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TAX

PM Khan hails FBR for surpassing tax target in first quarter

ISLAMABAD: Prime Minister Imran Khan has congratulated the Federal Board of Revenue’s (FBR) on surpassing the collection target set for the first quarter of the ongoing fiscal year. “I congratulate the nation on FBR’s achievement of collecting Rs.1,395 billion in

Tax incentives should be used to enable positive global outcomes: report

Tax incentives should be used to enable positive global outcomes, such as economic recovery from the pandemic and averting climate crisis, according to a report by accountancy bodies into the tax system. A survey of 8,000 people across the G20

NKATI terms dollar rate hike constantly as direct tax

KARACHI: President, North Karachi Association of Trade & Industry (NKATI), Faisal Moiz Khan, while expressing deep concern over rising dollar rate, plead to the federal government, especially Governor State Bank of Pakistan, Reza Baqir to adopt effective strategies to curb

Reducing car prices

The decrease in the prices of vehicles comes as a massive relief to customers who desire to buy a new car. The government has once again given a huge tax incentives to the auto sector, but as we have seen

PM commends FBR for historic tax collection of Rs4.7trillion

ISLAMABAD: Prime Minister Imran Khan has commended Federal Board of Revenue (FBR) for achieving historic level of tax revenues of Rs 4732 billion rupees during fiscal year 2020-21. In a tweet, the prime minister said this is eighteen percent higher

Flour mills announce strike over imposition of taxes

LAHORE: The Pakistan Flour Mills Association (PFMA) has announced to go on strike from Thursday (today) leading to concerns over a rise in the price of flout. The mill owners had announced a protest against budget measures proposing a hike

FPCCI raises concern over sweeping powers granted to FBR

KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has raised concerns over the Finance Bill 2021-22 which could grant sweeping power to the Federal Board of Revenue (FBR). According to the proposed changes, the FBR will have the

Govt notifies lowering sales tax on petroleum products

ISLAMABAD: The federal government has notified lowering sales tax on petroleum products. According to a notification issued, the sales tax on Kerosene oil was lowered to 10.07 against the previously charged tax of 15.44 percent. The sales tax on light

Amazon and Facebook to fall under new G7 tax rules

SAN FRANCISCO: Both Amazon and Facebook will fall under new proposals for a global minimum corporation tax agreed by the Group of Seven, United States Treasury Secretary Janet Yellen said. Asked whether the two companies would be covered by the

FBR’s growth shows policies have led to economic revival: PM

ISLAMABAD: The Federal Board of Revenue (FBR) surpassed its revenue collection target to Rs384bn in April, the second highest collection in the second half of current fiscal year (FY21). Prime Minister Imran Khan has commended FBR’s efforts on achieving growth

FBR officers involved in massive tax scam

ISLAMABAD: The officers at the regional branch of the Federal Board of Revenue (FBR) in the federal capital are involved in a massive tax scam causing immense losses to the national exchequer. Employees of several large hotels and restaurants in

FBR internal audit reveals massive withholding tax scam

ISLAMABAD: An internal audit of the Federal Board of Revenue (FBR) had unveiled a massive scam worth billions in withholding tax regime. Director-general (DG) of Internal Audit has written a letter to the member of Inland Revenue regarding scams in

Neymar owes 34 million euro taxes to Spanish authorities

MADRID: Brazilian footballer Neymar owes more unpaid tax than any other individual on a Spanish blacklist with debts of 34.6 milliona euros. Neymar played for Barcelona from 2013 to 2017 before moving to the French club Paris Saint-Germain for 222

Govt to ensure transparent, automated tax system: Finance Adviser

ISLAMABAD: Adviser to Prime Minister on Finance Abdul Hafeez Shaikh has said the present government is continuing with reforms for a transparent and automated tax system. The finance adviser was speaking at a ceremony to release tax directory for parliamentarians

FBR releases 2018 tax directory for parliamentarians

ISLAMABAD: The Federal Board of Revenue (FBR) has issued its tax directory of the parliamentarians for the Tax Year 2018. Advisor to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh appreciated the efforts of the FBR for compiling and

FBR directed to pay income tax refunds up to Rs50 million

ISLAMABAD: Adviser on Finance and Revenue Dr Abdul Hafeez Shaikh has directed the Federal Board of Revenue (FBR) to make payments of all income tax refunds of up to Rs 50 million in the next couple of weeks. “The government

PSX calls for rationalisation of Capital Gains Tax structure

KARACHI: Pakistan Stock Exchange (PSX) has urged the government to rationalise the Capital Gains Tax (CGT) structure in line with international best practices and reduce the rate which is currently one of the highest in the region. The bourse released

FBR tax, duty collection increases by 10.4% in April

ISLAMABAD: Federal Board of Revenue has released the information about the taxes and duties collected in the month of April 2020 showing a 10.4 percent growth in collections. According to official figures, the FBR said it has collected Rs. 256.679

Shabbar Zaidi’s exit

It seems that FBR chairman Shabbar Zaidi, who was brought with much optimism to spearhead the PTI government’s tax reforms, might be on his way out. The tax authority has failed to meet the tax revenue target in line with

Shopping? Show your NIC!

The new law The government’s relaxation has now lapsed and the condition to submit a copy of the NIC on every purchase above Rs50,000 is now effective from February 1. Shoppers will now have to submit a copy of the

IMF asks Kuwait to bring new tax reforms

DUBAI: On Monday the International Monetary Fund (IMF) urged Opec member Kuwait to implement a reform package that includes Imposing taxes and phasing out subsidies to bridge a persistent budget deficit. Kuwait, which is largely dependent on oil for nearly

Macron, Trump agree to hold tech giants off on digital tax

PARIS: Presidents Emmanuel Macron and Donald Trump have decided to extend to the end of the year negotiations on a French tax on digital giants, delaying the threat of sanctions against Paris by Washington, a French diplomatic source said Monday.

Tax culture will boost economy in Pakistan, says PM

ISLAMABAD: Prime Minister Imran Khan has said his government’s long-term policies will strengthen tax culture and bring economic stability to the country. Addressing a ceremony here on Wednesday to distribute refund cheques among prominent exporters, he said this disbursement of

FBR to launch aggressive campaign for tax registration

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Shabbar Zaidi has announced that an aggressive registration drive for tax purposes will be launched from October 15. In a statement on social media site Twitter, the FBR said is incumbent on all

FBR may suffer shortfall of Rs. 100 billion

ISLAMABAD: The Federal Board of Revenue may suffer a shortfall of around Rs. 100 billion in tax collection against an ambitious target of  Rs. 1.07 trillion.  It was a few days back when the technical team from the International Monetary

Traders decide to march to Parliament on Oct. 7

ISLAMABAD: City’s business community has declared to march to the Parliament House on October 7 after the talks with the FBR on the fixed tax scheme collapsed. Markazi Tanzeem-e-Tajran ( Central Traders Organization) President Muhammad Kashif Chaudhary, speaking to reporters