Sources confirm that the risk of a mini-budget has been averted with the tax reduction approval by the International Monetary Fund. Both parties have agreed on necessary amendments to the current fiscal strategy. The IMF has also demanded the elimination of tax exemptions for the wealthy, urging landlords to pay agricultural income tax and imposing […]
The IMF’s stance comes as Pakistan seeks to secure the next $1 billion tranche under the $7 billion Extended Fund Facility (EFF). According to sources, the IMF delegation maintained that tax exemptions for international investments would hinder the country’s revenue generation. According to sources, the government had requested Gulf countries to invest in the Chaghi-Gwadar […]
According to details, Pakistan authorities are preparing for a major crackdown on tax evasion in the sugar sector to ensure price stability. Action against counterfeit track-and-trace systems in the sugar industry is on the cards. Authorities will also crack down on reusing tracking codes on sugar bags. According to sources, despite sufficient sugar stocks availability […]
According to sources, today’s discussions focus on the National Finance Commission (NFC) and agricultural income tax, with officials briefing the IMF that there is a revenue potential of Rs300 billion from agricultural taxation. A special session on the circular debt management plan is also scheduled. Pakistan has reportedly proposed a Rs1,250 billion reduction in circular […]
An IMF delegation arrived in Pakistan on Monday to discuss climate financing with the authorities. The lender’s team objected to the proposed sales tax relief on electric vehicles and rejected the relief offered in the country’s electric vehicle policy, sources said. The IMF team also opposed sales tax concession in local sales of the parts […]
Speaking at a conference on “Retail Reimagined: Innovate, Collaborate & Thrive”, organized by The Pakistan Retail Business Council (PRBC), the minister said, the disproportionate burden of taxes on the manufacturing, services industry, and salaried class is unsustainable. “We need to bring other segments, including agriculture, real estate, retail, and wholesale, into the tax net.” He […]
As per details, the government has separated tax policy formulation from tax collection to enhance transparency and efficiency. Under the new law, FBR will now focus solely on tax collection and implementation rather than policymaking. The new Tax Policy Office will report directly to the Finance and Revenue Minister and will be responsible for developing […]
FBR has notified amended property valuation rates for Karachi, which includes a year-wise depreciation value of residential and commercial built-up properties. According to the notification, values of built-up structures on residential property would be decreased gradually. The value of a residential house’s 5 to 10-year-old built-up structure will be depreciated by 5%. Similarly, the value […]
Tax investigations in India can drag on for years and are often a sore point for foreign companies. Kia is separately fighting a $155 million tax evasion notice, and Volkswagen has sued New Delhi against a record $1.4 billion demand it calls “impossibly enormous.” Kia commented on Friday for the first time on the Indian […]
The Ministry of Housing has submitted its proposals to the Federal Board of Revenue (FBR) as the Prime Minister aims to boost employment opportunities through the sector’s recovery. According to the recommendations finalized by the ministry, citing sources, non-filers will be allowed to purchase property worth up to Rs 10 million. Reduction in tax rates […]
