Islamabad, October 14, 2024 – In an aggressive push against tax evasion, the Federal Board of Revenue (FBR) has arrested several Chief Financial Officers (CFOs) linked to large-scale sales tax fraud.
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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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SBP Launches Challenge Fund to Boost SME Financing
Karachi, October 14, 2024 – The State Bank of Pakistan (SBP) has introduced a new challenge fund aimed at improving access to finance for small and medium-sized enterprises (SMEs).
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FBR May Extend Return Filing Deadline Amid Islamabad Holidays
Karachi, October 13, 2024 – The Federal Board of Revenue (FBR) is likely to further extend the deadline for filing income tax returns for the tax year 2024 due to the public holidays declared in Islamabad.
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Desperate FBR Targets CFOs to Curb Fake Invoices
Karachi, October 13, 2024 – The Federal Board of Revenue (FBR) has shifted its focus toward holding Chief Financial Officers (CFOs) accountable for ensuring the authenticity of sales tax returns.
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LTO Karachi Collects Rs 680 Billion in 1QFY25 Despite Import Slowdown
Karachi, October 13, 2024 – The Large Taxpayers Office (LTO) Karachi collected a staggering Rs 680 billion during the first quarter (July-September) of the fiscal year 2024-25. This robust performance comes despite modest growth in revenues from imports, underscoring the remarkable resilience and efficiency of domestic tax collection efforts.
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What Pakistan Committed to IMF for Aggressive FY25 Tax Collection
Karachi, October 11, 2024 – Pakistan has reaffirmed its strong commitment to the International Monetary Fund (IMF) to substantially increase tax collection in the fiscal year 2024-25. In its latest country report, the IMF outlined Pakistan’s pledge to implement robust fiscal policies designed to bolster tax revenues and meet stringent economic goals, as the country faces ongoing economic challenges.
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Digital Retail Payments Surge 35% in FY24: SBP
Karachi, October 11, 2024 – The State Bank of Pakistan (SBP) has reported a remarkable 35% surge in digital retail payments during the fiscal year 2023-24, both in volume and value.
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Pakistan Launches Grand Operation Against Sales Tax Fraud
Islamabad, October 10, 2024 – In a bold move to address rampant tax evasion and boost revenue collection, Pakistan has launched a large-scale operation targeting sales tax fraud across various sectors of the economy. Finance Minister Mohammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial made the announcement in a press conference, revealing that the country faces a staggering tax gap of Rs 3.4 trillion due to widespread fraud.
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PM Shehbaz Announces Termination of Agreement with Five IPPs
Islamabad, October 10, 2024 – In a decisive move, Prime Minister Shehbaz Sharif on Thursday announced the termination of power purchase agreements with five Independent Power Producers (IPPs), a landmark decision aimed at alleviating the financial burden on the nation’s electricity consumers.
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FBR Shuts Down Redemption Fine for Smuggled Goods
Islamabad, October 9, 2024 – The Federal Board of Revenue (FBR) has announced the complete elimination of the redemption fine for smuggled goods, intensifying the government’s crackdown on illegal trade activities.
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