Karachi, May 6, 2024 – The Federal Board of Revenue (FBR) has reported a record surge in active taxpayer registrations this week, with 110,000 new sign-ups, bringing the total to 4.18 million for the 2023 tax year.
(more…)Author: Shahnawaz Akhter
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Afghan TT Abuses and Iran Smuggling Strain Pakistan Economy
In a revealing assessment by the Pakistan Business Council (PBC), the misuse of the Afghan Transit Trade (ATT) agreement along with unchecked smuggling from Iran has been spotlighted as significant drains on Pakistan’s economy.
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PBC Proposes Elimination of Minimum Tax for Listed Companies
The Pakistan Business Council (PBC) has put forward a significant proposal aimed at boosting economic activity among listed companies by recommending the abolition of the minimum tax.
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FTO Directs FBR for Swift Action Against Fraudulent GDs
Karachi, May 4, 2024 – The Federal Tax Ombudsman (FTO) has mandated an immediate investigation by the Federal Board of Revenue (FBR) into the rampant misuse of Goods Declarations (GD) concerning export consignments processed through Pakistan’s integrated customs platforms, the Pakistan Single Window (PSW) and Web Based One Customs (WeBOC).
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Calls Intensify for FBR to Eliminate CVT on Foreign Assets
In the run-up to the 2024-25 budget, the Federal Board of Revenue (FBR) has been urged to abolish the Capital Value Tax (CVT) on foreign assets to prevent an exodus of business talent and investment from Pakistan.
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FBR Faces Call to Clamp Down on POS Exploitation by Importers
Karachi, May 3, 2024 – The Federal Board of Revenue (FBR) has been urged to intensify its efforts to curb the exploitation of the Point of Sale (POS) system by importers who are reportedly misusing the facility to enjoy unfairly reduced tax rates.
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FPCCI Advocates for Setting Up Maritime Regulatory Authority
Karachi, May 3, 2024 – In a strategic move aimed at bolstering Pakistan’s maritime sector, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for the creation of a dedicated maritime regulatory body.
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Petroleum Levy Collection Doubles to Rs 720 Billion in 9MFY24
ISLAMABAD – The Finance Ministry of Pakistan has announced a significant rise in the collection of petroleum levies, which nearly doubled to Rs 720 billion in the first nine months of fiscal year 2023-24, up from Rs 362 billion in the corresponding period last year.
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PBC Calls for Higher Taxes on Non-Filers in 2024-25 Budget
The Pakistan Business Council (PBC) has proposed sweeping changes in the upcoming 2024-25 budget, urging the Federal Board of Revenue (FBR) to impose aggressively high taxes on non-filers in an effort to combat tax evasion and encourage compliance.
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FBR Officers Demand Transparency Amidst Reshuffle Turmoil
Karachi, May 2, 2024 – The Federal Board of Revenue (FBR) is currently embroiled in controversy following a significant reshuffle of its senior officers, leading to widespread demoralization and discontent among its ranks.
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