Govt jacks up property valuation rates by average 20%
This step will allow the government to rake an additional Rs5 billion in tax revenues in the last five months (Jan-Jun) of the current financial year 2018-19
Revenue collection again misses the mark, falls short by Rs187 billion
The net increase against the corresponding period of FY18 was only Rs69 billion or 3.5%.
Fiscal deficit grew 18.62% in first quarter of FY19: SBP
According to the report, this was attributable to a sharp increase in current spending mainly debt servicing and defence, which nullified a marginal gain in the revenue collection
FBR launches mechanism for paying duties and taxes online for unregistered mobile phones
However, sellers of mobile phones would be required to pay duties and taxes too and fines for for their registration according to the adjudication mechanism
Economy steering towards stabilization: Hammad Azhar
The State Minister for Revenue said revenue shortfall could not cause a slowdown in the economy
FBR forwards notices to schools for tax evasion: Report
The audit was commenced after information was received that the schools were retaining multiple accounts besides those officially declared for the hiding of receipts and income
Directorate general of transfer pricing set to be disbanded
The Directorate was unable to appoint its director general and other staff and consequently, entities refused to share a country-by-country record of their businesses with the tax regulator
Domestic security improvements will spur business & investment activity in Pakistan: Fitch
The gross financing requirements remain high, notwithstanding a fall in current account deficit as sovereign debt service will grow to $7-9 billion a year over the next three years, said Fitch Ratings
Finance minister sees financial assistance from China within next few days
Rejecting the impression of imposing new taxes worth Rs12 billion, given by a media outlet, Asad Umar categorically denied that any new tax was introduced in the supplementary budget
Govt could scrap regulatory duties on 150 items in mini-budget: Report
The government is going to provide an exemption of income tax for the banking sector on providing loans for low-cost housing in the country via the upcoming supplementary finance bill
FBR resolved 20% of total tax evasion and fraud cases involving billion of rupees in 2018
The Director-General Intelligence and Investigation-Inland Revenue department has unearthed tax evasion worth Rs170 billion throughout Pakistan last year
Raid on car showroom in Karachi unearths major case of tax fraud
A team of senior income tax officers has been set up to commence an operation against tax evaders and Thursday’s raid was the start, according to Chief Commissioner Corporate Regional Tax Office, FBR, Karachi
Govt considering to scrap provision of automatic selection for audit of late filers
This is part of efforts to widen the tax net and officials at the tax regulator stated the government might revise the provision to include names of late filers of income tax returns in the Active Taxpayers List (ATL)
Import duties on mobile phones raised by 15%: Report
Also, a stipulation of Type Approval has also been enforced on the import of used mobile phones and according to KEDA President Muhammad Rizwan, this could result in government raising prices by as much as Rs20,000
Govt willing to scrap 0.02% advance tax on sale & purchase of shares
According to a Finance Ministry summary, it has recommended that Section 65C of the Income Tax Ordinance (ITO) permits incentives for listing by entities via tax credits and this can be further augmented to urge new listings