Lahore, May 4, 2024 – Prime Minister Muhammad Shehbaz Sharif on Saturday outlined Pakistan’s potential to substantially boost its tax revenues, stating the country could amass over Rs 24 trillion annually, a stark contrast to the current tax target of Rs 9.4 trillion.
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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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Controversy Brews Over FBR Plan to Block SIMs of Non-Filers
A contentious proposal by the Federal Board of Revenue (FBR) to block the mobile phone SIMs of tax non-filers has ignited controversy and raised legal challenges after the Pakistan Telecommunication Authority (PTA) rejected the initiative, media reported on Saturday.
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FTO Directs FBR for Swift Action Against Fraudulent GDs
Karachi, May 4, 2024 – The Federal Tax Ombudsman (FTO) has mandated an immediate investigation by the Federal Board of Revenue (FBR) into the rampant misuse of Goods Declarations (GD) concerning export consignments processed through Pakistan’s integrated customs platforms, the Pakistan Single Window (PSW) and Web Based One Customs (WeBOC).
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Gold Prices Continue to Fall in Pakistan, Dip to Rs 238,000 per Tola
Karachi, May 4, 2024 – Gold prices in Pakistan have sustained a downward trend, hitting a new low of Rs 238,000 per Tola on Saturday, amid declining consumer purchasing power and a series of global economic shifts.
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FBR Faces Call to Clamp Down on POS Exploitation by Importers
Karachi, May 3, 2024 – The Federal Board of Revenue (FBR) has been urged to intensify its efforts to curb the exploitation of the Point of Sale (POS) system by importers who are reportedly misusing the facility to enjoy unfairly reduced tax rates.
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Pakistan Sees Weekly SPI Inflation Decrease by 1 Percent
Islamabad, May 3, 2024 – The Sensitive Price Indicator (SPI) for inflation in Pakistan witnessed a decline of 1 percent for the week ended May 2, 2024, compared to the previous week, providing a temporary respite amidst fluctuating commodity prices.
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Petroleum Levy Collection Doubles to Rs 720 Billion in 9MFY24
ISLAMABAD – The Finance Ministry of Pakistan has announced a significant rise in the collection of petroleum levies, which nearly doubled to Rs 720 billion in the first nine months of fiscal year 2023-24, up from Rs 362 billion in the corresponding period last year.
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Pakistan’s Petroleum Sales Dip by 11% in 10 months of FY24
In a concerning turn of economic events, Pakistan has witnessed an 11 percent year-on-year decrease in petroleum sales in the first ten months of fiscal year 2023-24, according to industry reports.
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Law Minister Signals Further Reshuffling Within FBR
Islamabad, May 2, 2024 – Federal Law Minister Azam Nazeer Tarar announced on Thursday potential upcoming reshuffles within the Federal Board of Revenue (FBR), indicating a continued commitment to revamp and enhance the efficiency of the entity amidst ongoing economic reforms.
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Pakistan’s Trade Deficit Narrows by 17% in Ten Months of FY24
Islamabad, May 2, 2024 – Pakistan has witnessed a substantial narrowing of its trade deficit by 17 percent during the first ten months of the fiscal year 2024, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
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