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Senate halts FBR’s plan to purchase 1,010 vehicles worth Rs6 billion

The Senate’s Finance Committee has directed the Federal Board of Revenue (FBR) to halt its plan to purchase over 1,000 vehicles worth Rs6 billion. The decision was made during a meeting chaired by Senator Saleem Mandviwala, where committee members raised concerns over the FBR’s proposal to buy vehicles for its field staff despite a significant tax shortfall. FBR officials explained that the vehicles were intended to improve revenue collection by enabling field officers to carry out their duties more effectively. Senator Saleem Mandviwala questioned whether field officers used to travel by bicycle and called for the suspension of the vehicle

January 17, 2025

PM Shehbaz for action on tax revenue cases to ensure timely resolution

Prime Minister Muhammad Shehbaz Sharif has directed authorities to expedite legal steps being taken by Federal Board of Revenue to ensure early conclusion of the under trial cases of tax revenues. Chairing a review meeting in Islamabad the Prime Minister instructed to hire services of the reputed lawyers to represent FBR in the cases of tax revenues. He also directed the forensic audit of cases related to tax matters. The Prime Minister said Shehbaz committed that the officers who are found to be involved in making cases on weak or false grounds will be awarded punishment. He however, he said

October 1, 2024

PM Shehbaz’s address becomes most viewed at UN official channel

The United Nations’ Center for Public Opinion Research has released new statistics, revealing that Prime Minister Shehbaz Sharif’s speech at the UN General Assembly has become the most-watched address on the UN’s official YouTube channel. Shehbaz Sharif is now the most viewed global leader from the latest UN General Assembly session, surpassing several other world leaders. According to the details, Mr Sharif’s address garnered more views than that of U.S. President Joe Biden, whose speech was watched 101,000 times. Chinese Foreign Minister Wang Yi’s speech received 81,000 views, Turkish President Recep Tayyip Erdogan’s address was viewed 51,000 times, and Indian

October 1, 2024

FBR extends date for filing of income tax returns till 14th October

ISLAMABAD: The Federal Board of Revenue (FBR) has finally extended last date for filing of income tax returns up to October 14, 2024. According to an income tax circular number 2 of 2024 issued late night Monday, in exercise of powers conferred under Section 214A of the Income Tax Ordinance 2001, the Federal Board of Revenue is pleased to communicate that the date of filing of Income Tax return for the Tax Year (TY) 2024, for the persons who are required to file their returns by September 30, 2024 is hereby extended up to October 14, 2024 in view of

September 12, 2024

State Bank of Pakistan cuts policy rates by 200 BPS amid fall in inflation

The State Bank of Pakistan (SBP) cut its policy rate by 200 basis points to 17.5 percent on Thursday as gauge and core inflation fell more than expected over the past two months. The rate cut will take effect from September 13, 2024. The SBP’s Monetary Policy Committee (MPC) attributed this decision to the fall in global oil and food prices and the delay in the expected hike in administrative energy prices. The central bank, however, warned of potential risks linked to global economic instability and domestic energy adjustments, urging a cautious approach to future monetary policies. Inflation eased to

September 10, 2024

The government is struggling to expand the tax base as the illegal trade grows

LAHORE: The government of Pakistan faces significant challenges in expanding its tax base while combating the rise of smuggling and illicit trade, both of which could generate critical revenue for the national economy. Efforts to bring more traders into the tax net have met with limited success, underscoring the complexity of the issue. Earlier this year, the Federal Board of Revenue (FBR) launched the Tajir Dost Scheme (TDS) to bring more traders into the formal tax system. The initiative, which was launched on April 1, targets 3.2 million merchants in 42 cities, including major urban centers such as Karachi, Lahore

September 5, 2024

The PIA tender is likely to be completed in a month

KARACHI: The government has imposed conditions on the potential buyer of state-run Pakistan International Airlines (PIA), barring the investor from reselling the company for the first three years after its takeover and requiring it to induct 20 aircraft into the fleet. Speaking to The Express Tribune, Arif Habib, Chairman of Arif Habib Corporation, one of the default bidders for the airline, said the government’s business plan after the privatization of PIA showed that the buyer could not resell it for at least three years . Earlier, while discussing the business plan with a group of reporters, Habib said the new

August 29, 2024

Merchants are exempt from providing asset, account details

Islamabad: The government on Wednesday issued a simple bilingual tax return form for traders and exempted them from providing details of assets and bank accounts, as it launched consultations to give them more concessions after a nationwide strike by traders. The Federal Board of Revenue (FBR) has released a three-page draft income tax return for the tax year 2024 onwards for those traders who had not filed in the previous year. The form will be finalized after seven days. The return form still contains 34 questions, but these are general in nature and do not require specific details about assets

April 9, 2021

Raja Furqan Ahmed