Donald Trump speaks during an Election Night event at the West Palm Beach Convention Center in West Palm Beach, Florida, on November 6, 2024. – Reuters WASHINGTON: Donald Trump’s Republican Party appeared on track Wednesday to win control of both chambers of Congress, giving them sweeping powers for the first time in eight years to … Read more
A worker delivers packages of fabric to a market in Karachi. – Reuters/File Authorities say the International Monetary Fund will send its team to Pakistan in December. The FBR may propose to raise withholding tax rates on all imports. Raising the withholding tax on the sale of land plots and also purchases with cards. ISLAMABAD: … Read more
This photo released on March 3, 2022, shows the FBR building. —Facebook/Federal Board of Revenue The Federal Board of Revenue (FBR) has denied media reports claiming that the International Monetary Fund (IMF) rejected the top tax collection body’s request to review the tax target during a recent virtual meeting. “It is unfortunate to note that … Read more
The government prohibited oil refineries from adjusting input taxes on crude oil purchases against sales tax on refined petroleum products, including gasoline and diesel. The change, introduced through the Finance Act 2024, has raised concern across the refining industry, as it threatens to increase operating costs and disrupt refinery upgrade projects. According to Pakistan Refinery … Read more
Islamabad: Business leaders are urging the Federal Board of Revenue (FBR) to postpone requiring taxpayers to file an affidavit with their sales tax returns. They claim that while taxpayers can check the status of suppliers through the FBR system, they often lack insight into the entire supply chain and can be unfairly penalized for mistakes … Read more
Representative image showing the FBR logo. —FBR location/file FBR extends the deadline for filing income tax returns for the second time. The deadline has been extended in light of requests from various trade bodies. Earlier, the FBR had extended the deadline to October 14. ISLAMABAD: The Federal Board of Revenue (FBR) has extended the date … Read more
The FBR logo has been placed at the board headquarters in Islamabad. — FBR website The date was extended following requests from the general public and traders. The aim of this move was to encourage under-applicants against tax evasion. FBR to confront tax evaders with restrictions targeting non-filers. LAHORE: After the Federal Board of Revenue … Read more
ATHENS: Greece on Thursday outlined measures aimed at boosting its lagging birth rate, ranging from childcare checks and benefits to tax breaks for new parents, although experts questioned the plan’s effectiveness. Greece has one of the lowest fertility rates in Europe, a catastrophic demographic situation caused by a decade-long economic crisis, emigration and a change … Read more
Finance Minister Senator Muhammad Aurangzeb (L) and FBR Chairman Rashid Mehmood Langriyal address a press conference to summarize the FBR study regarding sales tax evasion in Islamabad on October 10, 2024. – PID Aurangzeb says most entities claim excess input tax. Sharing FBR findings on massive malpractices in 5 sectors. Finance czar warns tax evaders … Read more