In the seven months of this fiscal year from July to January, the FBR collected Rs. 6,496 billion in taxes, missing its target of Rs. 6,964 billion by over Rs. 465 billion. Despite the shortfall, the FBR reported a 29% monthly growth in tax revenue and a 26% annual growth in the seven months from […]
According to sources, the FBR will likely collect only around Rs900 billion in taxes, falling short of its target of Rs956 billion. Sources within FBR revealed that the revenue shortfall from July to January may exceed Rs435 billion. So far, the FBR has collected around Rs700 billion in taxes and is expected to collect an […]
As per details, Sardar Enterprises was found guilty of tax evasion and smuggling at the Karachi Export Processing Zone. According to the Port Qasim Export Collectorate, the company was found guilty of evading taxes worth Rs 825 million. The company reportedly misused tax-exempted goods and illegally cleared used materials at local market rates. Investigations revealed […]
As per details, the IMF has recommended introducing a mini-budget to bridge the gap. However, sources report that the Prime Minister has rejected this proposal, instructing the Federal Board of Revenue (FBR) to address the shortfall through alternative measures. The FBR has already shared a comprehensive alternative plan with the IMF, aiming to enhance revenue […]
The National Assembly’s Standing Committee will now review the bill clause by clause and make decisions accordingly. The committee has already approved the strictest amendments related to Sales Tax in the draft law. The main objective of the Tax Laws Amendments bill is to ensure income-based tax payments, according to the draft. The bill proposes […]
“Corrupt practices are still going in FBR,” Rashid Langiral said while briefing the National Assembly’s Standing Committee on Finance. Langrial told the NA body that the changes in tax laws are intended to increase the tax base, targeting higher-income individuals and those engaged in significant business transactions. Under the new laws, FBR officers are being […]
According to official documents of the Federal Board of Revenue (FBR), several industries, including tobacco, cement, aerated beverages, airline tickets, fertilizers, and dairy goods contributed to the significant surge in revenue. Cigarette excise taxes increased significantly by Rs 95 billion, to a total of almost Rs 237 billion. In the meantime, cement duty revenue rose […]
The ordinance, which amends the Income Tax Ordinance, of 2001, aims to increase revenue generation and promote transparency in the tax system. The tax rate for banking companies has been increased to 44 percent for the tax year 2025, which is expected to generate approximately Rs. 70 billion for the government by December 31, 2024. […]
He was addressing a news conference alongside Minister for Information and Broadcasting Attaullah Tarar and Minister of State for Finance Ali Pervez Malik in Islamabad today. Muhammad Aurangzeb said taxation reforms have a key role in fiscal stability. He said the country has been languishing between 9-10 percent in terms of tax to GDP ratio […]
According to the proposed amendment, non-taxpayers will be barred from opening bank accounts, purchasing vehicles above 800cc, and buying property above a certain limit. Additionally, non-taxpayers will not be allowed to make transactions above a certain threshold, and their bank accounts will be frozen if they fail to register for sales tax within two days. […]
