The Supreme Court’s five-member constitutional bench on Wednesday adjourned the hearing of petitions challenging the super tax till Friday. The bench, headed by Justice Amin-ud-Din Khan, comprised Justice Jamal Khan Mandokhail, Justice Muhammad Ali Mazhar, Justice Ayesha Malik and Justice Hasan Azhar Rizvi. At the outset, Advocate Farogh Naseem concluded his arguments on behalf of […]
Tax
Tax authorities seal three outlets on PoS violation
Federal Board of Revenue’s Regional Tax Office-1 (RTO-1) Karachi, while carrying out action against PoS violations in Saddar area on Wednesday, sealed three outlets of two different brands. The RTO-1 carried out the action under the rule 150 ZEO of Sales Tax Rules 2006 as the receipts issued by the sealed outlet were not integrated […]
PM directs steps to broaden tax net, tech use to prevent evasion
Prime Minister Shehbaz Sharif on Tuesday called for measures to broaden the tax net, directing the authorities to take strict action against individuals and sectors involved in tax evasion. The Federal Board of Revenue (FBR) missed its collection target by nearly Rs831 billion in the first 10 months of the current fiscal year, mainly due […]
KP Governmennt announces two-year exemption on mountaineering tax
The Khyber Pakhtunkhwa government has announced a two-year exemption on mountaineering tax to promote adventure tourism and mountaineering in the province. According to the Director General of the Tourism Authority, the tax exemption applies specifically to peaks in the Hindukush mountain range. The decision coincides with the 75th anniversary of the first successful summit of […]
Govt considers withholding tax removal on raw materials
The federal government is likely to announce substantial tax improvements in the upcoming Budget 2025, which includes the withholding tax removal on raw materials to help the industrial and construction sectors. Prime Minister Shehbaz Sharif has directed officials to have recommendations from the industry personnel to base relief measures on. According to the sources, withholding […]
IMF approves 2% cut in withholding tax on property purchases
The International Monetary Fund (IMF) has agreed to reduce the withholding tax (WHT) on property purchases by 2%, effective from April 2025. This decision comes after a request by Pakistan’s Federal Board of Revenue (FBR) to lower transaction costs in the real estate sector. However, the IMF has decided not to cut taxes for property […]
France plans to close tax loophole benefiting AirBnB
PARIS, June 9 (Reuters) – France’s finance ministry is working on plans to close a tax loophole benefiting short-term furnished rentals such as AirBnB (ABNB.O), Finance Minister Bruno Le Maire said on Friday. Many big French cities are facing housing shortages and renting flats to tourists on platforms such as AirBnB is often blamed for reducing […]
SBP directs banks to remain open on April 29, 30 to facilitate taxpayers
The State Bank of Pakistan (SBP), on the request of the Federal Board of Revenue (FBR), has directed banks to keep all authorised branches open on April 29 and 30 and extend working hours to facilitate tax collection. In a statement issued Wednesday, the SBP said that all those bank branches that regularly remain open […]
UK govt: no spending cuts, no reverse on tax cuts
UK govt said on Wednesday it would not reverse its vast tax cuts or reduce public spending as it sought to stand firm in the face of yet more turmoil in financial markets and concerns over its change in economic policy. British financial markets have been under strain since last month when finance minister Kwasi […]
Govt to shift advance tax load to upper class: Miftah
ISLAMABAD: Minister for Finance and Revenue Miftah Ismail on Friday said the federal government had proposed to increase advance tax on 1600 cc and above vehicles under policy of shifting tax load to upper class. In his budget 2022-23 speech in the National Assembly, he said in case of purchasing an electric vehicle the buyers […]