The Federal Board of Revenue (FBR) has announced plans to outsource the audits of high-net-worth individuals and companies to identify tax evaders and increase revenue collection. The move comes as part of a larger strategy to address a significant tax gap in the country’s economy. According to a news report, the FBR aims to hire … Read more
A policeman walks past the Federal Board of Revenue (FBR) office building in Islamabad, Pakistan, on August 29, 2018. — Reuters FBR will hire audit firms for this purpose. Chairman to brief PM in coming few days. Top 5% wealthiest individuals to be audited. ISLAMABAD: In a bid to detect potential tax evaders, the Federal Board of Revenue … Read more
Director Randall Miller, who remains on probation for the fatal accident on the set of “Midnight Rider,” has scored $1.5 million in California state tax incentives to make his next independent feature. Miller and his team were granted the tax credit to make “Supercrip,” a story about a quadriplegic Uber driver whose life is changed … Read more
The government is preparing to introduce a mini-budget aimed at raising approximately Rs650 billion, primarily by intensifying efforts to combat tax evasion and increasing the General Sales Tax (GST) on properties, tractors, and other goods. According to a media report, the Federal Board of Revenue (FBR) is expected to implement these measures, though it remains … Read more
ATHENS: Greece outlined measures to boost its lagging birthrate on Thursday, from vouchers and childcare benefits to tax breaks for new parents, although experts questioned the plan’s effectiveness. Greece has one of Europe’s lowest fertility rates, a dire demographic state driven by a decade-long economic crisis, emigration and changed attitudes among the young. The prime minister has … Read more
A representational image showing the FBR logo. — FBR website/File FBR proposes Rs1m fine for incomplete, incorrect tax returns. Recommends policy changes for the incorrect tax documents. Third-party audit, use of AI proposed for increased transparency. ISLAMABAD: As the Prime Minister Shehbaz Sharif-led government aims to address its fiscal woes, the Federal Board of Revenue (FBR) … Read more
LAHORE: The government of Pakistan is facing significant challenges in widening its tax base while simultaneously combating the rise of smuggling and illicit trade, both of which could generate crucial revenue for the national economy. Efforts to bring more traders into the tax net have shown limited success, highlighting the complexity of the issue. Earlier … Read more
The Federal Board of Revenue (FBR) has reported a significant 71% increase in the number of tax return filers for the fiscal year 2023 (FY23), with an additional 2.2 million people filing, bringing the total to 5.3 million. The deadline for filing income tax returns for FY24 has been set for September 30, 2024. In FY23, … Read more
ISLAMABAD: Local prospective buyers of Pakistan International Airlines (PIA) have called on the government to extend the same investment protections afforded to foreign investors under an Act of Parliament. In addition, they have sought complete exemption from taxes related to air travel, fuel, and aircraft leasing, according to sources within the Privatisation Commission. During the … Read more
The Federal Board of Revenue (FBR) has suspended two tax officers for approving a multi-billion rupee tax refund to Gas & Oil Pakistan Ltd (GO), despite orders from the Finance Minister to release the funds. The refund aimed to resolve a bottleneck hindering an $80 million Saudi investment in the fuel pump operator. According to … Read more