Karachi, January 10, 2025 – The Federal Board of Revenue (FBR) has successfully acquired detailed customer data for both pre-paid and post-paid telecom subscribers from all major telecom companies for the fiscal year 2023-24. This significant move is part of FBR’s ongoing effort to integrate third-party databases to enhance data accuracy and improve tax compliance across various sectors.
(more…)Category: Top stories
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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PM Shehbaz Orders Swift Resolution of FBR Legal Cases
Islamabad, January 10, 2025 – Prime Minister Shehbaz Sharif, in a meeting held on Friday, emphasized the need for urgent measures to expedite the resolution of legal cases related to the Federal Board of Revenue (FBR) and its revenue collection efforts. He directed relevant authorities to recruit highly skilled professionals for the appellate tribunals, aiming to clear the backlog of pending cases swiftly.
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Pakistan Receives $17.85 Billion from Expatriates in 1HFY25
Karachi, January 10, 2025 – Pakistan recorded an impressive $17.85 billion in remittances from its expatriates during the first half (July–December) of the fiscal year 2024-25, showcasing a robust 38% year-on-year (YoY) increase compared to $13.44 billion received during the same period last fiscal year.
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FBR Ends Substandard Cargo Tracking, Initiates New Process
Karachi, January 9, 2025 – The Federal Board of Revenue (FBR) has exposed significant failures in a company’s ability to monitor and track transit cargo destined for Afghanistan, leading to the termination of its license. In a detailed statement, the FBR addressed concerns raised by recent media reports, clarifying the rationale behind its actions and highlighting measures taken to ensure effective cargo monitoring during the interim period.
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PSX Suffers 1,510-Point Drop Amid Absence of Tax Relief
Karachi, January 9, 2025 – The Pakistan Stock Exchange (PSX) experienced a steep decline on Thursday, as the benchmark KSE-100 index plunged by 1,510 points. The market closed at 112,688 points, down from the previous day’s closing of 114,148 points. This significant drop came after the government announced its decision not to provide any tax relief under the newly introduced Tax Laws (Amendment) Bill, 2024.
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Pakistan Announces Timelines for Federal Budget 2025-26
Islamabad, January 9, 2025 – The Government of Pakistan has officially announced the timelines for presenting the federal budget for the fiscal year 2025-26. The Finance Division has issued a detailed budget circular outlining the roadmap for preparing and approving the upcoming budget, which is scheduled to be presented in the first week of June 2025.
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Karachi Shares 46% of FBR Total Revenue Collection in FY24
Karachi, January 8, 2025 – Karachi, Pakistan’s commercial and financial powerhouse, has once again proven its pivotal role in the national economy, contributing a significant 46% to the Federal Board of Revenue’s (FBR) total revenue collection in the fiscal year 2023-24.
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PM Shehbaz Launches Faceless Customs Assessment System
Karachi, January 8, 2025 – Prime Minister Muhammad Shehbaz Sharif launched the Faceless Customs Assessment System at the Karachi Port on Wednesday, marking a significant milestone in Pakistan’s customs operations. This innovative system, part of the Federal Board of Revenue’s (FBR) modernization efforts, was introduced under Shehbaz’s leadership and aims to streamline customs clearance procedures.
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KSE-100 Turns Red with 1,904 Points After PM Visit Misses Mark
Karachi, January 8, 2025 – The KSE-100 Index of the Pakistan Stock Exchange (PSX) witnessed a massive decline of 1,904 points on Wednesday, closing at 114,148 points compared to the previous day’s 116,052 points. The sharp drop followed Prime Minister Shehbaz Sharif’s visit to the stock market, during which no immediate relief measures were announced, leaving investors disappointed.
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FBR ATL Gaps: 38% from 13.45M Registered Taxpayers
Karachi, January 8, 2025 – The Federal Board of Revenue (FBR) has disclosed concerning statistics, revealing that out of 13.45 million registered taxpayers, only 38% are part of the Active Taxpayers List (ATL). This highlights significant gaps in compliance and enforcement.
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