Islamabad, May 5, 2024 – Pakistan has seen a modest rise in motor vehicle tax collections, reaching Rs 25 billion during the first nine months of fiscal year 2023-24, according to the latest data released by the federal finance ministry.
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Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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PM Shehbaz Sharif Eyes Rs 24 Trillion Tax Revenue Potential
Lahore, May 4, 2024 – Prime Minister Muhammad Shehbaz Sharif on Saturday outlined Pakistan’s potential to substantially boost its tax revenues, stating the country could amass over Rs 24 trillion annually, a stark contrast to the current tax target of Rs 9.4 trillion.
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Controversy Brews Over FBR Plan to Block SIMs of Non-Filers
A contentious proposal by the Federal Board of Revenue (FBR) to block the mobile phone SIMs of tax non-filers has ignited controversy and raised legal challenges after the Pakistan Telecommunication Authority (PTA) rejected the initiative, media reported on Saturday.
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PBC Proposes Elimination of Minimum Tax for Listed Companies
The Pakistan Business Council (PBC) has put forward a significant proposal aimed at boosting economic activity among listed companies by recommending the abolition of the minimum tax.
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FTO Directs FBR for Swift Action Against Fraudulent GDs
Karachi, May 4, 2024 – The Federal Tax Ombudsman (FTO) has mandated an immediate investigation by the Federal Board of Revenue (FBR) into the rampant misuse of Goods Declarations (GD) concerning export consignments processed through Pakistan’s integrated customs platforms, the Pakistan Single Window (PSW) and Web Based One Customs (WeBOC).
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Calls Intensify for FBR to Eliminate CVT on Foreign Assets
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.
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President Zardari Enacts Tax Laws Amendment Bill 2024
President Asif Ali Zardari has given his assent to the Tax Laws Amendment Bill 2024, ushering in a series of adjustments aimed at enhancing the effectiveness and fairness of Pakistan’s tax system.
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Finance Minister Urges FBR to Boost Tax-to-GDP Ratio
In a concerted push to enhance Pakistan’s tax-to-GDP ratio, Finance Minister Muhammad Aurangzeb emphasized the need for innovative strategies during a review meeting at the Federal Board of Revenue (FBR) headquarters on Friday.
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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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ADB and FBR Discuss Tax Reforms Under DRM Initiative
Karachi, May 2, 2024 – A delegation from the Asian Development Bank (ADB) met with the leadership of the Federal Board of Revenue (FBR) on Thursday to discuss the progress of the Domestic Resource Mobilization Program (DRM).
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