Islamabad, August 25, 2024 – The salary class in Pakistan has made a substantial contribution to the country’s tax revenues, paying Rs 322 billion in income tax during the fiscal year 2023-24. This remarkable figure was disclosed by official sources in the Federal Board of Revenue (FBR), highlighting the significant role of salaried individuals in the national tax collection framework.
(more…)Category: Top stories
Find top stories in this section. Pakistan Revenue brings you the latest and most important news from Pakistan and around the world, keeping you informed with key updates and insights.
-
Shutting Down Utility Stores on the Cards
Islamabad – In a significant move aimed at reducing government involvement in non-essential business activities, the federal government is considering shutting down the Utility Stores Corporation (USC).
(more…) -
FBR Forms Working Group to Boost FY25 Tax Collection Targets
Islamabad, August 23, 2024 – In a strategic move to enhance tax revenue and meet the fiscal year 2024-25 targets, the Federal Board of Revenue (FBR) has established a new working group comprising officers from both the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS). The announcement was made on Friday through an official notification.
(more…) -
FBR Reviews Tax Valuation Tables Amid Traders’ Concerns
Faisalabad, August 23, 2024 – Muhammad Naeem Mir, the Prime Minister’s Coordinator for the Tajir Dost Scheme, announced on Friday that the Federal Board of Revenue (FBR) is actively reviewing the tax valuation tables in response to concerns raised by traders.
(more…) -
Gold Reaches Historic High Level of Rs 262,200 in Pakistan
Karachi, August 23, 2024 – Gold prices in Pakistan soared to a historic high on Friday, reaching Rs 262,000 per tola despite a significant decline in the international markets.
(more…) -
FBR Unveils Deemed Income Tax Rates for TY 2024-25
Karachi, August 23, 2024 – The Federal Board of Revenue (FBR) has announced the deemed income tax rates for the tax year 2024-25, a move that is expected to impact various resident taxpayers across Pakistan. The new rates, which have been outlined in the Income Tax Ordinance, 2001, updated as of June 30, 2024, come into effect under Section 7E of the Ordinance.
(more…) -
Pakistan’s Forex Reserves Inch Up, Reaching $14.67 Billion
KARACHI, August 22, 2024 – Pakistan’s foreign exchange reserves experienced a slight uptick, closing at $14.67 billion as of August 16, 2024, according to a report released by the State Bank of Pakistan (SBP) on Thursday. This marks a modest increase of $22 million from the previous week’s reserves, which stood at $14.645 billion on August 9, 2024.
(more…) -
Pakistan Decides to Export 100,000 Metric Tons of Sugar
Islamabad, August 21, 2024 – Pakistan has made a significant move to capitalize on its surplus sugar reserves by deciding to export 100,000 metric tons of sugar. The decision was reached during a crucial meeting of the Sugar Advisory Board (SAB) held on Wednesday, chaired by Minister for Industries and Production, Rana Tanveer Hussain.
(more…) -
Gold Hits Rs 261,000 in Record-Breaking Journey in Pakistan
Karachi, August 21, 2024 – Gold prices in Pakistan soared to a new record high on Wednesday, reaching Rs 261,000 per tola after gaining Rs 300 in value. This historic rise marks a significant milestone for the precious metal in the domestic market, as it continues to attract investors amid economic uncertainty.
(more…) -
Private Sector Loan Retirements Surge to Over Rs 400 Billion
KARACHI, August 20, 2024 – In a significant financial development, the private sector has retired over Rs 400 billion in loans from July 1 to August 9, 2024, according to data released by the State Bank of Pakistan (SBP) on Tuesday.
(more…)