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 […]
Tax
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 […]
Miftah proposes full tax exemption for charity hospitals
ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail on Friday said that the government has planned to give complete tax exemption to charity hospitals. In a budget speech in the Parliament, the minister said that many charity hospitals were playing an effective role in the provision of health services to the citizens in the […]
Govt urged for withdrawing sales tax on hybrid seeds
Pakistan Hi-Tech Hybrid Seed Association (PHHSA) on Tuesday urged the government to withdraw 17pc sales tax on hybrid seeds for boosting agriculture production in the country in order to ensure food safety and security by increasing per-acre output of all major and minor crops. This was stated by Chairman PHHSA, Shahzad Ali Malik, talking […]
Excise generates Rs13.5b tax during ongoing year
Excise and Taxation department, Islamabad had collected over Rs13.5b revenue during the ongoing fiscal year, generating 4b rupees more than the previous year.” Another milestone in revenue collection achieved after bringing reforms in tax collection system”, said Director Excise Bilal Azam on Tuesday. Talking to APP, he said, the department had introduced new methods of […]
Govt urged to withdraw 17% ST on agriculture seeds
ISLAMABAD: Pakistan Hi-Tech Hybrid Seed Association Sunday demanded of the government immediate withdrawal of 17% Sales Tax on all kinds of agricultural seeds to avoid shifting of its burden on poor people besides fully protecting planned Chinese investment on “China Hybrid Agriculture Model and Transfer of Technology” under phase-II of CPEC. Presiding over Executive Committee […]
Revenue collection surges by 28.6pc to Rs4.858t in 10 months
The Federal Board of Revenue (FBR) collected net revenues of Rs4,858b during the first ten months of the current fiscal year (July-April 2021-22), showing growth of 28.6 percent over the collection of Rs3,778b during the corresponding period of last year. According to provisions figures shared by the board here on Saturday, the collection during July-April […]