing system is operating satisfactorily, with no major technical problems or significant glitches reported during the discussion. Instead, the meeting primarily focused on clarifications, suggestions for improvement and practical issues faced by tax practitioners while completing returns. The FBR officials addressed a number of queries through live demonstrations, allowing participants to better understand the available options and procedures within the digital system. During the session, the Domain Team demonstrated how taxpayers can report investments in immovable property, enter details of more than one business capital, declare tax under applicable sections and include inherited property in their tax records. Officials also clarified that certain information fields are optional. In particular, the chassis number required in the vehicle-related section does not have to be entered where it is not applicable or available. The consultation also covered several policy-related matters raised by the KTBA. These included the timing of refund applications, deemed assessment orders and procedures for revising income tax returns. The FBR Domain Team explained that such matters are governed by existing policy provisions, including the 15-day rule relating to deemed assessments. The concerns and proposals raised by the tax bar were also forwarded to the FBR’s Policy Wing for examination. Both sides agreed that continued consultations between tax officials and tax practitioners could help address implementation-related concerns and improve taxpayers’ understanding of the digital filing process. The KTBA also submitted several proposals for future versions of the income tax return system. One of the key suggestions was to introduce an option for uploading data through Excel files, which could reduce the time required to manually enter large volumes of information. Other proposals included reconsidering the requirement to enter certain financial information in subsequent years and introducing a system-generated PDF explaining the relevant legal provisions concerning residence status. The FBR Domain Team recorded the suggestions and indicated that they would be considered for possible incorporation into future versions of the return system. Most of the technical and operational questions raised during the meeting were resolved through on-screen demonstrations and explanations by the FBR team. The exercise also provided practitioners with a clearer understanding of the functions already available on the digital platform. KTBA Vice President Saud ul Hasan appreciated the FBR’s willingness to engage directly with representatives of the tax community. He said continued interaction between tax practitioners and the revenue authorities could promote greater understanding of taxpayers’ concerns and strengthen confidence in the digital filing mechanism. The FBR, meanwhile, reiterated its commitment to maintaining regular consultations with the business community, tax practitioners and their representative organisations. The tax authority said feedback received through such engagements would remain important in improving the income tax return system and making the filing process more transparent, straightforward and taxpayer-friendly.