tax
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FBR exceeds tax target, avoids mini budget | The Express Tribune
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[ad_1] ISLAMABAD: The Federal Board of Revenue (FBR) has surpassed the revenue collection target for the fifth consecutive month, amassing nearly Rs3.5 trillion, remaining on track to achieve the goal set by the International Monetary Fund (IMF) and avoiding the need for a mini-budget. The tax authorities collected Rs34 billion more than the target set…
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IHC issues stay order for tax on windfall income
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[ad_1] A representational image. — Canva ISLAMABAD: The Islamabad High Court (IHC) on Wednesday stayed the government’s decision to levy a windfall tax from banks for the revenues generated through foreign exchange transactions, a move that analysts had said would be detrimental to the sector. Windfall profit, in the case of commercial banks, is the…
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Body formed for tax base expansion | The Express Tribune
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[ad_1] ISLAMABAD: Days before the arrival of a new technical mission from the International Monetary Fund (IMF) to study Pakistan’s tax system, the government has constituted a new committee under the supervision of a three-star military general for data integration to broaden the tax base. The Federal Board of Revenue (FBR) has notified the technical…
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Pakistan suffering Rs8 trillion in tax loss each year due to illicit trade
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[ad_1] Shipping activity can be seen at Port Qasim, Karachi. — APP/File Amid dire economic circumstances, Pakistan is also losing Rs8 trillion each year in tax loss due to rampant illicit trade which is further exacerbating the country’s worrisome financial indicators. Pakistan has “one of the highest” illegal trade in Asia, amounting to $68 billion or…
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Last date for tax returns submission extended to October 31
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[ad_1] Last date for submission of tax returns has been extended to October 31. Representational image from Unsplash. The Federal Board of Revenue (FBR) announced on Saturday that the last date for submission of income tax returns for the tax year 2023 has been extended to October 31, 2023. The country’s top tax-collection body also…
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FBR exceeds tax collection target by Rs35b | The Express Tribune
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[ad_1] ISLAMABAD: The Federal Board of Revenue (FBR) has exceeded the tax collection target for the month of Sept 2023 by Rs35 billion. The FBR maintained that the tax collection target in Sept was set at Rs799 billion, but on the contrary, it collected Rs834 billion. Read also: Tax collection beats target by big margin…
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Tax collection beats target by big margin | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan has met the International Monetary Fund (IMF)’s condition about revenue collection for the first quarter of current fiscal year as it collected Rs2.023 trillion, exceeding the goal by a big margin, though challenges to broaden the tax base remain. As against the IMF’s quarterly target of Rs1.977 trillion, the Federal Board of…
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FBR decides not to extend deadline for filing income tax returns
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[ad_1] A general view of the Federal Board of Revenue (FBR) office building in Islamabad. — AFP/File As the last date for filing the income tax returns closes in, the Federal Board of Revenue (FBR) has decided not to extend the deadline for the facilitation of the tax filers. The FBR is collecting income tax…
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Tax the rich to protect the poor, IMF chief tells Pakistan | The Express Tribune
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[ad_1] International Monetary Fund (IMF) Managing Director Kristalina Georgieva has advised Pakistan to tax the wealthy and protect the poor. Speaking to a Pakistani private media channel after her meeting with Interim Prime Minister Anwaarul Haq Kakar on the sidelines of the United Nations General Assembly (UNGA) on Thursday, Georgieva said “what we are asking…
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Govt in search of new FBR chief to shore up tax receipts | The Express Tribune
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[ad_1] ISLAMABAD: Interim Prime Minister Anwaarul Haq Kakar said on Thursday that the government was looking for a new chairman of the Federal Board of Revenue (FBR) to improve tax collection through documentation of the economy. The premier made the statement during his maiden interaction with media persons. On the same day, the FBR reported…
