Islamabad, June 23, 2024 – The Federal Board of Revenue (FBR) has announced a significant adjustment to property valuations in major Pakistani cities. This move, aimed at boosting tax collection, will see property values increase from 75% to 90% of their estimated market rates.
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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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Education and Healthcare Sectors Fight for Tax Breaks in Pakistan
Islamabad, Pakistan – June 22, 2024 – Pakistan’s education and healthcare sectors are locked in a battle to preserve vital tax breaks proposed for elimination in the recently unveiled Finance Bill 2024.
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Current Account Deficit Narrows to $464 Million in 11MFY24
Karachi, June 21, 2024 – The State Bank of Pakistan (SBP) announced on Friday that the country’s current account deficit has narrowed significantly to $464 million during the first 11 months (July – May) of fiscal year 2023-24. This marks a substantial improvement compared to the $3.76 billion deficit recorded in the same period of the previous year.
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Anomaly Committee Calls for Review of New Exporters Tax Regime
Karachi, Pakistan – June 21, 2024 – Pakistan’s business community is calling for a reevaluation of a key provision in the recently unveiled Finance Bill 2024. The proposed change, a shift from a fixed tax regime for exporters to a regular tax system, has raised concerns and prompted a high-level meeting at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
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HUBCO Enters Electric Vehicle Business in Pakistan
Karachi, June 21, 2024 – Hub Power Company Limited (HUBCO) announced on Friday its foray into the electric vehicle (EV) business in Pakistan. The company communicated this strategic decision to the Pakistan Stock Exchange (PSX), revealing that its subsidiary, Hub Power Holding Company, will spearhead this venture through its associated entity, Mega Motor Company (Private) Limited, in collaboration with BYD Auto Industry Company.
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Exporters in Scramble to Avoid Tax Regime Shakeup
Islamabad, June 21, 2024 – Pakistan’s export sector is in a state of flux as exporters scramble to negotiate a way out of the proposed changes to their tax regime outlined in the Finance Bill 2024.
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FBR Officials Authorized Best Judgement Assessment in Sales Tax
ISLAMABAD, June 21, 2024 — In a significant move to streamline tax administration and compliance, the Federal Board of Revenue (FBR) officials have been granted the authority to make best judgement assessments in sales tax cases.
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Salaried Class Up in Arms Over Tax Hike in Finance Bill 2024
Pakistan’s salaried class has erupted in protest against the proposed tax hikes outlined in the recently unveiled Finance Bill 2024. The Salaried Class Alliance, a representative body for salaried workers, has submitted a scathing critique to the newly formed FBR technical anomaly committee.
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Pakistan Sees 55% Mobile Phone Production Growth in May 2024
Pakistan has recorded a remarkable 55% growth in mobile phones manufacturing year-on-year (YoY) in May 2024, according to the latest data from the Pakistan Telecommunication Authority (PTA).
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Tax Hike Shock: 100% Increase in Lower Salary Brackets
A storm of controversy has erupted in Pakistan following the introduction of sweeping tax reforms in the recently unveiled Finance Bill 2024. The most contentious aspect of the bill is a significant tax hike for individuals within the lower salary bracket, raising their tax liabilities by a staggering 100%.
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