A trader counts Pakistani rupee notes at a currency exchange office in Peshawar. — Reuters/File The banking sector rate increased from 39% to 44%. The national treasury is expected to receive between 70 and 75 billion rupees in taxes. ADR to be replaced by fixed maximum slab ratios. ISLAMABAD: The federal government plans to add … Read more
Finance Minister Muhammd Aurangzeb (L) attends a press conference alongside FBR Chairman Rashid Mahmood Langrial in Islamabad on December 26, 2024. — Screenshot via Geo News ISLAMABAD: Amid strenuous efforts of Prime Minister Shehbaz Sharif’s government to widen the tax net and increase revenue generation, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has … Read more
A vendor displays different fruits to attract customers at his stall in Hyderabad on February 11, 2023. — APP FBR chief admits revenue leakage of Rs1.2tr in income tax sector. Langrial presented strict measures to improve tax compliance. The official admits that falling inflation has affected revenue collection. ISLAMABAD: Federal Board of Revenue (FBR) Chairman … Read more
Representative image of a trader reading a newspaper while selling betel leaves, cigarettes and sweets in Karachi. — Reuters/File The PM emphasizes the use of video analytics to improve revenue collection. Leads its rapid implementation in cement and tobacco industries. Premier calls for early completion of digitalization of FBR value chain. LAHORE: As the federal … Read more
A representative image showing the FBR logo at its headquarters in Islamabad. — Website/FBR file Declarations of imported goods will be assigned to the CAU according to the new system. Introduction of incentive-based performance management for greater efficiency. Move to bring a major change in the work and overall culture of the Customs Service. ISLAMABAD, … Read more
Representative image showing a person using a calculator for tax purposes. — AFP/File Banks face higher taxes under the revised ADR formula. The end-of-year ADR could move to calculating the annual average. The exclusion of certain advances could increase the tax obligations of banks. Analysts said on Monday that the committee formed by Prime Minister … Read more
A general view of the Burj Khalifa and the skyline of downtown Dubai, United Arab Emirates, June 12, 2021. — Reuters DMTT is part of the OECD Global Minimum Corporate Tax Agreement. The United Arab Emirates is considering introducing corporate tax incentives. The incentive would provide a refundable tax credit of up to 50%. DUBAI: … Read more
An image of a wedding venue. — Reuters/File KARACHI: The Federal Board of Revenue (FBR) has imposed a 10 per cent withholding tax on wedding halls, which the Marriage Hall Association said would be borne by the event organizers. In a statement released on Friday, association president Rana Raees said the tax would be collected … Read more
A representative image showing two men looking at their crops in a field in this undated photo. — ADB/File The mandate of the NTC will be expanded to include property tax. Unified rates on cards for harmonization of GST on goods and services. Adjustments to the ICA regimes were considered to align them with Federal … Read more
Prime Minister Shehbaz Sharif chairs a meeting to review the country’s overall economic situation on November 18, 2024. — Radio Pakistan Tax evaders will be brought to justice, Prime Minister Shehbaz promises. He orders the competent authorities to accelerate measures against tax evaders. Helping the population is the government’s absolute priority, reiterates the Prime Minister. … Read more
Hasan Nawaz Sharif, the son of former Prime Minister Nawaz Sharif. — AFP/File Hasan declared bankruptcy in a tax and liability case. The UK Gazette publishes details of the bankruptcy. His legal team is examining the file, indicates a source close to him. LONDON: Hasan Nawaz Sharif, who is the son of former Prime Minister … Read more
The International Monetary Fund (IMF) logo is seen outside its headquarters in Washington, the United States, September 4, 2018. — Reuters The IMF mission concludes its visit to Pakistan from November 12 to 15. He says he is encouraged by the authorities’ commitment to reforms. Next mission for the first review of the FEP expected … Read more