Karachi, November 4, 2023 – The Commissioner of Inland Revenue has been granted powers equivalent to a civil court to facilitate the recovery of taxes, including the seizure of properties and, when necessary, the arrest of taxpayers.
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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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KSE-100 Index Hits All-Time High at 53,123
Karachi, November 3, 2023 – In a remarkable turn of events, the KSE-100 index of the Pakistan Stock Exchange (PSX) achieved an all-time high at 53,123 points on the closing day of the trading week.
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Arab Monetary Fund and Pakistan Forge Partnership to Boost Cross-Border Remittances
Karachi, November 3, 2023 – The Arab Monetary Fund (AMF) and Pakistan have inked a Memorandum of Understanding (MoU) for enhancing cross-border remittances.
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Middle Income Groups in Pakistan Hit Hardest by Soaring Inflation
Islamabad, November 3, 2023 – Official data released on Friday has revealed that the citizens of Pakistan falling within the middle income group are bearing the brunt of the country’s rising inflation.
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IMF Commends Pakistan for Achieving Fiscal Targets
Islamabad, November 3, 2023 – In a significant development, the International Monetary Fund (IMF) has commended Pakistan for its successful progress in achieving targets during the first quarter of the fiscal year 2023-24.
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Pakistani Rupee Extends Losing Streak, Hits PKR 283.43 Against US Dollar
Karachi, November 2, 2023 – The Pakistani Rupee (PKR) continued its downward trajectory for the ninth consecutive session, depreciating further against the US dollar to reach a rate of PKR 283.43 in the interbank foreign exchange market.
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Pakistan Witnesses 24% YoY Decline in Petroleum Sales for October 2023
Pakistan experienced a substantial 24 percent YoY decline in total petroleum sales during the month of October 2023, with experts pointing to various factors contributing to this downturn.
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FBR Grants Extension for Post-Deadline Tax Return Filing for Tax Year 2023
Karachi, November 2, 2023 – In a move aimed at alleviating the concerns of taxpayers, the Federal Board of Revenue (FBR) has decided to allow post-deadline return filing for the tax year 2023.
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Taxpayers Urge Finance Minister to Extend Return Filing Date up to November 30
Disappointed Taxpayers Seek Relief from Unmet Deadlines and Technical Challenges
Islamabad, November 2, 2023 – Frustrated taxpayers in Pakistan are calling upon the finance minister to extend the deadline for filing income tax returns up to November 30, 2023, citing disappointments stemming from the Federal Board of Revenue (FBR)’s handling of the matter.
Despite the initial deadline for filing income tax returns for the tax year 2023 being set for September 30, 2023, it was later extended to October 31. However, many taxpayers and tax practitioners are claiming that this extension was rendered nearly useless due to technical issues associated with the IRIS 2.0 online tax filing portal.
Javed Iqbal Qazi, an Advocate Supreme Court, has taken action on behalf of these taxpayers by writing a letter to the finance minister. In his letter, he highlighted several issues that have hindered the filing process. According to the advocate, as of October 31, 2023, only 2.9 million income tax returns for the Tax Year 2023 have been filed, significantly below the FBR’s estimate of 4.7 million.
Qazi pointed out that various challenges, including adverse climatic conditions, have had a debilitating effect on advocates, tax practitioners, and their staff. They are grappling with ailments such as dengue, seasonal fevers, and other diseases, making it difficult to prepare and submit returns for their clients.
Furthermore, the financial hardship faced by many taxpayers has prevented them from depositing their tax liabilities in the government treasury. While the necessary data for tax return preparation is available with advocates, chartered accountants, and tax practitioners, the unavailability of their staff has prevented them from preparing returns and issuing challans for their clients to deposit funds in the government treasury.
It’s worth noting that the federal government extended the deadline for the Tax Year 2022 until December 15, 2022, providing a precedent for such extensions. Additionally, local tax bars have already submitted requests to the FBR, urging them to extend the deadline for filing income tax returns up to November 30, 2023.
Taxpayers are now anxiously awaiting a response from the finance minister and the FBR, hoping for an extension that will provide them with the necessary time and resources to fulfill their tax obligations for the Tax Year 2023.
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Pakistan Requires $340 Billion to Tackle Climate Challenges, Says Finance Minister
Karachi, November 1, 2022 – Pakistan Finance Minister, Dr. Shamshad Akhtar, has emphasized the need for a substantial investment of approximately $340 billion to address the country’s climate challenges.
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