Karachi: The oil industry in Pakistan is expected to bear financial losses of 35 billion rupees in the current fiscal year due to the exemption of sales tax on petroleum products that were provided in the Finance Law 2024. Industry estimates indicate that refineries will take losses of 18 billion rupees, while OMCS may face … Read more
Islamabad: The Pakistani Dairy Association (PDA) urged the government to reconsider the imposition of high taxes and duties on bottled dairy products and dairy products, warning that high costs limit the consumer access and lead the deployment of low -quality milk in the market. In a letter to the Ministry of Industries and Production, PDA … Read more
The highest companies listed in Pakistan have a value of 1.22 trillion rupees in direct taxes during the 2024 calendar year, reflecting an increase of 2.2 % on an annual basis (YOY) and holding 23.6 % accountable of the total direct tax revenue in the country. According to a news report, the auto collection sector … Read more
Pakistan has informed the International Monetary Fund (IMF) that it will not impose additional taxes, but instead focuses on legal and administrative measures to fill the expected deficit in revenues. The government also presented a contradictory center on electricity pricing, and is seeking to obtain a general sales tax (GST) with a simultaneous proposal for … Read more
Parliamentary Secretary for Finance, Saad Waseem Sheikh, stated that the government has no plans to introduce additional taxes to cover a shortage of 386 billion rupees in tax collection. He stressed that efforts are underway to fulfill the goal of revenue for the current fiscal year. During the National Assembly questions, Mehreen Razak Bhutto has … Read more
Islamabad: The Pakistani Communications Authority (PTA) reminds international travelers who bring mobile devices to Pakistan to fulfill their tax obligations as required by the Federal Revenue Council (FBR) to register the device under identification of the device, registration and ban (DERBS). To facilitate international visitors, PTA provides a temporary registration option for short -term stays. … Read more
The salary category has emerged as the largest contributor to the income tax in Pakistan, with its payments increased by more than 300 % compared to exporters in the first half of the current fiscal year, according to a news report. Official data reveals that the Federal Revenue Council (FBR) collected 243 billion rupees of … Read more
The Federal Board of Revenue (FBR) has granted overseas Pakistanis exemptions from high tax rates under Sections 236C and 236K of the Income Tax Act, 2001, even if they are not on the Active Taxpayers List (ATL). As per the latest FBR notification, non-resident Pakistanis holding Pakistani Origin Cards (POC) or National Identity Cards for … Read more
In an important revelation, Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langreal, revealed that the top 5% of income earners in Pakistan have outstanding tax liabilities amounting to Rs 1.6 trillion. Speaking at a press conference alongside Finance Minister Senator Muhammad Aurangzeb and Minister of State for Finance Ali Parvez Malik, Langreal … Read more
Prime Minister Muhammad Shehbaz Sharif has directed the authorities to bring tax defaulters into the tax net and impose strict action against non-compliance. These directives were issued during a major review meeting focused on enhancing revenue collection, according to a press release issued by the Ministry of Information, Radio and Television. At the meeting, officials … Read more