Karachi, July 5, 2023 – The Large Taxpayers Office (LTO) Karachi has exceeded its revenue collection target for the fiscal year 2022-23, amassing approximately Rs2 trillion, according to officials on Wednesday.
(more…)Author: Shahnawaz Akhter
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Pakistan Retains Higher Sales Tax Rate at 18% for 2023-24 and Onwards
Islamabad, July 5, 2023 – In a move that may impact the economy and burden the masses, Pakistan has decided to retain the higher rate of general sales tax at 18 percent for the fiscal year starting July 1, 2023, and continuing onwards. The decision was announced by the Federal Board of Revenue (FBR) sources today.
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IT Services Face 15% Sales Tax Imposition in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has mandated a 15 percent sales tax on IT services and IT-enabled services within the jurisdiction of Islamabad, the capital city of Pakistan. This decision, effective from July 1, 2023, aims to enhance tax revenue collection in the IT sector.
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FBR Enforces 15% Sales Tax on Services Provided by Hotels in Islamabad
Islamabad, July 4, 2023: The Federal Board of Revenue (FBR) has recently implemented a 15 percent sales tax on various services offered by hotels, clubs, and other establishments in Islamabad. This decision aims to enhance revenue collection and streamline taxation procedures within the hospitality sector.
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Pakistan Petroleum Sales Hit 17-Year Low in FY23 Amid Economic Slowdown and Price Surge
Karachi, July 4, 2023 – Petroleum product sales in Pakistan have reached a 17-year low during the fiscal year 2022-23, according to recently released data on Tuesday. The decline in sales can be attributed to higher product prices and an overall economic slowdown, which have significantly impacted demand.
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Pakistan Witnesses $477 Million Increase in Foreign Exchange Reserves
Karachi, July 4, 2023: Pakistan’s foreign exchange reserves have experienced a significant increase of $477 million over the course of a week, as revealed by data released by the State Bank of Pakistan (SBP).
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Pakistan Achieves Impressive 43% Decline in Trade Deficit During FY23
Islamabad, July 3, 2023: Pakistan has made significant progress in its trade dynamics, as official data released on Monday reveals a remarkable 43% decline in trade deficit during the fiscal year 2022-23 when compared to the preceding fiscal year.
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FBR Takes Action: Principal Appraiser of Karachi Customs Suspended
Karachi, July 3, 2023: The Federal Board of Revenue (FBR) has taken disciplinary action against a principal appraiser of Karachi Customs.
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OGDCL Secures Two New Exploration Blocks in Sindh and Punjab
Karachi, July 3, 2023: The Oil and Gas Development Company Limited (OGDCL), a state-owned entity in Pakistan, announced on Monday that it has received provisional awards for two new exploration blocks in Sindh and Punjab.
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FBR applies new advance tax rates on car registration from July 1
Karachi, July 2, 2023: FBR, the Federal Board of Revenue, has implemented new advance tax rates on car registration effective from July 1, 2023.
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