In a thrilling conclusion to the three-match One-Day International (ODI) series at the Wanderers Stadium in Johannesburg on Sunday, Pakistan secured a historic clean sweep over South Africa, winning the final match by 36 runs. Chasing a formidable target of 309, South Africa was bowled out for 271 in 42 overs, handing Pakistan an unassailable series lead.
(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.
-
Banks Push Rs 1.35 Trillion Loans Amid ADR Crisis
Karachi, December 22, 2024 – Banks have extended loans to private sector amounting Rs 1.35 trillion during the period between July 1, 2024 to December 6, 2024 in desperation to meet Asset to Deposit Ratio (ADR).
(more…) -
Constitutional Clash: Tax Bill Amendments Spark Debate
Tax experts at Tola Associates and Tola & Tola have raised concerns regarding numerous amendments introduced through the Tax Laws (Amendments) Bill, 2024. They argue that several provisions within the Bill conflict with fundamental constitutional rights, rendering them problematic from a legal and practical standpoint.
(more…) -
PM Shehbaz Directs Stern Action Against Tax Evaders
Islamabad, December 21, 2024 – Prime Minister Muhammad Shehbaz Sharif has issued firm directives to authorities to bring tax defaulters into the tax net and enforce strict measures against non-compliance. Presiding over a high-level meeting on Saturday, the Prime Minister reviewed strategies aimed at enhancing revenue collection and bolstering the performance of the Federal Board of Revenue (FBR).
(more…) -
FBR to Gain Unprecedented Access to Bank Data
Karachi, December 21, 2024 – In a landmark move aimed at tightening tax compliance, the Federal Board of Revenue (FBR) is set to be granted sweeping powers to obtain and cross-check taxpayers’ bank details with the income and assets declared in their returns.
(more…) -
Tax Bill Proposes Restrictions on Various Transactions
The Tax Laws (Amendment) Bill, 2024 introduces a series of proposed restrictions targeting non-compliant individuals and entities under Section 114C(1) of the Income Tax Ordinance, 2001. These amendments are aimed at curbing tax evasion and improving tax compliance by restricting certain transactions for individuals and businesses that fail to meet tax obligations. The bill, as outlined by Tola Associates and Tola & Tola, specifies several key restrictions that will come into effect once notifications are issued by the Federal Board of Revenue (FBR).
(more…) -
Aurangzeb Shares Tax Transformation Vision with Coca-Cola CEO
Islamabad, December 20, 2024 – Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb reaffirmed the government’s determination to overhaul Pakistan’s tax system, aiming to create a more efficient and equitable taxation structure.
(more…) -
Proposed Tax Amendments to Bolster Cash Economy: Experts
Karachi, December 20, 2024 – Leading tax experts have expressed grave concerns over the proposed amendments to tax laws, warning that these measures could unintentionally drive a significant shift towards a cash-based economy.
(more…) -
Pakistan Prohibits Bank Cash Withdrawals for Tax Dodgers
Karachi, December 19, 2024 – Pakistan has decided to implement stringent measures to curb tax evasion by prohibiting bank cash withdrawals for individuals who evade taxes.
(more…) -
Pakistan Stock Market Crashes 4.32% on New Tax Bill
Karachi, December 19, 2024 – The Pakistan Stock Exchange (PSX) on Thursday experienced a dramatic downturn, closing with a significant loss of 4.32% amid widespread negative sentiments triggered by the introduction of a new tax bill by the government of Pakistan.
(more…)