Category: Pakistan
Ten-year tax incentives granted to special technology zones
The government has granted a comprehensive duty and tax incentives for a period of 10 years to investors operating in the proposed special technology zones (STZs), sources in the Federal Board of Revenue (FBR) said on Monday. The incentives also include immunity from explaining the source of funds to be… – Continue reading
Taxation, growth negatively correlated: survey
The Pakistan Institute of Development Economics (PIDE) survey recently stated that Pakistan should review and amend its taxation policy in order to accelerate its economy. ... - Continue reading
FBR unearths huge sales tax evasion
The Federal Board of Revenue (FBR) issues orders to all branches to be more proactive regarding the treatment of tax evasion. ... - Continue reading
Pakistan, Hungary sign MoU
Pakistan and Hungary sign tax treaties with each other. ... - Continue reading
Tax evasion of Rs 8 cr found in paan masala smuggling case
Tax evasion of Rs 8 crore unveiled. ... - Continue reading
FBR mulls online feature to show WHT deduction
The tax authority of Pakistan to introduce an online option as tax reform. ... - Continue reading
FBR mulling over options to fetch additional Rs600bn
There's no denying that the whole world is having to prepare for a tough economic situation right now following the wave of the COVID-19. Here are some of Pakistan's forethoughts to remedy its economy. ... - Continue reading
PSX urges govt to eliminate or reduce CGT for two years
The Pakistan Stock Exchange (PSX) has a few proposals to the government in an effort towards reform. ... - Continue reading
Revenue-neutral incentives proposed for capital market growth
Proposals from the Pakistan Stock Exchange for the upcoming budget. ... - Continue reading
Tax collection from services sector sharply falls 20pc in March
Official data shows that Pakistan has faced a sharp decline in its tax revenue in the month of March due to the coronavirus. ... - Continue reading
Traders press for incentive package to document economy
Pakistan urged for more incentives by traders. ... - Continue reading
FBR receives 10,000 income tax returns in virus downturn
10,000 income tax returns received by the Federal Board of Bureau during the COVID-19. ... - Continue reading
Value added textile demands zero rated sales-tax regime
The value added textile export sector has demanded the government to revive zero-rated sales-tax regime and reinstate SRO 1125 in its true spirit to address the industries’ liquidity problems. ... - Continue reading
Pakistan tax collection 62pc below its potential: IMF
Resident Chief of IMF, Teresa Daban Sanchez, has stated that Pakistan is not being efficient enough tax-wise. Here's more to it. ... - Continue reading
Pakistan recovers billions from untaxed offshore funds
And hop! - Rs1.8bn from untaxed offshore funds into Pakistan's possession. ... - Continue reading
Tax collection on cash withdrawal dives 63 percent
This sharp decline was because of the exemption from the levy given to active taxpayers. ... - Continue reading
No hidden property through offshore companies: Justice Qazi Faez Isa
Justice Qazi Faez Isa pleads non-guilty in tax evasion attempt. ... - Continue reading
Tax authorities recover Rs1.8 billion from foreign transactions
The Automatic Exchange of Information recovers a whopping amount of Rs1.8 billion for Pakistan. ... - Continue reading
Tax on dividend income grows 30pc
Pakistan's officials state 30 percent increase in tax collection on dividend income. ... - Continue reading
Switzerland refuses to share five-year-old tax info with Pakistan
Pakistan's request for taxpayers' information turned down by Switzerland. ... - Continue reading
Accord with Switzerland to share Pakistanis’ bank data will bring transparency: Qureshi
Foreign Minister Shah Mehmood Qureshi positive about tax treaty between Pakistan and Switzerland. ... - Continue reading
FBR Warns UAE To Share Details Of Iqama Holders Or Avoidance Of Double-taxation Treaty Be Terminated
Pakistan gives warning over transparency to UAE ... - Continue reading
FBR asks UAE to share details of Pakistanis hiding behind Iqama status
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Monday wrote letter to UAE authorities and asked for devising mechanism to share details of Pakistanis who are hiding behind Iqama based residential status to evade taxes. In a letter written to Ministry of Finance UAE by the Chairman FBR Shabbar… – Continue reading
Balanced tax collection system soon: minister
Punjab Finance Minister Makhdoom Hashim Jawan Bakht has said that the government was making efforts for unification of taxes and harmonisation in revenue collection in all four provinces while clarifications would be made on the tax related litigations and GST on services related matters. The minister chairing a review meeting… – Continue reading
Tax department posts 32pc growth in revenue in 1Q
A regional tax office posted 32 percent jump in revenue collection to Rs26.43 billion in the first quarter of the current fiscal year as tax rates on non-compliance increased during the period, sources said on Wednesday. Revenue collection by the Regional Tax Office (RTO)-II Karachi amounted to Rs19.98 billion in… – Continue reading
LCCI help sought on tax issues
LAHORE: Lahore traders having failed to convince the Federal Board of Revenue on taxation measures have sought the assistance of the Lahore Chamber of Commerce and Industry (LCCI) to plead their case, a statement said on Saturday. LCCI President Irfan Iqbal Sheikh, Senior Vice President Ali Hussam Asghar and Vice… – Continue reading
Foreign investors inject $143.6 million in t-bills since July
KARACHI: Foreign portfolio investors invested $143.633 million in treasury bills from July onwards as the present government started betting on overseas funds into debt securities to finance budget deficit and refinance maturities. The State Bank of Pakistan’s (SBP) latest data showed that outflow from portfolio investors amounted to $5.808 million… – Continue reading
Declaration must for Pakistanis having foreign assets, income
KARACHI: The Federal Board of Revenue (FBR) will tighten noose around offshore illicit money and assets as Pakistanis having undeclared assets abroad are required to file statement by September 30, 2019. “The FBR will launch proceedings against persons having offshore assets on the basis of available data,” an official at… – Continue reading
FBR issues notices to 475 printers for return filing
KARACHI: The Federal Board of Revenue (FBR) has issues 475 notices to owners of printing press and advertising businesses, asking them to file their income tax returns, sources said on Tuesday. The FBR issued notices for mandatory filing of income tax returns and wealth statement in order to determine annual… – Continue reading
ECC approves new tax regime for non-resident firms
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved a new tax regime for non-resident companies to attract investment into the local debt market, while it also directed officials to check wheat price hike in Karachi and other parts of the country. The ECC approved the tax… – Continue reading
FBR issues 253,000 notices to non-filer industrialists
KARACHI: The Federal Board of Revenue (FBR) has issued around 253,000 notices to industrialists and businessmen, asking them to file returns, as the revenue body is expanding its broadening of tax base drive, officials said on Tuesday. An official said the FBR has so far issued 253,700 notices to consumers… – Continue reading
FBR demands Rs992m from TV channel in alleged tax evasion case
ISLAMABAD: The Federal Board of Revenue (FBR) has served a notice on ARY Communications Limited (ARY) and raised a tax demand of Rs992 million – alleging that the entity had evaded tens of millions in taxes through misrepresentation, concealment and misuse of exemptions, thereby causing a substantial loss to the… – Continue reading
Anomalies in withholding tax deduction detected
KARACHI: The tax authorities have detected anomalies in the deduction of withholding tax by the concerned officials, which it said was causing revenue losses to the national exchequer and needed immediate remedial measures, a statement said on Tuesday. “Withholding agents are not deducting the withholding tax according to the changes… – Continue reading
Transfer pricing: DGIT starts analysing potential cases of MNCs
The Directorate General of International Taxes of the Federal Board of Revenue (FBR) has started analysing a few potential multinational companies’ cases of transfer pricing where companies are directly involved in shifting their profits outside the country without payment of any taxes. In this regard, Directorate General of International Taxes… – Continue reading
Govt launches crackdown on benami assets
ISLAMABAD: The government has kicked off a far-reaching crackdown against benami assets directing the departments concerned at the federal level and the provincial governments to track benami properties, harvesting the Benami Act, 2019 in the national and global contexts. Prime Minister Imran Khan chaired a meeting on August 20 on… – Continue reading
FBR collects Rs1bln in revenue from foreign fund transfers
KARACHI: The Federal Board of Revenue (FBR) collected one billion rupees in withholding tax revenue on funds transferred abroad through credit and debit cards in a year, official statistics showed. The government opened the avenue for revenue collection a year ago considering the growing trend of payment through plastic cards…. – Continue reading