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.
(more…)Author: Shahnawaz Akhter
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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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Pakistan’s Forex Reserves Climb Modestly to $13.32 billion
Karachi, May 2, 2024 – Pakistan’s foreign exchange (forex) reserves have shown a modest increase, reaching $13.32 billion by the week ended April 26, 2024, according to the latest figures released by the State Bank of Pakistan (SBP).
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Pakistan’s Trade Deficit Narrows by 17% in Ten Months of FY24
Islamabad, May 2, 2024 – Pakistan has witnessed a substantial narrowing of its trade deficit by 17 percent during the first ten months of the fiscal year 2024, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
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Pakistan’s Fiscal Deficit Swells 27% to Rs 3.9 Trillion in 9MFY24
Karachi, May 2, 2024 – Pakistan’s fiscal landscape has shown significant volatility, as the nation’s fiscal deficit expanded by 27% year-on-year (YoY), reaching Rs 3.9 trillion in the first nine months of the fiscal year 2023-24, data from the Ministry of Finance revealed.
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Enigma of Tax Litigation and FBR’s failure
The labyrinthine world of tax litigation in Pakistan has long been a subject of acute professional scrutiny and debate. The introduction of the Tax Laws (Amendment) Bill, 2024, by the Pakistani Parliament ostensibly seeks to expedite the resolution of a staggering Rs 2.7 trillion currently mired in the quagmire of income tax tribunals and higher courts.
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