Islamabad, July 12, 2024 – The Federal Board of Revenue (FBR) has directed all BS-21 officers to submit their asset declarations and performance evaluation reports (PERs). This directive applies to officers in the Inland Revenue Service (IRS) and Pakistan Customs Service (PCS).
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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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OCAC Demands End to Tax Exemption on Petroleum Products
Karachi, July 12, 2024 – The Oil Companies Advisory Council (OCAC) has thrown a wrench into the government’s recent tax plan, urging the removal of the sales tax exemption on petroleum products.
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Gold Extends Rally in Pakistan to Reach Rs 249,000
Karachi, July 12, 2024 – The price of gold in Pakistan continued its upward trend for the third consecutive day, reaching Rs 249,000 per tola (11.66 grams) in local markets on Friday. This represents an increase of Rs 2,200 from the previous day’s closing price of Rs 246,800. Overall, gold prices have risen by Rs 4,000 in the past three trading sessions.
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Pakistan, Azerbaijan Aim for $2 Billion Investment Boost
Pakistan and Azerbaijan pledged to significantly strengthen their economic ties, aiming for a combined investment of US$2 billion in mutually beneficial projects. This ambitious target was announced by Pakistani Prime Minister Muhammad Shehbaz Sharif during a joint press conference with Azerbaijani President Ilham Aliyev on Thursday.
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Aurangzeb Anticipates IMF EFF Size Decision Within a Week
Islamabad: Finance Minister Muhammad Aurangzeb has announced that the size of the new International Monetary Fund (IMF) Extended Fund Facility (EFF) for Pakistan will be determined within a week.
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FBR to Unveil Fixed Tax Rates for Traders and Retailers
Islamabad: The Federal Board of Revenue (FBR) is set to announce a new, simplified tax system tailored for traders, shopkeepers, and retailers in 42 Pakistani cities. This initiative aims to replace the existing complex square-footage based tax system with a more straightforward flat tax rate determined by shop location and category.
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SBP Relaxes Conditions for IT Companies to Invest Abroad
Karachi, July 11, 2024 – The State Bank of Pakistan (SBP) has announced a relaxation in conditions for IT sector companies regarding equity investments abroad. This move, unveiled on Thursday, aims to facilitate export-oriented companies in expanding their international presence and boosting the country’s exports.
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PM Shehbaz Directs Action Against Corruption in Pakistan Customs
Prime Minister Shehbaz Sharif chaired a significant meeting on Thursday, focusing on eliminating corruption within Pakistan Customs while enhancing operational efficiency through advanced technology.
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FBR Clarifies SRO 350 After Taxpayer Concerns
Karachi, July 10, 2024 – The Federal Board of Revenue (FBR) has responded to concerns raised by taxpayers, businesses, and tax professionals regarding complications arising from SRO 350(I)/2024, a regulation impacting sales tax return filing.
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Pakistan Faces 18% Decline in Car Sales for FY24
Karachi, July 10, 2024 – Pakistan’s automotive sector has witnessed a notable decline in car sales, reporting an 18% drop for the fiscal year 2023-24, according to data released by the Pakistan Automotive Assemblers Association (PAMA) on Wednesday.
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