Islamabad, October 10, 2024 – In a bold move to address rampant tax evasion and boost revenue collection, Pakistan has launched a large-scale operation targeting sales tax fraud across various sectors of the economy. Finance Minister Mohammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial made the announcement in a press conference, revealing that the country faces a staggering tax gap of Rs 3.4 trillion due to widespread fraud.
(more…)Author: Shahnawaz Akhter
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FBR Imposes Major Penalty on Customs Appraiser for Facilitating Tax Evasion
Islamabad, October 10, 2024 — The Federal Board of Revenue (FBR) has taken decisive action by imposing a major penalty on Shahzad Ameen Ahmed Babar, an appraising officer of Pakistan Customs, for facilitating the evasion of duties and taxes.
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FBR Shuts Down Redemption Fine for Smuggled Goods
Islamabad, October 9, 2024 – The Federal Board of Revenue (FBR) has announced the complete elimination of the redemption fine for smuggled goods, intensifying the government’s crackdown on illegal trade activities.
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KCCI Announces Full Working Day on Fridays to Better Serve Business Community
Karachi, October 9, 2024 – In a move aimed at enhancing support for the business and industrial sectors, the Karachi Chamber of Commerce and Industry (KCCI) has announced that it will observe a full working day on Fridays, departing from the previous half-day schedule. The decision reflects the Chamber’s commitment to providing uninterrupted services to its members throughout the week.
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FBR Suspends Top IRS Official Amidst Accountability Measures
Islamabad, October 9, 2024 – In a move reflecting ongoing accountability efforts, the Federal Board of Revenue (FBR) has suspended a senior official from the Inland Revenue Service (IRS) for a period of 120 days.
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Pakistan Sees 39% Surge in Workers’ Remittances in 1QFY25
Karachi, October 9, 2024 – Pakistan has experienced a remarkable 39% surge in workers’ remittances during the first quarter (July – September) of the fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Wednesday. The remittance inflows soared to $8.79 billion, a significant increase from $6.33 billion in the corresponding quarter of the previous fiscal year.
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KSE-100 Index Surpasses 86,000 Points Milestone in Early Trade
Karachi, October 9, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) has achieved a remarkable milestone, surpassing the 86,000 points mark in early trading on Wednesday. The benchmark index is currently trading at 86,048 points, reflecting a notable gain of 384 points from the previous day’s closing figure of 85,664 points.
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Pakistan’s Debt Soars Beyond Rs 70 Trillion by August 2024
Karachi, October 9, 2024 – Pakistan’s debt burden has surged past Rs 70 trillion by the close of August 2024, according to a report released by the State Bank of Pakistan (SBP).
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FBR Enforces Stringent Rules for Customs Agents Licensing
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has introduced stringent new regulations for the grant of customs agents licenses in an effort to bolster compliance and integrity within Pakistan’s customs processes.
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FBR Introduces Tax Holiday for Gwadar Vehicle Imports
Karachi, October 8, 2024 – In a major policy development aimed at fostering economic activity around the Gwadar Port and Free Zones, the Federal Board of Revenue (FBR) announced a tax holiday for vehicles imported by entities operating within these areas.
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