Islamabad: Startups that participated in the first season of Shark Tank Pakistan are reportedly under investigation by the Federal Board of Revenue (FBR) over potential tax discrepancies. This news came to light through a LinkedIn post written by Ahmed Raouf Issa, CEO of Telemart, who revealed that several startups from the show have received tax … Read more
Prime Minister Shehbaz Sharif has formed an investigation team to probe the ongoing sales tax fraud cases, according to a notification issued by the Prime Minister’s Office. The team is tasked with investigating the involvement of public officials, identifying policy loopholes, and uncovering how various entities engage in fraudulent activities. The investigation will focus on … Read more
Islamabad: The Federal Board of Revenue (FBR) has instructed Chief Collectors of Customs to coordinate with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) to keep designated bank branches operational on Saturdays. This directive aims to facilitate the collection of duties and taxes and their transfer on the same day to … Read more
The UAE Ministry of Finance said on Monday that the United Arab Emirates will impose a minimum additional tax of 15% on large multinational companies operating in the country starting from January, as the government seeks to boost non-oil revenues. The DMTT is part of the OECD’s global minimum corporate tax agreement signed by 136 … Read more
The government has established a high-level committee to review fiscal measures related to the ratio of advances to deposits in the banking sector and explore alternative plans to impose a tax on banks’ profits earned from investing in government securities. Prime Minister Shehbaz Sharif formed the committee, headed by Deputy Prime Minister Ishaq Dar, tasked … Read more
The Federal Board of Revenue (FBR) has failed to meet its five-month tax collection target, missing Rs356 billion, with provisional collections standing at Rs4.28 trillion against the target of Rs4.64 trillion as of November 30. This represents a growth rate of less than 23%, well below the 40% required to achieve the annual target of … Read more
National Clearing Corporation of Pakistan Limited (NCCPL) has announced that Capital Gains Tax (CGT) for shares sold on Pakistan Stock Exchange (PSX) during October 2024 will be collected on Friday, November 29, 2024. Clearing members – brokers or entities handling trades – must ensure that they have sufficient funds in their bank accounts on this … Read more
Karachi: Three major refineries – Attock Refinery, National Refinery and Synergeiko Refinery – have informed the Oil and Gas Regulatory Authority (OGRA) that they are not delaying the signing of upgrade agreements. The clarification came after Ugra proposed reducing duties on high-speed diesel (HSD) for refineries that fail to meet the requirements of the Brownfield … Read more
The Islamabad High Court (IHC) has temporarily barred the government from collecting up to 15% additional taxes from banks that fail to meet private sector lending targets in 2024. Nearly a dozen banks have sought relief from the Islamabad High Court, protesting against the levy introduced in the 2025 federal budget. According to media reports, … Read more
Islamabad: Prime Minister Shehbaz Sharif has directed the government to reduce the income tax burden on salaried individuals, according to Minister of State for Revenue, Ali Parvez Malik. Speaking to the media on Thursday, Malik explained that the move is part of broader efforts to ease financial pressures on the middle class while improving the … Read more