Pakistan and Iraq sign convention for elimination of double taxation
Federal Board of Revenue initiated negotiations on the Convention for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance with the Republic of Iraq. In this connection, tax delegations of both the countries met at Islamabad for the first round of negotiations…
Adil Aziz
PPMA delegation calls on Chairman FBR, discuss sale tax regime
A delegation of Pakistan Pharmaceutical Manufacturers Association (PPMA) called on the Chairman Federal Board of Revenue (FBR) Asim Ahmad and discussed issues related to sale tax regime governing the pharma sector. The delegation was led by Chairman PPMA Syed Farooq Bukhari including members as well as ex Chairman of the Association. The meeting was also attended…
Senate body recommends rationalizing Super tax, advance tax for non-filer
The Senate Standing Committee on Finance and Revenue recommended to reducing super tax besides rationalizing advance tax for non-filer. The committee met here under the chairmanship of Senator Saleem Mandviwalla discussed and approved several tax proposals under Finance Bill 2023. The body proposed to reduce the super tax to 7 percent from 10 percent on…
FBR collects Rs.605 billion gross revenues in May
Despite challenges, the Federal Board of Revenue (FBR) with its tremendous effort collected gross revenues of Rs.605 billion during the month of May. According to the statement, against a target of Rs. 621 billion, FBR was able to collect Rs.572 billion net revenue, while refunds amounting to Rs. 33 billion were issued during the month….
Policy initiatives in place to promote economic growth: Ishaq Dar
Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said that the government had put in place a variety of far-sighted policy initiatives to bring stability, promote economic growth and ensure ease of doing business. The minister was talking to a delegation of M/s PepsiCo led by its Chief Executive Officer Africa, Middle East…
NA committee recommends comprehensive super tax applicable to all entities, based on profits
The National Assembly Standing Committee on Finance and Revenue recommended a comprehensive super tax applicable to all entities, which would be based on the limit of profits, as proposed by the Federal Board of Revenue (FBR). The Government is optimistic about the forthcoming achievement of a staff-level agreement with the International Monetary Fund (IMF), which…
FBR launches ‘App’ of currency declaration for international travelers
The Federal Board of Revenue (FBR) launched a mobile application named Pass Track with regard to the currency declaration for international travelers. “The mobile App “Pass Track” has been modified to facilitate passengers to declare currency while traveling to and from Pakistan even before coming to airport, Member Custom Mukarram Jah Ansari told media here…
FBR achieves revenue target of Rs. 533 Billion for month of January
The Federal Board of Revenue has achieved monthly budgetary target of Rs.533 billion and surpassed it by Rs. 4 billion in month of January 2023. The FBR has shown excellent performance by surpassing the budgetary target for the month of January 2023. The Federal Board of Revenue (FBR) has demonstrated a commendable revenue collection performance…
Floods push economic growth below budgeted target: Economic Outlook
The economic growth for the fiscal year 2022-23 is likely to remain below the budgeted target due to devastation created by floods. “This combination of low growth, high inflation and low levels of official reserves is particularly challenging for policy makers,” says the Monthly Economic Update and Outlook for December 2022. It says, as in…
Around 88,317 tax cases involving Rs2.611 trillion pending with courts
Around 88,317 cases, involving Rs2611.7 billion, have been pending with different courts of the country as on October 31st, 2022. Among these pending cases, 75,021 cases involving Rs2382 billion are related to Inland Revenue Service whereas 13,296 cases involving Rs229.7 billion are to the Customs department, according to break up figures, as on October 31,…