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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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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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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Study provides insights into Pakistan’s struggle to tax retailers and wholesalers
A recent study conducted by the Pakistan Business Council (PBC) sheds light on the country’s persistent challenges in bringing wholesalers and retailers into the tax net.
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PM Shehbaz directs authorities to focus on relief measures in budget
Prime Minister Shehbaz Sharif has directed his economic team to focus on relief measures and economic stability in the upcoming budget 2023-2024.
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FBR collects massive Rs138 billion as income tax from banking interest
The Federal Board of Revenue (FBR) in Pakistan has reported a substantial collection of Rs138 billion as income tax from banking interest and returns from government securities.
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Pakistani rupee declines for fifth consecutive day amid debt repayment pressure
The Pakistani Rupee (PKR) experienced its fifth consecutive day of decline against the US dollar on Tuesday, as external debt repayment pressure and political uncertainty continued to weigh on the currency. The interbank foreign exchange market witnessed a decrease of 59 paisas, with the exchange rate closing at PKR 287.15 compared to the previous day’s closing rate of PKR 286.56.
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FBR presents tax proposals for budget 2023-2024 in briefing to finance minister
The Federal Board of Revenue (FBR) conducted a briefing on Monday to present tax proposals for the upcoming budget of 2023-2024 to Finance Minister Muhammad Ishaq Dar. The meeting, held at the Finance Division, was chaired by Minister for Finance and Revenue, Senator Mohammad Ishaq Dar.
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Pakistan May inflation to hit new high despite petroleum price reduction
According to analysts at JS Global, Pakistan’s headline inflation based on the Consumer Price Index (CPI) is expected to reach a new peak in May 2023, despite a reduction in petroleum prices during the month.
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Pakistan records highest monthly power generation decline in April 2023
In April 2023, Pakistan experienced the highest monthly decline in power generation since July 2012. The total power generation during that month decreased by 23 percent year-over-year (YoY) to 10,010 GWh (13,903 MW), compared to 12,960 GWh (18,001 MW) in April 2022.
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Pakistan’s wheat imports surge by 32% amid Russia-Ukraine War
Pakistan has experienced a significant surge in wheat imports, totaling $1.05 billion during the period from July to April in the fiscal year 2022-2023.
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