Articles for tag: duty, economic distress pakistan, Federal Board of Revenue (FBR), federal excise tax, fiscal, fiscal deficit, fiscal framework, Government, government revenue, IMF Program for Pakistan, IMFs, income tax rate, International Monetary Fund (IMF), Mini Budget, misses, new taxes pakistan, Pakistan's economic challenges, Rashid Langreal, sales tax Pakistan, Shehbaz Sharif, target, Tax collection in Pakistan, tax goals, tax policy pakistan, tax revenue shortfall

August 31, 2024

Islamabad: In a major setback, the government missed its two-month tax collection target by a wide margin of Rs 111 billion, despite imposing a record Rs 1.8 trillion in new taxes in the budget – exacerbating economic hardship for citizens. This shortfall casts serious doubt on the credibility of the national budget and the feasibility of the $7 billion International Monetary Fund (IMF) program, which now appears irrelevant even before its approval by the IMF’s executive board. According to provisional data, the Federal Board of Revenue (FBR) managed to collect only Rs 1.441 trillion till the end of August, compared

June 11, 2024

News Desk

Business

More than 42% of cigarettes sold are illegal, according to research

Islamabad: Illicit cigarettes are flooding markets in Pakistan, with a shocking 42.4 percent of all cigarettes sold illegally, a research report has revealed. This startling revelation comes from a recent report by think tank FFO, which investigated the illegal cigarette trade in four districts of Punjab. The report, based on research carried out last month, highlights a worrying trend. Since 2019, the illegal cigarette trade has increased by 171 percent. In 2019, the market share of illegal cigarettes was 15.66 percent, showing a dramatic increase in just a few years. Evidence of this illicit trade was found in various areas

May 26, 2024

News Desk

Business

55% of the capacity of the large sectors could not be identified

Islamabad: In a startling revelation, the Federal Board of Revenue (FBR) had no idea about 55% of production lines in four industries that were prone to tax evasion at the time of awarding a multi-billion rupee contract three years ago, according to a survey it conducted the contractor after winning the contract. The government had awarded a Rs25 billion contract to Authentix Inc to monitor the production of about 290 lines of cement, fertilizers, sugar and tobacco. After winning the contract, the company found that there were about 649 production lines, according to people who conducted the survey and saw

The government misses the IMF’s fiscal target

More than 42% of cigarettes sold are illegal, according to research

55% of the capacity of the large sectors could not be identified

Asif Khaliq drives blue-eyed Chaiwala Arshad Khan’s London success

Munir and Naqvi Join Makkah Pact Talks in Tehran

Iran Says the Border Is Open as Pakistan Ships LPG by Sea