In an effort to promote the documentation of the economy, the government of Pakistan is contemplating imposing restrictions on cash transactions exceeding Rs. 10,000 at retail outlets.
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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 Slashes Petroleum Prices for First Half of June 2023
Pakistan has announced a significant reduction in petroleum prices for the first half of June 2023. The decision was made by Finance Minister Muhammad Ishaq Dar and will come into effect on June 1 and remain in place until June 15.
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Tax Reform Commission Recommends Measures to Counter Petroleum Smuggling
The Reform and Revenue Mobilization Commission (RRMC) has proposed the implementation of a marking and monitoring system in the petroleum sector to combat the rampant smuggling of petroleum products in Pakistan.
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Pakistan May Impose High Tax Rates on Non-Filer Religious Travelers
Pakistan is reviewing a proposal to impose significantly higher tax rates on non-filer religious travelers as part of its efforts to bring undocumented money into the formal economy.
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President Orders FBR to Apologize, Compensate for Mishandling of Imported Vehicles
President Dr Arif Alvi has taken decisive action in response to the mishandling of imported vehicles by the Customs Department, directing the Federal Board of Revenue (FBR) to issue an apology and provide compensation to a citizen who faced significant financial losses.
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FBR Directs Officials to Submit Asset Declarations; Failure May Lead to Action
Islamabad, May 29, 2023: The Federal Board of Revenue (FBR) has issued a directive to all chiefs, urging them to ensure that officials under their administrative control file their asset declarations.
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Petroleum prices may fall sharply in Pakistan for first fortnight of June 2023
Pakistan is poised to announce a significant reduction in petroleum prices for the first fortnight of June 2023. This anticipated decline is in response to the imminent arrival of Russian oil, which holds the promise of substantial cost savings compared to prevailing international market prices.
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ICAP recommends steps to prevent smuggling in CPEC trade
The Institute of Chartered Accountants of Pakistan (ICAP) has put forth recommendations to ensure that foreign trade conducted through the China Pakistan Economic Corridor (CPEC) remains free from smuggling and illegal activities.
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Pakistan advised to include pension income in tax regime
An international advisory firm, Adam Smith International, has recommended that Pakistan expand its income tax framework to encompass pension income.
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Pakistan set to unveil new petroleum prices on May 31, 2023
Pakistan is set to make a significant announcement regarding new petroleum prices on May 31, 2023. These prices will be applicable for the first half of June 2023. The decision to unveil the prices comes in light of the imminent arrival of Russian oil, which holds the promise of offering substantial cost savings compared to the prices prevailing in the international market. Industry experts are eagerly anticipating a noteworthy reduction in petroleum prices during the initial fortnight of June 2023.
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