Karachi, October 13, 2024 – The Federal Board of Revenue (FBR) has shifted its focus toward holding Chief Financial Officers (CFOs) accountable for ensuring the authenticity of sales tax returns.
(more…)Author: Shahnawaz Akhter
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Pakistan Customs Implements New Valuation for Power Tools
Karachi, October 13, 2024 – In a significant regulatory update, Pakistan Customs has announced revised customs valuations for the import of power tools, a move aimed at curbing under-invoicing and ensuring more accurate duty and tax assessments.
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LTO Karachi Collects Rs 680 Billion in 1QFY25 Despite Import Slowdown
Karachi, October 13, 2024 – The Large Taxpayers Office (LTO) Karachi collected a staggering Rs 680 billion during the first quarter (July-September) of the fiscal year 2024-25. This robust performance comes despite modest growth in revenues from imports, underscoring the remarkable resilience and efficiency of domestic tax collection efforts.
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Pakistan Stocks May Surge on Strong Earnings Expectations
Karachi, October 12, 2024 – Pakistan stocks are projected to maintain their positive trajectory next week, driven by anticipated strong corporate results, according to analysts from Arif Habib Limited. With the result season starting next week, several key scrips are expected to be in the spotlight, fueled by predictions of robust financial outcomes.
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FBR Chairman Plans Busy Karachi Visit Amid Islamabad Holidays
Karachi, October 11, 2024 – Rashid Mahmood Langrial, Chairman of the Federal Board of Revenue (FBR), has laid out a demanding agenda for his upcoming visit to Karachi. During the public holidays announced in Islamabad for the Shanghai Cooperation Organization (SCO) Summit, Langrial will capitalize on this period by engaging in pivotal meetings and performance evaluations in the economic hub of Pakistan.
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KSE-100 Index Gains 30 Points After Day-Long Negativity
Karachi, October 11, 2024 – The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) showed resilience on Friday, managing to recover from a day of negativity to end with a modest gain of 30 points. The KSE-100 index closed at 85,483 points, up from the previous day’s closing of 85,453 points.
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What Pakistan Committed to IMF for Aggressive FY25 Tax Collection
Karachi, October 11, 2024 – Pakistan has reaffirmed its strong commitment to the International Monetary Fund (IMF) to substantially increase tax collection in the fiscal year 2024-25. In its latest country report, the IMF outlined Pakistan’s pledge to implement robust fiscal policies designed to bolster tax revenues and meet stringent economic goals, as the country faces ongoing economic challenges.
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SRB Files FIR Against Restaurant for Misbehavior with Lady Officer
Karachi, October 11, 2024 – The Sindh Revenue Board (SRB) has taken firm legal action against a restaurant in Latifabad, Hyderabad, by lodging a First Information Report (FIR) following an incident involving the harassment of a lady officer during an official inspection. The incident has not only highlighted misconduct by the restaurant’s management but also underscored serious issues of persistent tax evasion.
In a statement released on Friday, the SRB reiterated its unwavering commitment to enforcing compliance with the Sindh sales tax law while maintaining professionalism and respect in its interactions with all taxpayers. However, the unacceptable behavior exhibited by the restaurant’s management during the inspection prompted the SRB to take decisive action. The establishment has been continuously failing to meet its tax obligations, further aggravating the situation.
The restaurant has a long history of non-compliance, particularly its failure to issue POS-integrated invoices as mandated by law, a critical step in documenting sales and tax payments. Despite multiple show-cause notices, public complaints filed via platforms like the Pakistan Citizen’s Portal, and several assessment and adjudication orders, the restaurant has consistently evaded paying taxes. It currently faces a penalty of PKR 6.73 million for unpaid Sindh sales tax.
During a recent inspection, tensions escalated when the restaurant’s management not only ignored legal requirements but also misbehaved with a lady officer who was fulfilling her official duties. In response, the SRB promptly filed an FIR against the restaurant owner, sending a clear message that such behavior and tax evasion will not be tolerated. The SRB stressed that it takes the protection and professionalism of its officers seriously, and it stands by its commitment to shield its officers from harassment or undue pressure while they carry out their responsibilities.
The SRB has called on the public, especially business owners, to actively contribute to fostering a culture of tax compliance. It urged all businesses, particularly those in the restaurant sector, to strictly adhere to the Sindh sales tax law, including the issuance of SRB-prescribed QR-coded POS invoices. The board emphasized that compliance with tax laws is not just a legal duty but also a collective responsibility, essential for ensuring transparency and the legitimate collection of public revenue.
With the FIR now lodged, the SRB has set a precedent that both tax evasion and misconduct will lead to serious legal consequences. The board reaffirmed its resolve to combat tax evasion and maintain integrity in the taxation system, supporting Pakistan’s economic stability.
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Digital Retail Payments Surge 35% in FY24: SBP
Karachi, October 11, 2024 – The State Bank of Pakistan (SBP) has reported a remarkable 35% surge in digital retail payments during the fiscal year 2023-24, both in volume and value.
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FBR Halts Recruitment Process for BS-1 to BS-4 Posts
Islamabad, October 10, 2024 – The Federal Board of Revenue (FBR) has issued a directive on Thursday halting the recruitment process for positions under Basic Scale (BS) grades 1 to 4 in both the Pakistan Customs and Inland Revenue Service (IRS). This suspension of recruitment applies with immediate effect, as outlined in a circular issued to the heads of Customs and IRS field formations across the country.
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