Pakistan Revenue
Karachi, October 6, 2023 – The Pakistan Business Council (PBC) has issued an urgent call to the caretaker government, demanding immediate measures to put an end to widespread under-invoicing, which is causing substantial revenue leakages.
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Karachi, October 2, 2023 – Pakistan Business Council (PBC) has put forth a comprehensive set of recommendations to the government to alleviate country’s soaring electricity costs and enhance foreign exchange savings.
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A recent report published by the Pakistan Business Council (PBC) highlights the prevalence of tax evasion in property transactions facilitated by open files, which are often exchanged without official transfer of ownership or payment of associated taxes. These undocumented transactions have allowed individuals to evade tax obligations, according to the report.
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A recent study conducted by the Pakistan Business Council (PBC) sheds light on the country’s persistent challenges in bringing wholesalers and retailers into the tax net.
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The Pakistan Business Council (PBC) has raised concerns over the Federal Board of Revenue’s (FBR) SRO 229(I)/ 2023, which requires companies and foreign investors to maintain records of beneficial owners, despite the comprehensive documentation already mandated by the Securities and Exchange Commission of Pakistan (SECP).
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Pakistan Business Council (PBC) in a report suggested discontinuation of the highest denomination banknote of Rs5000 in order to formalize the country’s economy.
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KARACHI: The business community has sought exemption from withholding tax on import of plant and machinery in order to reduce the cost of doing business. Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to Federal Board of Revenue (FBR), said that Section 148 (1) of Income Tax Ordinance, 2001 covers advance tax […]
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KARACHI: The Federal Board of Revenue (FBR) has been urged to audit sales and income of commercial importers in order to discourage under-invoicing and misdeclaration for tax evasion. The Pakistan Business Council (PBC) in its proposals for budget 2022/2023 submitted to the FBR, recommended measures to stop under-invoicing by commercial importers. The PBC suggested: “Monthly […]
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KARACHI: A proposed list of higher rates of withholding tax for non-filers of income tax returns has been sent to Federal Board of Revenue (FBR) for broadening the tax base. The concept of separate withholding tax rates for filers and non-filers was introduced as a measure for increasing documentation of the economy, said Pakistan Business […]
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KARACHI: Pakistan Business Council (PBC) has suggested the Federal Board of Revenue (FBR) to lower the corporate tax rates, especially for listed companies. The PBC in its proposals for budget 2022/2023 recommended reduction in corporate tax rate to 20 per cent. READ MORE: Tax cut suggested on dividend paid by exempt entities The council in […]
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