Karachi, October 18, 2024 – The Federal Board of Revenue (FBR) has initiated stringent legal action against e-intermediaries involved in widespread sales tax fraud. This decisive move follows the identification of numerous fraud cases linked to the manipulation of sales tax records, particularly through fake and flying invoices, as well as the suppression of sales.
(more…)Author: Shahnawaz Akhter
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SBP Unveils Alarming Insights on C-Efficiency Ratio and GST in Pakistan
Karachi, October 18, 2024 – In a striking revelation, the State Bank of Pakistan (SBP) has shed light on the alarming state of Pakistan’s C-Efficiency Ratio (CER) and the effective General Sales Tax (GST) rate during the fiscal year 2023-24. The SBP’s findings underscore critical challenges in the country’s tax enforcement and base expansion, painting a concerning picture for policymakers.
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Pakistan’s Textile Exports Surge by 9.51% in First Quarter of FY25
Karachi, October 17, 2024 – Pakistan’s textile exports have experienced a robust surge, growing by 9.51% during the first quarter of the fiscal year 2024-25 (July to September) compared to the corresponding period of the previous fiscal year, according to figures released by the Pakistan Bureau of Statistics (PBS) on Thursday.
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FPCCI Hails FBR’s Decision to Defer Affidavit Requirement
Karachi, October 17, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lauded the Federal Board of Revenue’s (FBR) decision to temporarily defer the contentious requirement of an affidavit for sales tax returns. The FPCCI’s stance was clearly communicated by its president,
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FBR Relaxes Affidavit Requirement for September Sales Tax Returns
Karachi, October 17, 2024 – The Federal Board of Revenue (FBR) has eased the requirement for submitting an affidavit alongside the sales tax return for September 2024, which is due to be filed in October. This relaxation follows appeals from trade bodies and aims to build trust among all stakeholders, the FBR announced on Thursday.
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SBP Suggests Measures to Boost Pakistan’s Tax-to-GDP Ratio
Karachi, October 17, 2024 – The State Bank of Pakistan (SBP) on Thursday proposed a series of tax reforms aimed at significantly increasing the country’s tax-to-GDP ratio, which has stagnated at approximately 10% for the last two and a half decades.
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Pakistan’s Weekly Forex Reserves Increase by $64 Million
Karachi, October 17, 2024 – In a positive turn for Pakistan’s economic stability, the country’s net foreign exchange (forex) reserves saw a modest uptick of $64 million by the week ending October 10, 2024, as reported by the State Bank of Pakistan (SBP) on Thursday.
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SBP Projects GDP Growth at 3.5% for FY25, Slightly Below Target
Karachi, October 17, 2024 – The State Bank of Pakistan (SBP) has projected the country’s gross domestic product (GDP) growth at 3.5% for the fiscal year 2024-25, just shy of the government’s target of 3.6%.
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Provisional Assessment Under Section 123 of Income Tax Ordinance, 2001
Section 123 of Pakistan’s Income Tax Ordinance, 2001, provides guidelines for provisional assessment in cases where concealed or undisclosed assets are discovered by the government.
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FBR Unveils New Strategy to Break Sales Tax Fraud Networks
Karachi, October 16, 2024 – In a decisive move to dismantle the entrenched practice of sales tax fraud, the Federal Board of Revenue (FBR) has unveiled a robust strategy aimed at curbing the use of fake and flying invoices.
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