According to details, the premier has proposed a Rs250 billion cut in FBR’s tax collection target for the next budget. Efforts are underway to persuade the IMF to accept this revision. Sources revealed that FBR has formally requested to lower its tax target from Rs14,307 billion to Rs14,057 billion. The rationale behind the proposal is […]
According to sources, the IMF made this demand during virtual discussions with provincial governments, focusing on expenditure plans for the 2025-26 fiscal budget, with provinces actively participating in these sessions. The IMF proposed that provinces eliminate their dependence on federal funds by independently raising resources, including enforcing an income tax on agricultural earnings exceeding PKR […]
According to sources, the proposed measure could raise the CGT rate on property sales by 20 percent, potentially escalating from the existing 15 percent to as much as 35 percent. This adjustment aims to bring real estate taxation in line with corporate sector rates, addressing the sector’s untapped revenue potential. The proposal emerged during the […]
The case concerning the exemption granted under the Sixth Schedule of the Sales Tax Act for residents of FATA and PATA was heard on Wednesday by the five-member Constitutional Bench, headed by Justice Amin-ud-Din Khan. Other members of the bench included Justice Jamal Khan Mandokhail, Justice Muhammad Ali Mazhar, Justice Syed Hasan Azhar Rizvi, and […]
The prime minister, chairing a review meeting on broadening the tax base and increasing tax revenue, said that the individuals and sectors capable of paying taxes must be brought into the tax net. He also instructed the stringent accountability of officers and personnel assisting the tax evaders, according to a PM Office press release. The […]
As per details, the committee was informed that the smuggling resulted in a staggering revenue loss of Rs270 billion annually. The committee’s briefing revealed that tax evasion worth Rs 751 billion is occurring across five key business sectors, primarily due to the sale of smuggled and counterfeit goods in the market. The pharmaceutical sector is […]
Indian airlines are bracing for higher fuel costs and longer journey times after Pakistan shut its airspace to the country’s carriers in a tit-for-tat retaliation following an attack on tourists in Kashmir last week. Air India on April 27 asked the Indian government for a “subsidy model” proportionate to the economic hit, estimating a loss […]
The FBR has however managed an impressive 30% year-over-year income rise in spite of this shortage, with total revenues from July to April surpassing Rs 8,500 billion. With a target of Rs 10,130 billion for the period, the income gap from July to April is Rs 815 billion. Rashid Mahmood Langrial, the chairman of the […]
During the meeting, the Board also approved the Annual Accounts for FY 2023–24, marking a historic achievement for the Company. SNGPL recorded its highest-ever profitability, with a remarkable profit before tax of around Rs. 30 billion. Profit after tax stood at an impressive Rs. 19 billion, translating into Earnings Per Share (EPS) of Rs. 29.92 […]
According to sources, the international money lender has urged the federal government to cease funding matters devolved to provinces under the 18th Constitutional Amendment. Sources revealed that the IMF’s directive has compelled the federal government to remove 168 provincial projects from the upcoming federal budget. Sources further said that these 168 provincial projects, currently part […]
