Karachi, November 15, 2024 – Pakistan’s provincial governments have collectively gathered Rs 122 billion in sales tax on services during the first quarter (July – September) of fiscal year 2024-25, according to data released by the federal finance ministry.
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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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FBR Directed to Lower Tax Burden on Salaried Class
Islamabad, November 15, 2024 – Minister of State for Finance and Revenue, Ali Pervaiz Malik, has emphasized the need to alleviate the tax burden on salaried individuals by curbing widespread tax evasion in the tobacco industry. Addressing a roundtable on Thursday, he expressed the government’s commitment to reducing income tax for the salaried class, contingent upon the Federal Board of Revenue (FBR) recovering an estimated Rs 300-350 billion lost to non-duty-paid and smuggled cigarettes.
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KSE-100 Index Surges to Record 94,192 Points Amid Rally
Karachi, November 14, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index reached a historic high of 94,192 points on Thursday, bolstered by sustained investor confidence and strong buying momentum. The index saw a gain of 836 points from the previous day’s close of 93,356 points, reflecting a significant 0.9% increase and marking a new all-time high.
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FBR Shares Collection Strategy with IMF to Sidestep Mini Budget
Islamabad, November 14, 2024 – In a decisive move to meet Pakistan’s ambitious revenue collection target without resorting to a mini budget, the Federal Board of Revenue (FBR) has shared an actionable plan with the International Monetary Fund (IMF). FBR has committed to achieving the 2024-25 revenue target of PKR 12.9 trillion, reinforcing its stance against imposing additional taxation measures.
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First-Ever Direct Cargo Vessel Arrives in Bangladesh from Pakistan
Chittagong, November 13, 2024 – In a historic development, a direct cargo vessel from Karachi, Pakistan, docked at the port of Chittagong, Bangladesh, marking the establishment of the first-ever direct maritime link between the two neighboring countries. This pioneering route is anticipated to significantly enhance logistical efficiencies, streamline supply chains, and reduce transit times between Pakistan and Bangladesh, fostering closer trade ties in the region.
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Pakistan Set to Escalate Petroleum Prices from November 16
Islamabad, November 13, 2024 – Pakistan is preparing to implement another surge in petroleum prices, marking the second increase within November, as reported by official sources. This anticipated adjustment, effective from November 16, 2024, is driven by escalating premiums on petroleum products in the global market, which have significantly raised import costs and strained domestic resources.
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FBR Reviews Lifting Petroleum Tax Exemption to Address Shortfall
Islamabad, November 13, 2024 – The Federal Board of Revenue (FBR) is contemplating a strategic reversal of the sales tax exemption on petroleum products, potentially introducing a modest 5-7% tax to stabilize fiscal revenues amid a challenging economic landscape.
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ECC Greenlights Major Reforms for FBR Transformation
Islamabad, November 12, 2024 – The Economic Coordination Committee (ECC) of the Cabinet has approved five critical proposals from the Federal Board of Revenue (FBR) as part of its Transformation Plan aimed at enhancing efficiency, revenue generation, and capacity building within the FBR.
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Pakistan May Introduce Mini Budget Amid Tax Shortfall Concerns
Karachi, November 12, 2024 – As Pakistan faces a widening revenue gap, the government is preparing for the introduction of another mini budget to bridge the anticipated fiscal shortfall for the year 2024-25. With the International Monetary Fund (IMF) delegation currently reviewing the nation’s progress under the Extended Fund Facility (EFF), sources indicate that the mini budget is expected to follow closely after the completion of the IMF team’s visit.
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IMF Delegation Meets Aurangzeb to Discuss EFF Progress
Islamabad, November 12, 2024 – The International Monetary Fund (IMF) delegation, led by IMF Mission Chief Nathan Porter, held an initial meeting with Finance Minister Muhammad Aurangzeb on Tuesday to discuss Pakistan’s economic progress under the Extended Fund Facility (EFF).
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