The registered taxpayers in Pakistan reached the record at nearly 10 million but only 4.4 million of them filed annual tax returns and one-fourth actually paid any taxes in the…
FBR
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The World Bank has retracted its suggestion to impose tax on individuals earning below Rs50,000, saying that the recommendation was based on 2019 data. The WB clarification comes as, according…
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Officials of the Ministry of Finance opposed increasing the policy rates in the Senate Standing Committee on Finance meeting on Wednesday, arguing one percent hike pushed up debt servicing by…
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The Federal Board of Revenue (FBR) has collected Rs2,041 billion against the assigned target of Rs1,978bn in the first quarter of the current fiscal year, exceeding the target by Rs63bn.…
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After the failure of the Track and Trace System (TTS) launched in 2021, the Federal Board of Revenue has rolled out a new software-based sales tracking system to monitor the…
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Caretaker government is considering promulgating an ordinance for binding all institutions and departments at federal and provincial levels to integrate their data on a regular basis to find out potential…
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After identification of five major areas to plug leakages of Rs1 trillion through enforcement, including a crackdown on smuggling, the government has sought a workable plan to plug the widening…
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With a gap of less than six months, the caretaker government is again working on imposing prohibitive regulatory duties on a longer list of luxury and non-essential import items as…
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Interest payments in July increased alarmingly to Rs537 billion, surpassing the federal government’s net income for the month by Rs156 billion. This has raised concerns that the annual debt servicing…
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Caretaker Prime Minister Anwaarul Haq Kakar on Thursday told a delegation of businessmen that the government was reforming the tax system through digitisation and underscored the need to boost tax…
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The Pakistani ruling elite routinely makes tall claims about attracting massive investment that it believes can transform the country. Sections of media instantly jump on this narrative, spreading it on…
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The Federal Board of Revenue (FBR) has taken action against Pakistan International Airlines (PIA) by freezing 13 of its bank accounts due to the non-payment of Rs8 billion in Federal…
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The Federal Board of Revenue (FBR) continues to withhold multi-million rupee collections from customers on sales invoices on account of the point of sales (POS) prize scheme despite lapse of…
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Adam Smith (1723-1790) was a Scottish thinker, known as “The Father of Economics”. His magnum opus, “An Inquiry into the Nature and Causes of the Wealth of Nations”, is the…
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Federal Board of Revenue (FBR) Chairman Malik Amjed Zubair has formed a six-member committee – with an equal representation of official and the Karachi Chamber of Commerce and Industry (KCCI)…
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A National Assembly panel has raised questions over the transparency of over $3 billion loans under the concessionary Temporary Economic Refinance Facility (TERF) to some businesses during the Covid-19 pandemic…
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People in Pakistan do resist, or at least shy away, from paying taxes. The reasons are multidimensional in their nature. However, one of these is the cumbersome bureaucratic process where…
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In a strategic move to expedite the development of Export Processing Zones (EPZs) and achieve ambitious export targets, the Pakistani government has taken a momentous step by allowing the import…
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The Federal Board of Revenue (FBR) has held back over Rs400 billion in tax refunds to reduce the volume of shortfall in annual revenue collection in the outgoing FY23. The…
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The much-hyped Temporary Economic Refinance Facility (TERF) doled out foreign exchange of $3 billion among 628 of the country’s biggest industrialists without undertaking any proper gap analysis to identify where…