The International Monetary Fund (IMF) is considering reducing Pakistan’s tax collection target to below Rs12.5 trillion due to sluggish economic activity and a Rs606 billion shortfall in revenue. The final decision depends on the Finance Ministry’s ability to cut expenditures while maintaining a Rs1.2 trillion primary budget surplus, a key condition of the IMF program. […]
taxes
Taxes, social services, gender & equality
The United States government, through the U.S. Agency for International Development (USAID), today [June 24, 2021] launched the Women’s Economic Empowerment Activity (WEEA). This five-year initiative supports the Government of Pakistan’s efforts to promote women’s social and economic empowerment through safe and dignified access to income opportunities, information, resources, and services—For more information on USAID […]
Third-party and not FBR to conduct audit of tax evaders: Shaukat Tarin
ISLAMABAD: Finance Minister Shaukat Tarin on Friday said that a third-party audit will be carried out of the tax defaulters and that FBR would not harass anyone anymore. Speaking on the budget for FY2021-22 in the Senate, the finance minister while responding to Raza Rabbani’s indication towards the arrest of businessmen, said that this time […]
KP government reduces, rationalizes sales tax on 31 services
In another tax relief package, the Khyber Pakhtunkhwa government has proposed to reduce and rationalize sales tax on 31 different services in the province. According to the details issued by Khyber Pakhtunkhwa Revenue Authority (KPRA) here on Saturday, the sales tax on 10 different services have been brought down to only one percent for the […]
Tax evaders cause losses of Rs 2.70 billion to the national exchequer
As many as 236 tax evaders have caused a loss of Rs 2.70 billion to the national exchequer. The report of the Departmental Audit Committee of the Regional Tax Office of the Federal Board of Revenue has revealed that there is a list of 236 such persons in the four districts of Faisalabad Division, those […]
Bilawal rejects IMF’s demand for increase in income tax, says govt is robbing people
Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari rejected IMF’s demand to impose income tax worth Rs 150 billion on the salaried class. Declaring PTI as the most corrupt government in the country’s history, Chairman PPP said that the ruling government is successfully robbing the pockets of the people by raising taxes. He also said […]
Businessmen term budget positive, as no ‘new’ tax imposed on industry
ISLAMABAD/LAHORE: The Businessmen Panel of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Pakistan Industrial and Traders Association Front termed the federal budget as balanced and progressive, as no new tax was imposed on the industry while reducing rate of some of earlier duties and taxes. Addressing a press conference on […]
Govt without out of box ideas on widening tax base: experts
Government lacks a robust strategy for expanding the tax base, which could make the attainment of tax collection target for next year challenging, experts noted on Monday as they warned against overburdening the existing taxpayers. “The government does not appear to be having any out of the box ideas for expanding tax base,” analyst Hussain […]
FBR introduces online electronic hearing of tax audits, assessments cases
ISLAMABAD: The Fedral Board of Revenue (FBR) has Introduced online electronic hearing of tax audits and assessments cases. According to Press release issued here on Tuesday, the FBR has launched the software of electronic hearing of tax audit and assessment cases to facilitate the taxpayers. This has been done by enabling and functionalizing the e-Hearings […]
Reforms for growth and prosperity
“A comprehensive strategy has been formulated to shift the gears and move to higher economic growth. I do not believe in an increase in taxes to increase revenue collection but those outside the tax net would be tapped. The chances for any harassment by FBR officials shall be eliminated for which change in audit […]