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
Auto financing in Pakistan fell to PKR 234.64 billion in November 2024, registering a decline of 0.53% month-on-month from PKR 235.88 billion recorded in October 2024, according to data released by the State Bank of Pakistan (SBP). On a yearly basis, the decline was more pronounced, with funding declining by 8.72% compared to PKR 257.05 … Read more
Banks disbursed Rs 2.2 trillion to the non-government sector, including the private sector and NBFCs, during the first five months of FY25, as they aimed to meet their advance-to-deposit ratio (ADR). The goal set by the government. Under the 2024-25 budget, banks that fail to raise the daily access rate to 50% by December 31 … Read more
Pakistani banks are adding new fees on some savings accounts to discourage deposit inflows, as they seek to boost their loan-to-deposit ratio to avoid a punitive tax from the government. Meezan Bank Limited, the country’s largest bank by profit, said in an email to its customers that it would impose a 5% monthly fee on … Read more
IslamabadFinance Minister Muhammad Aurangzeb announced on Sunday that Prime Minister Shehbaz Sharif will soon unveil a new economic roadmap, stressing that the government will not impose new taxes to address any revenue shortfall. Speaking at a press conference in Islamabad, Aurangzeb highlighted positive trends in key economic indicators, including an increase in foreign exchange reserves, … Read more
A policeman walks in front of the Federal Board of Revenue (FBR) office building in Islamabad, on August 29, 2018. — Reuters FTO finds blatant case of organized tax fraud Fake transactions worth Rs 84 billion were made. Taxes worth Rs 14 billion were evaded in just a few months. ISLAMABAD: A glaring example of … Read more