The Federal Board of Revenue (FBR) has commenced the recovery of Capital Value Tax (CVT) on motor vehicles for the past five years, despite the fact that the levy was applicable from July 01, 2022.
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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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Pakistan’s foreign exchange reserves drop by $206 million to $9.73 billion
Karachi, May 25, 2023: Pakistan’s foreign exchange reserves witnessed a decline of $206 million, reaching $9.731 billion by the week ended May 19, 2023, according to the State Bank of Pakistan (SBP).
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Rupee shows strong recovery against US dollar to end at PKR 285.74
Karachi, May 25, 2023 – The Pakistani Rupee (PKR) witnessed a significant recovery against the US dollar, closing at PKR 285.74 in the interbank foreign exchange market on Thursday.
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FTO uncovers fake companies registered with FBR operating since 2008
The Federal Tax Ombudsman (FTO) has recently exposed significant inefficiencies within the tax authorities, revealing the existence of fake companies that have been registered and operating since 2008.
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Pakistan estimates GDP growth at 0.29% in FY23
ISLAMABAD: Pakistan’s National Accounts Committee (NAC) has recently released the provisional National Accounts for the fiscal year 2022-2023 (FY23).
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Banking Loans to Private Sector Plummet by 94% in 10 ½ Months
Banking loans extended to the private sector in Pakistan have experienced a significant decline of 94% during the first 10 and a half months of the current fiscal year, as per the latest data released by the State Bank of Pakistan (SBP).
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Pakistan Considers Enhancing Tax Rates for Commercial Importers
In a bid to offset the costs of imported goods, Pakistan is contemplating an increase in tax rates for commercial importers. A high-powered commission, led by Finance Minister Muhammad Ishaq Dar, has recommended raising the tax rates under section 148 of the Income Tax Ordinance, 2001.
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Russian oil to reach Pakistan through Oman Port: Minister
In the coming days, the first shipment of Russian oil will reach Pakistan through small boats, with 100,000 tons of crude oil set to anchor at Oman Port by the end of the month, according to a Pakistani minister.
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SBP penalizes five banks with Rs224 million for regulatory violations
Karachi, May 24, 2023 – The State Bank of Pakistan (SBP) has taken strict action against five commercial banks for violating regulatory provisions, including anti-money laundering (AML) laws.
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Open file transactions facilitate tax evasion in property sector: report
A recent report published by the Pakistan Business Council (PBC) highlights the prevalence of tax evasion in property transactions facilitated by open files, which are often exchanged without official transfer of ownership or payment of associated taxes. These undocumented transactions have allowed individuals to evade tax obligations, according to the report.
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