The President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Irfan Iqbal Sheikh, has called on the State Bank of Pakistan (SBP) to immediately discontinue the practice of commercial banks and Authorized Dealers charging 3 to 9 percent in foreign exchange fines or lien-marking on exporters’ accounts for unfounded but deemed delays in the realization of their export proceeds.
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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 may target banks for additional tax revenue
The Pakistani government is facing a significant shortfall in its revenue target for fiscal year 2023, prompting analysts to suggest that the banking sector could be a prime target for additional taxation levies.
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Petroleum levy collection soars by 189% to Rs362 billion
The collection of petroleum levy in Pakistan has soared by 189 percent to Rs362.48 billion during first nine months (July – March) 2022-2023 as compared with Rs125.56 billion in corresponding months of the last fiscal year, official data revealed.
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Motor vehicle tax collection declines to Rs24.87 billion in July – March
KARACHI: Collection of motor vehicle tax in Pakistan has declined by 9 percent to Rs24.87 billion during first nine months (July – March) 2022-2023 owing to challenging economic conditions hampering the growth in automotive industry.
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Pakistan’s tax to GDP ratio declines to 6.7% in 9MFY23
Pakistan’s tax to GDP ratio has declined to 6.7 percent during first nine month (July – March) 2022-2023 as compared with 7.2 percent in the same period of the last fiscal year, official statistics revealed.
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IRS officers shuffled as FBR struggles to meet tax collection targets
The Federal Board of Revenue (FBR) Friday May 05, 2023 announced a major reshuffle of officers in the Inland Revenue Service (IRS) from BS-17 to BS-20, citing the need to improve tax collection efforts.
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Sunset clause expires, RD on vehicle, mobile phone automatically withdrawn: FBR
The Federal Board of Revenue (FBR) recently made an announcement stating that the notification for imposing regulatory duties (RD) on the import of vehicles and mobile phones had a sunset clause that expired on March 31, 2023.
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FBR intensifies operations against sugar smuggling
The Federal Board of Revenue (FBR) is taking steps to prevent sugar smuggling and ensure sufficient availability in the domestic market.
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Shell Pakistan reports heavy loss for Q1 2023 despite increased sales
Shell Pakistan Limited has reported a loss of Rs4.76 billion for the first quarter ending March 31, 2023, according to the financial results submitted to the Pakistan Stock Exchange (PSX) on Thursday.
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Pakistan’s foreign exchange reserves inch up to $10.04 billion
According to the State Bank of Pakistan (SBP), Pakistan’s foreign exchange reserves increased to $10.043 billion by the week ending April 28, 2023, up $19 million from the previous week.
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