The Federal Board of Revenue (FBR) in Pakistan faced a setback in May 2023 as it failed to meet the tax collection target by Rs49 billion. Despite achieving growth in certain areas, a combination of reduced imports, a sluggish economy, and revised GDP growth rates posed challenges for the FBR.
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Top stories featuring the most important and trending news updates from politics, business, world affairs, and breaking events across various sectors.
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Pakistan’s Foreign Exchange Reserves Decline to $9.513 Billion
Pakistan’s foreign exchange reserves have experienced a decline of $218 million, reaching $9.513 billion by the week ended May 26, 2023, according to a statement by the central bank.
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Pakistan’s Headline Inflation Soars to All-Time High of 38% in May 2023
Pakistan witnessed a significant surge in headline inflation as the Consumer Price Index (CPI) reached an unprecedented all-time high of 38% in May 2023.
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SRB exhibits remarkable performance, collects Rs161 in 11 months
Karachi, June 1, 2023 – The Sindh Revenue Board (SRB) has achieved a remarkable milestone in revenue collection during the first eleven months of the current fiscal year.
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Pakistan Considers Restricting Cash Transactions Above Rs. 10,000 at Retail Outlets
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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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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