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.
(more…)Author: Shahnawaz Akhter
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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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Progressive Rates of Super Tax with Increased Threshold Implemented from July 2023
Karachi, July 2, 2023: The Finance Act, 2023 has introduced progressive rates of Super Tax with an enhanced threshold, bringing changes to the existing super tax rates previously enacted for the tax year 2022. These new rates will apply from the tax year 2023 and onwards.
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Pakistan Sacrifices Public Sentiments this Eid; Raises Levy on Petrol to Rs55
Karachi, July 1, 2023: In a move that has disappointed the public during Eid ul Azha, the Pakistan government has decided to increase the levy on petrol to Rs55, instead of providing relief on petroleum prices. The decision, announced by Finance Minister Ishaq Dar, came into effect on July 1, 2023.
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SRB Collects Over Rs185 Billion; Surpasses Target for Second Consecutive Year
Karachi, June 30, 2023 — The Sindh Revenue Board (SRB) has achieved a remarkable milestone by collecting a record-breaking revenue of Rs185.3 billion during the fiscal year 2022-23, surpassing its assigned target for the second consecutive year.
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