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Pakistan’s tax gap exceeds Rs 7 trillion, says FBR chief

Finance Minister Muhammd Aurangzeb (left) attends a press conference along with FBR Chairman Rashid Mahmood Langrial in Islamabad on December 26, 2024. — Screengrab via Geo News ISLAMABAD: Amid strenuous efforts by Prime Minister Shehbaz Sharif’s government to expand the tax net and increase revenue generation, Federal Bureau of Revenue (FBR) Chairman Rashid Mahmood Langrial revealed that the country is facing a huge tax gap of 7.1 trillion of Rs. Addressing a press conference in Islamabad on Thursday, the FBR chief said the income tax loophole stood at Rs 2.4 trillion. Highlighting the reforms in the tax sector, Langrial revealed

August 1, 2024

FBR exceeds Rs656b target

Islamabad: The Federal Board of Revenue (FBR) started the new financial year on a high note, surpassing the first monthly target of Rs 656 billion, despite the daunting challenge of collecting due taxes from traders who paid only Rs 1,500 income tax under the new regime. the first month. Compared to the monthly target of Rs 656 billion, the FBR collected Rs 659.5 billion, achieving a growth rate of just under 22%. To meet the mammoth annual tax target of nearly Rs 13 trillion, the FBR needs to post a growth rate of 40% this financial year. According to an

July 11, 2024

Lifestyle

The world population exceeds 8 billion as the aging trend accelerates

The global population aged 65 and over has almost doubled to 10.3%, and this trend is expected to continue. The world population, which continues to grow at different rates in different regions, has already exceeded 8 billion people. According to the United Nations Population Fund (UNFPA) ‘State of the World Population Report 2024’, global population dynamics reveal significant changes in regional growth patterns, population density and urbanization rates. As populations age globally, Europe, North America and parts of Asia are seeing increasing proportions of elderly people, posing challenges to healthcare, pension schemes and labor dynamics. Following the acceptance of a

June 24, 2024

Hajj death toll exceeds 1,300, mostly unregistered pilgrims

Members of the medical team evacuate a Hajj pilgrim affected by extreme heat at the base of Mount Arafat during the annual Hajj pilgrimage on June 15, 2024. — AFP Saudi Arabia announced on Sunday that the death toll of Hajj pilgrims has exceeded 1,300 as they made the pilgrimage in extreme heat and most of the dead did not have official permits. “Unfortunately, the death toll reached 1,301, with 83% not having permission to perform Hajj and having walked long distances in direct sunlight, without adequate shelter or comfort,” Saudi Press Agency mentionted. The dead pilgrims were from more

March 26, 2024

Donald Trump’s net worth exceeds $6 billion. makes Bloomberg’s 500 richest list

Donald Trump has become one of the richest people in the world after a recent merger between Trump Media and Technology Group and Digital World Acquisition Corp. Donald Trump has recently found himself caught in the middle of legal sanctions and operating losses at his businesses as his presidential campaign faces a cash crunch. But instead of seeing a decline in his wealth amid these challenges, Trump became richer than ever on Monday afternoon. CNBC mentionted. As he attended his sentencing in the fraud case in New York on Monday, Trump’s net worth rose more than $4 billion to about

February 1, 2024

The debt exceeds the legal limit by 14.5 trillion

Islamabad: An official document reveals that the federal government is carrying a debt of Rs 14.5 trillion above the statutory limit set by Parliament, failing to implement its debt management strategy. The skewed 2024 Debt Policy Statement from the Treasury reveals that during the 2022-23 financial year, the federal government breached the Fiscal Responsibility and Debt Limitation Act and failed to implement the Medium-Term Debt Management Strategy. The Ministry of Finance is legally required to produce this statement annually, but amid a rapid deterioration in the country’s debt situation, critical information is being omitted from the report, putting transparency at

December 1, 2023

FBR Exceeds Fiscal Target, Avoids Mini Budget

Islamabad: The Federal Board of Revenue (FBR) has surpassed its revenue collection target for the fifth consecutive month, raising nearly Rs 3.5 trillion, staying on track to meet the target set by the International Monetary Fund (IMF) and avoiding the need for a mini-budget. The tax authorities have collected Rs 34 billion more than the target set for the July-November period of the current financial year due to extremely healthy growth in direct taxes. It was the fifth consecutive month that the FBR exceeded its monthly target, although the target was steeper in November. The increase in revenue collection was

November 20, 2023

Israel expands operation in Gaza as death toll exceeds 13,000

GAUZE: Israeli troops “expanded” their operation in the Gaza Strip on Monday as Qatari mediators said they were nearing a deal to free some of the 240 hostages held by Hamas militants. The Palestinian health authority says the death toll from Israeli airstrikes and ground operations in Gaza has reached 13,000, thousands of them children. Israel warned residents of Gaza’s largest Jabalia refugee camp and a nearby coastal camp to evacuate as the army said Sunday it was “expanding its operational activities to additional neighborhoods… of the Gaza Strip.” Hamas repeated the well-known act of installing “insurgent cargo” on an

November 6, 2023