The economic trajectory of Pakistan is firmly on course for stabilization, attributed to the government’s prudent policies, asserted Finance Minister Muhammad Aurangzeb. Addressing the 8th edition of the Future Summit in Karachi, the Finance Minister highlighted several indicators pointing toward an economic upturn, including a narrowed current account deficit, robust remittance inflows, a fortified rupee, and a recent policy rate cut.
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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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Pakistan Plans to Impose Fossil Fuel Surcharges Under IMF Deal
Karachi, November 5, 2024 – In a bid to bolster its tax-to-GDP ratio, Pakistan is set to introduce surcharges on fossil fuels as part of an aggressive revenue collection strategy outlined in the latest annual report by the Federal Board of Revenue (FBR), released on Tuesday. This initiative is in response to commitments made to the International Monetary Fund (IMF) under a new financial arrangement aimed at stabilizing the country’s economy.
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FBR Struggles to Raise Tax-to-GDP Ratio Amid Revenue Surge
Karachi, November 5, 2024 – Despite substantial increases in revenue collection, Pakistan’s Federal Board of Revenue (FBR) has struggled to elevate the tax-to-GDP ratio, a critical indicator of fiscal health, over the past decade.
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FBR Needs to Collect Additional Rs 3.61 Trillion to Meet FY25 Goal
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has announced that it must collect an additional Rs 3.61 trillion to achieve its ambitious revenue target of Rs 12.91 trillion for the fiscal year 2024-25. This goal represents a 38.9% increase from last year’s collection of Rs 9.31 trillion, posing a substantial challenge for the revenue authority.
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KSE-100 Index Reaches Record High of 92,304 Points
Karachi, November 5, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index surged to an all-time high of 92,304 points on Tuesday, marking a significant milestone for the local stock market.
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Taxpayers Obligated to Retain Tax Records for Six Years: FBR
Karachi, November 5, 2024 – The Federal Board of Revenue (FBR) has reiterated that all taxpayers in Pakistan must retain their tax records for a minimum of six years, as stipulated under Section 174 of the Income Tax Ordinance, 2001. This directive serves to ensure transparency and accountability, with specific record-keeping requirements set to facilitate audit and compliance procedures.
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SBP Slashes Benchmark Policy Rate by 250 Basis Points to 15%
Karachi, November 4, 2024 – In a bold move, the State Bank of Pakistan (SBP) announced a significant reduction in the country’s benchmark interest rate by 250 basis points (bps), bringing it down to 15%. The central bank’s decision, effective from November 5, 2024, reflects growing confidence in the ongoing disinflation trend, with inflation moderating closer to the SBP’s medium-term target range.
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Falling Corporate Profitability Undermines FBR Tax Projections
Karachi, November 4, 2024 – The Federal Board of Revenue (FBR) finds itself grappling with a widening gap in tax targets, exacerbated by a sharp decline in corporate profitability for the first quarter of the fiscal year 2024-25. This financial shortfall underscores the mounting difficulties the FBR faces in achieving its ambitious revenue goals amid a complex economic landscape.
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FTO Directs FBR to Define SOPs for Reactivating Blocked SIMs
Islamabad, November 3, 2024 – The Federal Tax Ombudsman (FTO) has formally directed the Federal Board of Revenue (FBR) to establish a standardized operating procedure (SOP) for taxpayers affected by blocked mobile phone SIMs, ensuring clear guidelines for their reactivation.
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FBR Introduces Simplified Procedure for Income Tax Refunds
Karachi, November 3, 2024 – The Federal Board of Revenue (FBR) has issued a streamlined procedure for taxpayers seeking income tax refunds under the Income Tax Ordinance, 2001. In a detailed announcement, the FBR outlined the steps required to apply for refunds under Section 170 of the ordinance, providing clarity for taxpayers who have paid more tax than what they owe.
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