KARACHI – Gold rates in Pakistan on Monday witnessed a slight reduction amid downward trend in the international market.

According to Sarafa association, the per tola price of 24-karat gold dropped by Rs600 to settle at Rs271,900 from previous closing of Rs272,500 in Pakistan. The price of 10-gram gold also decreased by Rs471 to close at Rs233,110.

The price of precious commodity also dropped by $5 to settlet $2,617.

Gold Rates in Pakistan

On Saturyda, Gold prices moved up, reaching a whopping Rs272,500 per tola after single day rise of Rs500.

As per new rates shared by the Saraffa association, the price for 10 grams of gold jumped to Rs233,625, after a hike of Rs429. This surge followed a significant increase on Friday, when gold prices rose by Rs3,500, settling at Rs272,000 per tola.

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BRASILIA: The Brazilian Supreme Court on Saturday asked Elon Musk-owned social platform X to present documents validating its new legal representative in the country, as the firm’s lawyers now say it will comply with court demands to be allowed to resume operations in Brazil.

X was shut down in Brazil in late August after it did not comply with orders from the top court related to hate speech moderation in the social platform.

But in the last few days, X representatives have started to publicly vocalise intentions to address the court demands, even though the firm had previously said it would not meet them.

X lawyers said late on Friday that the platform had named a legal representative in Brazil, addressing a key demand imposed by the court.

In a Saturday decision, Supreme Court judge Alexandre de Moraes gave five days for X to provide commercial registries and other documents proving that X formally signed Rachel de Oliveira Conceicao as its Brazil legal representative.

Brazilian law requires foreign companies to have a legal representative to operate in the country. The representative would assume the legal responsibilities for the firm locally.

X had a legal representative in Brazil until mid-August, when it decided to close its offices and fire its staff in the country.

The move followed a months-long dispute between Musk and Moraes over the firm’s non-compliance with court orders demanding the platform to take action against the spread of hate speech, which the billionaire denounced as censorship.

Besides the indication of a legal representative, Brazil’s top court also required X to block certain accounts investigated in a hate speech and misinformation probe, and to pay fines amounting over $3 million as conditions to lift the ban.

At first X had said it would not comply with the “illegal” orders, but now its lawyers said the platform will pay the fines it owes, and that it has also started to block the ordered accounts.

It was not immediately clear which were the accounts X has been ordered to block, as the probe is confidential.

Despite the ban, X became accessible to many users in Brazil on Wednesday for a limited period of time after an update to its communications network bypassed the court-ordered block.

ISLAMABAD: The Federal Bureau of Revenue (FBR) on Saturday ruled out any general extension in the September 30 deadline announced by the tax collecting authority for the submission of tax returns.

Speaking to Geo News, FBR spokesperson Bakhtiar Muhammad said: “Historically, a facility used to be given [to the masses] by extending the overall deadline. However, this time the decision has been made that the date [for submission of tax returns] will not be extended and September 30 will be the last date to file tax returns.”

The development comes as traditionally the FBR, in recent years, has adopted the practice of extending the tax return submission deadline which was pushed to October 31 last year.

Last year, the authority pushed the date for the filing of tax returns to October 31.

However, it seems that the FBR intends to provide no leeway and intends to adopt a rather strict approach towards the issue amid the incumbent government’s strenuous efforts to expand the tax net and increase revenue generation in light of the multi-pronged economic challenges faced by the country.

In June, Prime Minister Shehbaz Sharif-led administration in its tax-heavy budget passed in June, set out an ambitious taxation plan to boost its prospects of securing a fresh bailout deal with the International Monetary Fund (IMF) — which it eventually did as the programme now awaits the approval of the Fund’s executive board.

Elaborating on the authority’s decision against extending the deadline, the spokesperson underscored that it was a legal requirement to submit the tax returns by September 30.

Acknowledging that some filers may find it difficult to submit their returns before the due date, such people can reach out to their respective tax commissioners and seek an individual extension as provisioned in the law.

They can secure an extension owing to their specific reasons, however, the deadline will not be pushed beyond September 30 for the entire country overall, he added.

When asked about this might leave thousands unable to submit their tax returns, the FBR spokesperson said that this was what the authority warned the masses before the deadline expired.

Noting that there were still nine days left to submit the returns, the official said: “There is a three-month period [for people] to file their tax returns from July 1 till September 30. If they wanted to submit their returns, they would have done so during this time”.

FBR gears up for drastic measures

Last week, The News reported that the FBR has proposed drastic measures to avoid a possible shortfall in tax collection including freezing bank accounts and imposing a ban on the purchase of property and vehicles for tax evaders.

Facing a monumental tax shortfall in the first quarter (July-September) under the IMF programme of $7 billion Extended Fund Facility (EFF) coupled with its failure to bring 3.2 million retailers into the tax net, the tax collection body has geared up for significant taxation measures against millions.

Sources said that an internal assessment of the FBR has shown a tax shortfall of over Rs220 billion for the first quarter (July-September) against the agreed target of Rs2,652 billion.

The authority faced a shortfall of Rs98 billion in August 2024. The FBR had collected Rs1,456 billion in the first two months (July and August) against the assigned target of Rs1,554 billion leaving the body with the challenging task of fetching Rs1,196 billion during the ongoing month to materialise the first quarter agreed target with the IMF.

The annual tax collection target of FBR envisaged Rs12,970 billion, which was approved by parliament (Rs12,913 billion).

Speaking to the publication, official sources confirmed that the FBR identified two million nil filers out of the total of six million return filers.

Suggesting to categorise non-filers into three categories, the authority has recommended the government impose a fine of Rs1 million for incorrect/incomplete tax returns.

The FBR official further added that “nil filers” would have to face severe action including freezing of their bank accounts and a ban on the purchase of properties or vehicles with an immediate effect.

Whereas, those evading payment of tax amounts ranging from Rs0.5 million to Rs1 million will face disconnection of electricity and gas connections.

It is to be noted that previously, the tax collection body also ordered the disconnection of mobile phones of 0.5 million non-filers, but it could not achieve the desired results.

The FBR, in the third category, has tabled the recommendation that if the tax dodgers were under filers up to the tune of Rs1 million or more, it would also propose some more measures against them.

Furthermore, the tax authority has decided to outsource audits of high-net-worth individuals (HNWs) and companies.