Lahore, July 15, 2024 – In a significant move, the Federal Tax Ombudsman (FTO) has clarified the regulations for overseas Pakistanis regarding vehicle importation. The ruling specifies that expatriates can import vehicles under the baggage scheme, transfer of residence scheme, and gift scheme, provided they adhere to a newly enforced two-year interval.
(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.
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Pakistan Denounces Attack on Former US President Donald Trump
Islamabad, July 14, 2024 – Pakistan on Sunday vehemently condemned an assault on former US President Donald Trump, who was injured during an election campaign event. This incident, which has shocked the international community, highlights the pervasive dangers associated with political violence.
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Pakistan Targets Foreign Entities with New Tax Rules
Karachi, July 14, 2024 – Pakistan has introduced measures through the Finance Act 2024 to capture significant economic presence by non-resident entities in Pakistan, aiming to close tax avoidance loopholes and broaden the tax base.
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Finance Act 2024 Cracks Down on Late Tax Return Filings
Karachi, July 14, 2024 – The Finance Act 2024 introduces stringent measures to curb the practice of filing income tax returns after the due date, signaling a significant shift in Pakistan’s tax compliance landscape.
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Rupee Outlook Against Dollar Brightens After IMF Agreement
Karachi, July 14, 2024 – The outlook for the Pakistani rupee against the US dollar has improved following a recent staff-level agreement (SLA) between the International Monetary Fund (IMF) and Pakistan.
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Final Tax Regime Continues for Service Exports in Pakistan
Karachi, July 14, 2024 – Officials of the Federal Board of Revenue (FBR) has said that the export of services will continue to be subject to the final tax regime in Pakistan.
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FTO Exposes Tax Credit Problems in Leased Vehicles
Karachi, July 14, 2024 – The Federal Tax Ombudsman (FTO) has uncovered a significant problem with the withholding tax system for leased vehicles in Pakistan. This issue can lead to double taxation and denial of rightful tax credit for individuals and businesses leasing cars.
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PM Shehbaz Directs FBR to Grid Up Loins for Revenue Generation
Islamabad, July 13, 2024 – Prime Minister Muhammad Shehbaz Sharif on Saturday directed the Federal Board of Revenue (FBR) authorities to tighten their belts and serve the nation by formulating a strategy and mechanism, coupled with the usage of the latest technology, to broaden the tax net without further burdening the honest taxpayers.
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PM Shehbaz Expresses Satisfaction Over Clinching IMF Loan
Islamabad, July 13, 2024 – Prime Minister Muhammad Shehbaz Sharif expressed deep satisfaction on Saturday following Pakistan’s successful negotiation of a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan program. The agreement, spanning over 37 months, is poised to bolster Pakistan’s economy amidst ongoing financial challenges.
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Pakistan Stocks Expected to Rise Next Week Following IMF SLA
Karachi, July 13, 2024 – Pakistan stock market is anticipated to see a positive response in the upcoming week following the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) for a $7 billion Extended Fund Facility (EFF).
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