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Articles for tag: collection, exceeded, high speed diesel, HSD, levy, Oil, target

June 5, 2024

News Desk

Oil levy collection target exceeded

KARACHI: The government has collected more than Rs900 billion in oil development levy on the sale of petroleum products, surpassing the full-year collection target of Rs869 billion in 11 months of the current financial year. As demand for petroleum products surged to a nine-month high of 1.4 million tonnes in May 2024 on the back of lower prices, total consumption reached 13.8 million tonnes in July-May 2023-2024, according to Topline Research. Topline Research analyst Myesha Sohail said tax collection through PDL touched Rs 907 billion in 11 months of FY24, adding that “the government could realize Rs 990 billion to

May 22, 2024

News Desk

Tax sectors with highest share of GDP: OICCI

LAHORE: Major foreign investors, in their tax proposals for the upcoming budget for the financial year 2024-25, have asked the federal government to consider taxing untapped sectors that have high potential and a huge share in the gross domestic product (GDP). These sectors include real estate, undocumented unincorporated businesses, transportation and construction businesses, which enjoy the advantage of not being properly taxed. The Overseas Investors Chamber of Commerce and Industry (OICCI) clarified that broadly there were two types of real estate – agricultural and non-agricultural property. First, the details of both types of properties should be obtained from the Federal

March 1, 2024

News Desk

FBR fails to meet tax collection target for February

FBR claims to have achieved tax collection target for the first eight months (July-February) of the current financial year This image released on March 3, 2022, shows the FBR building. — Facebook/Federal Board of Revenue FBR misses target for second consecutive month. It says the tax collection target for the first 8 months of FY24 has been achieved. FBR now has to collect taxes of Rs 3.586 billion in March-June. Islamabad: The caretaker government’s claims of improving the fiscal side have been exposed as the Federal Board of Revenue (FBR) faced a revenue shortfall of Rs 33 billion in February

December 30, 2023

News Desk

The IMF’s tax collection target was exceeded

Islamabad: Pakistan has met one of the International Monetary Fund’s (IMF) key conditions for its latest $1.2 billion loan tranche by collecting over Rs 4.44 trillion in taxes in the first half of this fiscal year. The tax authorities have also decided to start disconnecting utility and mobile phone connections of non-filers of income tax returns from next month, aiming to strengthen the tax base to more than six million people this fiscal year. The IMF had set an indicative tax collection target of 4.425 trillion for the July-December period of the current financial year. They are among 1.5 dozen

December 8, 2023

News Desk

Karan Johar launches lipstick collection

Renowned director and producer Karan Johar recently teamed up with beauty brand MyGlamm to unveil the much-anticipated MyGlamm POUT collection, marking an exciting convergence of cinema and beauty. This innovative collection introduces a stunning range of pigmented, full-bodied lipsticks that promise to redefine the standards of lip care, giving users instant plump and glossy lips. At the core of this groundbreaking collection is the #WhenInDoubtPout campaign, a bold initiative that seeks to challenge traditional beauty norms. The campaign encourages individuals to embrace moments of uncertainty with confidence, turning “when in doubt, fig” into a powerful mantra to celebrate inner beauty

November 24, 2023

News Desk

Britain wins the inaugural World Cup for waste collection in Japan

The UK took the win by accumulating 9,046.1 points and picking up 57.27 kg (126.26 lb) of rubbish Members of the United Kingdom team pose with their victory trophy at an award ceremony during a litter-picking competition known as the ‘Spogomi World Cup’ in Tokyo, Japan, November 22, 2023. —Reuters At Tokyo’s inaugural SpoGomi (litter pick-up) World Cup, dedicated to tackling environmental concerns, Britain emerged victorious out of 21 global teams taking part in a litter-picking initiative. Teams, hailing from countries such as Australia and Brazil, took on a 90-minute challenge to pick up litter on the streets of Shibuya

October 30, 2023

News Desk

FBR collection higher than IMF target for Q1: Shamshad

Caretaker Finance Minister Shamshad Akhtar addresses a press conference on September 9, 2023. — APP We are on track for the IMF programme, says Dr Shamshad. The IMF will arrive early next month for a review, he adds. The minister hopes to receive more funds after the review. KARACHI: Caretaker Finance Minister Dr Shamshad Akhtar shared that the tax collection target of the Federal Board of Revenue (FBR) was higher than that set by the International Monetary Fund (IMF) for the first quarter of the current financial year, he said The news on Sunday. Addressing the Korangi Association of Trade

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