PkRevenue.com – The Federal Board of Revenue (FBR) has uncovered a massive sales tax fraud amounting to approximately Rs 22 billion. A statement released on Tuesday revealed that the Directorate General of Intelligence and Investigation-Inland Revenue in Hyderabad and Karachi has dismantled a network of tax fraudsters responsible for inflicting significant financial losses on the National Exchequer.
(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.
-
PM Shehbaz Hopes New Height of Relationship in China Visit
PkRevenue.com – Prime Minister Shehbaz Sharif expressed on Tuesday hoped that his five-day visit to China starting today would take the bilateral relationship to a new height as it would mark discussions on the CPEC second phase, business-to-business cooperation and government-to-government projects.
(more…) -
Pakistan’s 2024-25 Budget: Tough Choices and Limited Relief
Pakistan’s upcoming budget for the 2024-25 fiscal year is shaping up to be a challenging one, with analysts at Insight Research predicting a focus on long-term reforms over populist measures.
(more…) -
ICAP Proposes Tax Relief Measures for Salaried Individuals
PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has proposed a series of tax relief measures aimed at easing the tax burden on salaried individuals in the country.
(more…) -
FBR Transfers High Profile Inland Revenue Officers on Budget Eve
PkRevenue.com – The Federal Board of Revenue (FBR) has announced the transfer and posting of several senior officers within the Inland Revenue Service (IRS) from BS-19 to BS-21, effective immediately.
(more…) -
Pakistan Sees Massive 27% Exports Jump YoY in May 2024
PkRevenue.com – Pakistan has registered a significant 27.08 percent increase in exports on a year-on-year (YoY) basis in May 2024, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. Exports surged to $2.80 billion in May 2024, up from $2.20 billion in the same month of the previous year.
(more…) -
OGDCL Commences Hydrocarbon Production from Chanda-7 Well
PkRevenue.com — The Oil and Gas Development Company Limited (OGDCL) announced on Monday the commencement of hydrocarbon production from its newly developed Chanda-7 well.
(more…) -
ICAP Proposes Direct Refund Credit for Salaried Persons
PkRevenue.com – The Institute of Chartered Accountants of Pakistan (ICAP) has recommended that tax authorities facilitate direct refunds to the bank accounts of salaried individuals.
(more…) -
CPI Inflation Contracts to 29-Month Low at 11.8% in May 2024
PkRevenue.com – In a notable shift, the headline inflation based on the Consumer Price Index (CPI) has contracted to a 29-month low, reaching 11.8 percent in May 2024. This development, reported by the Pakistan Bureau of Statistics (PBS), signifies a substantial decrease from the 17.3 percent recorded in the previous month and an even more dramatic drop from the 38.0 percent observed in May 2023.
(more…) -
Sales Tax Rate May Be Enhanced to 19% in 2024-25 Budget
PkRevenue.com – The government is contemplating a significant adjustment to the sales tax rate, potentially increasing it to 19% from the current 18% in the upcoming 2024-25 budget.
(more…)