Pakistan Revenue
ISLAMABAD: The government has planned to a massive cut tax in exemptions and concessions in the budget 2019/2020, which is scheduled to be announced on June 11, 2019. Sources told PkRevenue.com that the government had committed with the World Bank and other international agencies to withdraw large size exemptions given to various sectors and individuals […]
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ISLAMABAD: Federal Board of Revenue (FBR) to conduct tax audits of large taxpayers, who are selected through an automated risk-based tool. According to World Bank’s updated report on ‘Pakistan Revenue Mobilization’ said that according disbursement linked Indicators (DLI) the FBR required to conduct tax audits on cases selected through an automated risk-based tool, informed by […]
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ISLAMABAD: Federal Board of Revenue (FBR) is required to reduce number of withholding provisions to strengthen the income tax and take out this system from indirect taxes. According to funding approved by the World Bank for Pakistan Revenue Mobilization Project, the FBR is required to reduce the scope of withholding regime. The World Bank said […]
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ISLAMABAD: Federal Board of Revenue (FBR), unlike most revenue authorities in the world, is not organized along functional lines, nor does it have a clear hierarchical structure. This was stated by the World Bank in its report on Pakistan taxation. It said: The FBR is a large organization with a nationwide presence and more than […]
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ISLAMABAD: The requirement of filing monthly sales tax return is the main reason for Pakistan’s low ranking in the Paying Taxes Indicator of the World Bank. The World Bank in a recent report on Pakistan taxation said that the country’s tax system is complex due to overlapping jurisdictions with different laws, exemptions, and frequent policy […]
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ISLAMABAD: The taxation has not been widely considered as civic duty in Pakistan, the World Bank said in a report issued recently. The World Bank said that tax evasion is pervasive due to low tax morale and legal loopholes that enable high-value individuals to conceal their incomes. Few Pakistani citizens think of themselves as taxpayers, […]
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KARACHI: A large sum of tax revenue has been lost due to unrealistic declaration of property values at the time of transaction. The World Bank in its recent report on Pakistan pointed out significant size of exemptions and concessions granted by the country every year. “Substantial exemptions also apply to property taxes, whereby properties below […]
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ISLAMABAD: Prime Minister Imran Khan on Friday met Ms. Kristalina Georgieva, Chief Executive Officer (CEO) of the World Bank discussed economic and fiscal situation on the sidelines of the second Belt and Road Forum (BRF), says a press release received here from Beijing, China. The prime minister was accompanied by the foreign minister and adviser […]
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ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs and the World Bank Country Director Patchamuthu Illangovan met on Monday to discuss ongoing projects funded by the World Bank. Patchamuthu Illangovan was called on the Adviser to PM on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh. They […]
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KARACHI: World Bank has identified three main constraints that are directly affecting Pakistan exporters. These are the anti-export bias of its trade policy, the inadequate export promotion infrastructure, and an ambiguous regulatory framework around FDI. The World Bank said that many factors affect competitiveness in Pakistan. These include, among others, high costs of doing business, […]
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