The Lahore Chamber of Commerce and Industry (LCCI) has endorsed the government’s initiative to address large-scale tax evasion, announced by Finance Minister Muhammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Langrial during a recent press conference.
They held Read More...
The Federal Board of Revenue (FBR) has updated the process for granting and renewing customs agents’ licenses, focusing on a competitive selection process and stricter compliance standards. These changes were introduced through an amendment to the Customs Rules, 2001, notified via SRO.2071 on Read More...
Pakistan’s foreign exchange reserves dropped by $261.2 million (1.57%) week-on-week (WoW), totaling $16.37 billion for the week ending December 20, 2024. The decline was mainly due to a significant reduction in reserves held by the State Bank of Pakistan (SBP).
Data released by the SBP Read More...
The Federal Board of Revenue (FBR) has extended tax exemptions under Sections 236C and 236K of the Income Tax Ordinance, 2001, to overseas Pakistanis not included in the Active Taxpayers List (ATL).
As per a recent FBR notification, non-resident Pakistanis holding Pakistan Origin Cards Read More...
A Senate committee on Thursday approved a proposed law mandating the closure of bank accounts for non-filers with balances exceeding Rs1 million and requiring even filers to justify the source of funds for purchasing property or vehicles.
The Senate Standing Committee on Finance Read More...
Finance Minister Muhammad Aurangzeb on Thursday outlined the government’s plan to digitize the Federal Board of Revenue (FBR) to bring high net worth individuals (HNWIs) into the tax net.
So far, the FBR has issued tax notices to 186,000 HNWIs who possess significant assets, income, and Read More...
In a shocking revelation, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial disclosed that the top 5% of earners in Pakistan have evaded taxes amounting to Rs1.6 trillion. He shared these figures during a press conference on Thursday, alongside Finance Minister Senator Muhammad Read More...
Pakistan exports surged by 12.57% during the first five months of the fiscal year 2024-25 (July to November), reaching $13.69 billion, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. This marks a notable increase compared to $12.16 billion recorded in the Read More...
The Federal Board of Revenue (FBR) has introduced a significant policy change, requiring the Customs Department to conduct forensic laboratory tests through reputable forensic labs before auctioning confiscated vehicles. This move aims to enhance transparency in the auction process and ensure Read More...
The Federal Board of Revenue (FBR) has announced an extension of tax exemptions for overseas Pakistanis involved in property transactions, reaffirming its commitment to facilitating expatriates.
To streamline the process, the FBR has directed tax offices to ensure smooth implementation of Read More...
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