According to analysts at Arif Habib Limited, the government is considering new taxation measures in the upcoming budget, including the imposition of a tax on undistributed profits (reserves) of corporates.
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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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Pakistan banks call for reduction in income tax rate to 29%
KARACHI: In an effort to create a level playing field, the Pakistan Banks Association (PBA) has proposed a phased reduction in the tax rate for banks from 39 percent to 29 percent, bringing it in line with other sectors of the economy.
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Karachi IR intelligence launches crackdown against mega sales tax refund scam
Directorate of Intelligence and Investigation (I&I) Inland Revenue (IR) Karachi of Federal Board of Revenue (FBR) has launched a massive crackdown on individuals involved in a multi-billion mega scam revolving around bogus sales tax refunds.
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FBR initiates recovery of CVT on motor vehicles of past five years
The Federal Board of Revenue (FBR) has commenced the recovery of Capital Value Tax (CVT) on motor vehicles for the past five years, despite the fact that the levy was applicable from July 01, 2022.
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Peshawar Customs announces large-scale auction of motor vehicles
Peshawar, May 26, 2023: The Collectorate of Customs (Enforcement) Peshawar has announced a large-scale auction of motor vehicles to be held on May 30, 2023.
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FTO uncovers fake companies registered with FBR operating since 2008
The Federal Tax Ombudsman (FTO) has recently exposed significant inefficiencies within the tax authorities, revealing the existence of fake companies that have been registered and operating since 2008.
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Pakistan Considers Enhancing Tax Rates for Commercial Importers
In a bid to offset the costs of imported goods, Pakistan is contemplating an increase in tax rates for commercial importers. A high-powered commission, led by Finance Minister Muhammad Ishaq Dar, has recommended raising the tax rates under section 148 of the Income Tax Ordinance, 2001.
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Open file transactions facilitate tax evasion in property sector: report
A recent report published by the Pakistan Business Council (PBC) highlights the prevalence of tax evasion in property transactions facilitated by open files, which are often exchanged without official transfer of ownership or payment of associated taxes. These undocumented transactions have allowed individuals to evade tax obligations, according to the report.
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NCCPL announces schedule for CGT collection on disposal of shares
The National Clearing Company of Pakistan Limited (NCCPL) on Tuesday May 23, 2023 released the schedule for the collection of Capital Gain Tax (CGT) on the disposal of shares at the Pakistan Stock Exchange (PSX) and Pakistan Mercantile Exchange (PMEX).
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FBR collects massive Rs138 billion as income tax from banking interest
The Federal Board of Revenue (FBR) in Pakistan has reported a substantial collection of Rs138 billion as income tax from banking interest and returns from government securities.
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