Islamabad, November 13, 2024 – Pakistan is preparing to implement another surge in petroleum prices, marking the second increase within November, as reported by official sources. This anticipated adjustment, effective from November 16, 2024, is driven by escalating premiums on petroleum products in the global market, which have significantly raised import costs and strained domestic resources.
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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.
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FBR Reviews Lifting Petroleum Tax Exemption to Address Shortfall
Islamabad, November 13, 2024 – The Federal Board of Revenue (FBR) is contemplating a strategic reversal of the sales tax exemption on petroleum products, potentially introducing a modest 5-7% tax to stabilize fiscal revenues amid a challenging economic landscape.
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ECC Greenlights Major Reforms for FBR Transformation
Islamabad, November 12, 2024 – The Economic Coordination Committee (ECC) of the Cabinet has approved five critical proposals from the Federal Board of Revenue (FBR) as part of its Transformation Plan aimed at enhancing efficiency, revenue generation, and capacity building within the FBR.
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Pakistan May Introduce Mini Budget Amid Tax Shortfall Concerns
Karachi, November 12, 2024 – As Pakistan faces a widening revenue gap, the government is preparing for the introduction of another mini budget to bridge the anticipated fiscal shortfall for the year 2024-25. With the International Monetary Fund (IMF) delegation currently reviewing the nation’s progress under the Extended Fund Facility (EFF), sources indicate that the mini budget is expected to follow closely after the completion of the IMF team’s visit.
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IMF Delegation Meets Aurangzeb to Discuss EFF Progress
Islamabad, November 12, 2024 – The International Monetary Fund (IMF) delegation, led by IMF Mission Chief Nathan Porter, held an initial meeting with Finance Minister Muhammad Aurangzeb on Tuesday to discuss Pakistan’s economic progress under the Extended Fund Facility (EFF).
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FBR and IMF Engage in Talks on Potential Revenue Measures
On Monday, the Federal Board of Revenue (FBR) presented the International Monetary Fund (IMF) with an overview of Pakistan’s current fiscal standing, detailing revenue collection progress for the fiscal year 2024-25 and addressing strategies to bridge a projected shortfall of Rs 230 billion for the second quarter (October-December).
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Pakistan’s Total Debt, Liabilities Rise to Rs 85.84 Trillion in 1QFY25
Karachi, November 11, 2024 – Pakistan’s fiscal challenges intensified as total debt and liabilities surged to Rs 85.84 trillion by the end of the first quarter of FY2024-25, the State Bank of Pakistan (SBP) reported Monday.
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Pakistan Car Sales Surge 112% YoY in October 2024
Karachi, November 11, 2024 – The Pakistan car market has witnessed an exceptional surge in sales, with a record-breaking 112% Year-on-Year (YoY) growth in October 2024, as revealed by the Pakistan Auto Manufacturers Association (PAMA) on Monday. The October sales totalled 13,108 units, marking a 27% increase compared to September 2024, signaling a robust recovery in the auto sector.
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FBR Updates ATL, Adding 130K New Active Taxpayers
Karachi, November 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the Active Taxpayers List (ATL) for the tax year 2024, revealing that 5.47 million individuals now hold active taxpayer status.
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FBR Penalizes Property Purchases Made Through Cash Payments
Karachi, November 11, 2024 – In a move aimed at curbing illicit financial activities, the Federal Board of Revenue (FBR) has announced that individuals purchasing immovable property worth Rs 5 million or more through cash payments will face penalties.
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