Karachi, December 28, 2024 – The federal government has abolished the additional income tax on banks with low Asset-to-Deposit Ratios (ADR). This decision, approved by the federal cabinet, will be implemented through the promulgation of an Income Tax Ordinance.
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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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Finance Ministry Exposes Alarming FBR Revenue Shortfall
Islamabad, December 27, 2024 – The Finance Ministry on Friday disclosed a significant shortfall in revenue collection by the Federal Board of Revenue (FBR) up to November 2024. This revelation came as part of the monthly economic outlook for December 2024.
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Petroleum Prices in Pakistan Witness Notable Decline in 2024
Islamabad, December 27, 2024 – Petroleum prices in Pakistan have shown a significant decline throughout 2024, providing relief to consumers and contributing to a reduction in the inflation rate of essential items.
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RTO-1 Karachi Targets Tax-Evading Wedding Halls
Karachi, December 27, 2024 – In a move to curb tax evasion, the Regional Tax Office-1 (RTO-1) Karachi has announced stringent action against four prominent wedding halls in the city for failing to deposit taxes mandated under Section 236CB of the Income Tax Ordinance, 2001.
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FBR Uncovers 190,000 Tax Evaders, Rs 60 Bn at Risk: Aurangzeb
Islamabad, December 26, 2024 – Finance Minister Mohammad Aurangzeb revealed on Thursday that the Federal Board of Revenue (FBR) had identified approximately 190,000 individuals who have evaded taxes totaling around Rs 60 billion. This was part of the government’s ongoing efforts to improve tax compliance and expand the tax base through digitization and data analytics.
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PTBA Recommends 2FA for Taxpayers Login Security on IRIS
Karachi, December 26, 2024 – The Pakistan Tax Bar Association (PTBA), the premier tax advisory body in the country, has strongly recommended that the Federal Board of Revenue (FBR) adopt Two-Factor Authentication (2FA) for securing taxpayer accounts on the IRIS portal.
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OGDCL Enhances Oil Production from Pasakhi-5 Well
Karachi, December 26, 2024 – Oil and Gas Development Company Limited (OGDCL) announced on Thursday the successful revival and significant enhancement of oil production from the Pasakhi-5 Well, situated in District Hyderabad, Sindh. This development marks another milestone in OGDCL’s efforts to strengthen Pakistan’s energy sector.
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FBR Achieves 135% Growth in Capital Gains Tax Collection
Karachi, December 25, 2024 – The Federal Board of Revenue (FBR) has recorded an impressive 135% increase in the collection of capital gains tax (CGT) during the first five months of the fiscal year 2024-25 (5MFY25).
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Citizens Reluctant to Engage with Tax Authorities: Aurangzeb
Islamabad: Finance Minister Muhammad Aurangzeb has highlighted a growing sentiment among citizens, who are willing to pay higher taxes but are reluctant to interact with tax authorities.
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Tax Bars Call on FBR to Abandon Password Expiry Policy
Karachi, December 24, 2024 – Tax bars across Pakistan have strongly criticized the recently introduced password expiry policy by the Federal Board of Revenue (FBR), urging its immediate revocation. The policy, which mandates password changes every 60 days for users accessing the IRIS tax portal, has been denounced as an unnecessary complication for taxpayers and practitioners alike.
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