Karachi, October 6, 2023 – The Pakistan Business Council (PBC) has issued an urgent call to the caretaker government, demanding immediate measures to put an end to widespread under-invoicing, which is causing substantial revenue leakages.
(more…)Author: Shahnawaz Akhter
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FBR Sends Large Number of Customs Officers to Admin Pool as Part of Ongoing Reforms
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan announced a series of transfers affecting numerous customs officers as part of ongoing reforms within the Pakistan Customs department.
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Pakistan’s External Debt Surges 39% Year-on-Year in August 2023
Karachi, October 5, 2023 – Pakistan’s external debt has experienced a staggering 39 percent year-on-year increase in August 2023, primarily attributed to a significant depreciation of the Pakistani rupee against the US dollar during this period.
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FBR Targets Retailers Transactions to Widen Tax Base
Karachi, October 5, 2023 – The Federal Board of Revenue (FBR) in Pakistan has taken a significant step to expand the tax base by obtaining transaction records of retailers operating in the country. Sources within the FBR have revealed that this move is part of a broader effort to bring more businesses within the tax net.
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State Bank of Pakistan Sells T-Bills Worth Rs 557 Billion in High Bank Participation
Karachi, October 4, 2023 – The State Bank of Pakistan (SBP) successfully conducted an auction of Market Treasury Bills (MTBs), selling T-bills worth Rs 557 billion.
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Pakistan Expands Negative List for Afghan Transit Trade to Curb Smuggling and Misuse
Karachi, October 4, 2023 – Pakistan has expanded its negative list to prohibit certain goods imported by Afghanistan under transit arrangements, in a move aimed at curbing smuggling and preventing the misuse of transit facilities,
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Pakistan Starts Physical Examination of Afghan Transit Goods
Karachi, October 4, 2023 – The Pakistan Customs authorities have announced the commencement of physical inspections of Afghan transit goods as they pass through the country’s major trade routes.
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Pakistan Imposes Up to 20% Advance Tax on Marriage Functions; Varies for Taxpayers
Karachi, October 4, 2023 –Pakistan has instituted a 20 percent advance tax on individuals organizing marriage functions. However, this rate is not uniform, as those listed in the Active Taxpayers List (ATL) by the Federal Board of Revenue (FBR) will be subjected to a comparatively lower rate of 10 percent.
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Sindh Announces Tax Rates for Foreign Payments via Banking Channels
Karachi, October 3, 2023 – Sindh has unveiled its sales tax rates applicable to foreign payments processed by various service providers through banking channels.
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Pakistan Implements Bank Guarantees to Secure Duty and Taxes on Afghan Transit Goods
Karachi, October 3, 2023 – In a bid to bolster customs security and ensure compliance with customs procedures, Pakistan has introduced a new system of bank guarantees for Afghan transit trade goods.
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