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Articles for tag: anti, arrest, benami, bodies, evaders, FBR, Tax

November 11, 2023

News Desk

FBR anti benami, benami bodies cannot arrest tax evaders

View of Federal Board of Revenue headquarters in Islamabad. — FBR Commercial banks are the biggest obstacle in connecting both databases. BAA received a total of 81 reports from Benami Zones. 59 cases of benami assets involve an amount of Rs 13.71 billion. ISLAMABAD: The Anti-Benami Initiative (ABI) and the Benami Adjudicating Authority (BAA) of the Federal Board of Revenue (FBR) are said to remain paralyzed without being able to arrest tax evaders in the country, most of whom belong to the top 1% of those with 22% capital in Pakistan, The news mentionted. The two bodies, the report said

November 10, 2023

News Desk

The government will impose a heavy tax on retailers

Islamabad: Pakistan has informed the International Monetary Fund (IMF) that it plans to impose an indicative income tax on retailers with the aim of raising their contribution from Rs100 billion to Rs200 billion annually. Tax authorities have shared broader outlines of the proposal with the IMF, which the caretaker government wants to implement with effect from January next year, according to government sources. No specific collection amount has been sharedthe IMF, but the assessment shows that about an additional Rs 9 to 20 billion a month can be collected from retailers through a flat tax on shops, they said. The

November 9, 2023

News Desk

IMF wants Pakistan to tax agriculture, real estate and retail sectors

Image showing the exterior of the International Monetary Fund building. — Reuters Joint tax collection plan with global lender team. Both sides identified potential areas to bridge funding gaps. The IMF is looking for a timetable to bring the agricultural sector into the tax net. ISLAMABAD: The International Monetary Fund (IMF) has urged Pakistani authorities to bring the agriculture, real estate and retail sectors into the tax net during an ongoing review of the $3 billion stand-by arrangement (SBA). Geo News he learned on Thursday. According to Federal Board of Revenue (FBR) sources, the tax collection plan has been shared

November 7, 2023

News Desk

Illicit trade costs Pakistan Rs 8 trillion annually in tax losses

Pakistan suffers from one of the highest illicit trade in Asia amounting to 20% of the official economy. — AFP/File With the country struggling with dire economic conditions, it has been revealed that illegal trade costs Pakistan Rs 8 trillion every year, further exacerbating the prevailing economic crisis. According to the Pakistan Business Council (PBC), Pakistan has “one of the highest” illicit trade in Asia, amounting to $68 billion or 20% of the official economy, which is also equivalent to 85% of the tax revenue target for the 24th financial year. . The forum warned that the existing illegal trade

November 5, 2023

News Desk

FBR warns IMF on Rs 9.4 trillion tax target

Islamabad: Pakistan shared a plan with the International Monetary Fund (IMF) on Friday to increase the number of income tax returns to 6.5 million by June next year, but warned the lender of potential risks to the 9.4 trillion target Rs from a stronger rupee combined. with low imports. The tax authorities briefed the visiting IMF team on the revenue performance in the first four months of the current fiscal year and the prospects for meeting the annual target for the rest of the period, according to government sources. They added that the IMF has been informed that the Federal

November 1, 2023

News Desk

FBR beats target, collects Rs 2.75 tr in Jul-Oct

The Federal Board of Revenue (FBR) exceeded its revenue target for the fourth consecutive month by collecting Rs 2.75 trillion in July-October and decided to go after one million non-filers of tax returns after receiving a poor response from the People. While the FBR exceeded its July-October tax collection target by Rs 68 billion, it falls short of the total returns filed in the tax year 2022 by nearly two million, or 40% of the existing files. The FBR will not further extend the date for filing annual income tax returns, which ended on Tuesday, Malik Amjad Zubair Tiwana, Chairman,

February 19, 2023

Raja Furqan Ahmed

Pakistanis react to exorbitant prices of cigarettes

ISLAMABAD: The tobacco sector has been on the hit list for the government’s increasingly higher revenue collection needs, by paying higher taxes. According to the details, the fresh massive strike of around 153 per cent Federal Excise Duty (FED) rates on cigarettes is going to cause around a 250 per cent increase in the prices of cigarettes, produced by legitimate companies. Apart from the major hike in the prices of cigarettes, the supplementary finance bill, which was tabled in the parliament by finance minister Ishaq Dar, also suggests increasing the sales tax. That coupled with the excise duty is more likely

June 24, 2022

The Pakistan Daily

Govt decides to impose 10% “poverty alleviation tax” on large scale industries

ISLAMABAD: The government has decided to impose a ten per cent “poverty alleviation tax” on large-scale industries of the country. This was announced by Prime Minister Shehbaz Sharif in a video message after chairing a meeting of his economic team in Islamabad on Friday. The Prime Minister said teams will be formed to collect tax after the passage of budget bill. The industries on which 10 percent to be levied included automobiles, cigarette, cement, steel, sugar and LNG terminal. The premier took the nation into confidence over what he described as “tough” budget decisions. He said that the coalition government

November 3, 2021

Raja Furqan Ahmed

EU keen on strengthening trade ties with Pakistan: EU envoy

ISLAMABAD: European Union (EU) Ambassador to Pakistan Androulla Kaminara has said that the EU has some concerns regarding freedom of expression, forced disappearances and human rights issues in Pakistan. While speaking on Star News Pakistan programme Live With Sehar Kamran hosted by Senator Sehar Kamran, Ambassador of European Union to Pakistan Androulla Kaminara said that bilateral trade is the mandate of the European Union (EU) and not the member states. Member states of the EU cannot draft the bilateral trade agreement. The Generalised Scheme of Preferences (GSP- Plus) status applies to all EU members and it allows exports to the 27

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