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.
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.
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.
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.
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).
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.
The Federal Board of Revenue (FBR) conducted a briefing on Monday to present tax proposals for the upcoming budget of 2023-2024 to Finance Minister Muhammad Ishaq Dar. The meeting, held at the Finance Division, was chaired by Minister for Finance and Revenue, Senator Mohammad Ishaq Dar.
Pakistan Single Window (PSW) has recently announced the discontinuation of manual certification for prior-shipment inspection (PSI) for customs clearance, starting from May 22, 2023.
The Federal Board of Revenue (FBR) has successfully collected Rs2.23 billion as Capital Value Tax (CVT) on foreign assets owned by resident individuals.
The Overseas Investors Chamber of Commerce and Industry (OICCI) has called upon Pakistan to take decisive action against retailers and manufacturers involved in illicit trade.