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 […]
Tax
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 […]
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 […]