FBR accelerates tax recovery drive to plug Rs661 billion revenue deficit
During the first eleven months (July-May) of FY18, the tax regulator collected Rs3.274 trillion
FBR to propose SC for scrapping 12.5 percent WHT on Rs1,000 balance recharge
In case of this tax remaining suspended in its entirety for the next financial year 2018-19, the overall accumulated losses in terms of revenue across Pakistan would jump to Rs123 billion
Cellular providers to give 100 percent credit on credit recharge for 15 days
As per the SC directives, this relief will last for 15 days after which the FBR and cellular companies would submit a mechanism to the apex court for collecting taxes via mobile phone top-up cards
SC informed defective laws are hindering tracing of foreign bank accounts
The DG FIA informed the court Pakistani citizens had invested 4,240 billion UAE dirham in the Gulf nation
Mobile phone card tax suspension could cause Rs123 billion loss to national exchequer
Before the apex court decision, provinces were collecting around 19.5 percent tax on a prepaid phone card, so their revenue collection losses would touch Rs75 billion annually
Amnesty scheme attracts 1000 tax returns since being unveiled
The success of the tax amnesty scheme is contingent on the Supreme Court’s decision and it was expected the hearing of the case would commence in its Lahore registry on Monday
Insafian vs Nooni: The choice before the voters
How the major national parties stack up on matters of economic policy
ICCI demands exemption from tax inquiry of selected cases
Muhammad Naveed Malik said that in the Budget 2018-19, the outgoing government had extended the threshold for income tax up to Rs.1.2 million due to which almost 80 per cent of small taxpayers would go below the tax level in the next financial year.
Property tax collection plunged 20 percent in July-April FY18
Punjab’s property tax collection fell 31.62 percent, to touch Rs2.66 billion in first ten months of FY18, compared to Rs3.88 billion in the same period of FY17
FBR seeks clearance of SC regarding tax amnesty scheme
The top brass of the FBR said no move would be initiated regarding the tax amnesty scheme till the Supreme Court (SC) would provide them clear directives on the subject
Remittances could be dented due to investment restrictions
As per market players, this stipulation announced in the budget for FY19 and set to apply from the 1st of July has hampered the flow of billions of dollars in investments in the realty sector
Automatic sharing of information with OECD to commence from September
Fifty-six countries have expressed willingness and officially issued a requisite requirement for automatic exchange of information with Pakistan
FBR collected Rs3.274 trillion in taxes during July-May FY18
During the five-year tenure of PML-N, the revenue collection almost doubled from Rs1.946 trillion when it took power in June 2013
Govt approves removal of Neelum-Jhelum surcharge from COD date
The outgoing government gave go-ahead to exemption from income tax on profits and gains of prevailing businesses carried out by people in Fata and Pata for next five years
Tax revenues rose 106 percent during PML-N’s five-year tenure
Corporate tax rates decreased from 35 percent to 30 percent in last five years and it is slated to fall further to 25 percent by the tax year 2023