Karachi, July 21, 2024 – The Pakistani government has unveiled a comprehensive strategy for the collection of petroleum levy, a crucial non-tax revenue source, with ambitious targets set through the fiscal year 2026-27.
(more…)Author: Shahnawaz Akhter
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FBR Aims to Boost Tax-to-GDP Ratio to 11.50% in Three Years
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has set an ambitious target to elevate Pakistan’s tax-to-GDP ratio to 11.50 percent within the next three years. This initiative aims to significantly improve from the current 8.73 percent recorded for the fiscal year 2023-24.
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FBR Adopts AI as Key Tool to Detect Tax Non-Compliance
Karachi, July 21, 2024 – The Federal Board of Revenue (FBR) has adopted artificial intelligence (AI) as a pivotal tool to detect non-compliance in the country’s tax system, according to official sources.
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Sindh Imposes 15% Sales Tax on Restaurants for TY2025
Karachi, July 20, 2024 – The Sindh government has imposed a 15 percent sales tax on services rendered by restaurants across the province. The Sindh Revenue Board (SRB) announced the new working tariff for the tax year 2024-25, reflecting amendments introduced through the provincial finance act of 2024.
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SRB Issues New Sales Tax Rates for Marriage Halls in TY2025
Karachi, July 20, 2024 – The Sindh Revenue Board (SRB) has officially notified the sales tax rates applicable to services provided by marriage halls and lawns for the tax year 2024-25.
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KCAA Hails Shipping Companies for Saturday Opening
Karachi, July 20, 2024 – The Karachi Customs Agents Association (KCAA) has commended shipping companies for their decision to operate on Saturdays to issue delivery orders.
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SRB Releases Sales Tax Rates on Telecom Services for TY25
Karachi, July 20, 2024 – The Sindh Revenue Board (SRB) has announced the sales tax rates on telecom services for the tax year 2024-25, maintaining a consistent rate across various services.
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Pakistan Reports 153% Surge in Foreign Investment in FY24
Karachi, July 20, 2024 – Pakistan has experienced a remarkable 153 percent increase in total foreign investment during the fiscal year 2023-24. According to the State Bank of Pakistan (SBP), the total foreign investment soared to $1.52 billion, up from $601 million in the preceding fiscal year.
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KCCI Demands Review on Unjust Tax Measures, Energy Tariffs
Karachi, July 19, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has issued a stern demand for the government to reassess its taxation policies and energy tariffs, citing severe repercussions on various sectors of the economy.
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CAD Shrinks by 80% to $681 Million in FY24: SBP
Karachi, July 19, 2024 – Pakistan’s Current Account Deficit (CAD) has dramatically narrowed by 80 percent, plummeting to $681 million in the fiscal year 2023-24, according to a report released by the State Bank of Pakistan (SBP) on Friday.
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