tax News

Govt imposes new asset purchase restrictions for undeclared income

The government has imposed new restrictions on asset purchases for individuals who fail to declare sufficient income.

PAA urges reversal of unjustified WHT hike at FPCCI post-budget forum

A delegation from the Pakistan Advertisers Association (PAA) today represented the advertising and marketing communications sector at the Post-Budget Consultative Meeting on Tax Anomalies convened by the Federation of Pakistan Chambers of Commerce & Industry (FPCCI).

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Govt moves to tax online educators, digital academies

The federal government has greenlit a new taxation framework targeting private online educational platforms and independent digital instructors, as authorities ramp up efforts to formalize high-revenue sectors operating outside the tax net.

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Sindh overhauls sales tax structure on services

In a significant tax reform move, the Sindh Finance Bill 2025 proposes a complete structural shift

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Telecom operator faces Rs22bn tax after FBR ruling on tower deal

The telecom operator is now liable to pay approximately Rs22 billion ($78 million) in taxes on the gain from its transaction...

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Pakistan to tax digital economy for the first time

For the first time in Pakistan, the federal government has introduced a sweeping new tax regime targeting the digital economy

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Govt proposes strict penalties for tax fraud in budget FY26

The Federal budget FY2025- 26 proposes strict penalties for tax fraud, including fines of up to Rs10 million, imprisonment for up to 10 years, full tax recovery, and an additional penalty equal to 100% of the tax loss for any deliberate act or omission intended to cause such a loss...

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OICCI criticizes govt over corporate tax gaps in FY26 budget

The Overseas Investors Chamber of Commerce and Industry (OICCI) has expressed disappointment over the government’s limited progress in addressing the inequitable corporate tax rate in the recent budget...

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Govt unveils new tariff slabs of 5%, 10%, 15% in budget FY26

The federal government has introduced a revised tariff regime in the Budget 2025–26, featuring new slabs of 5%, 10%, and 15% while abolishing the earlier 3%, 11%, and 16% rates...

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Pakistan, US kick off reciprocal tariff discussions virtually

Pakistan’s formal negotiations on reciprocal tariffs with the US were initiated today through a telephonic/conference call between Muhammad Aurangzeb...

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Govt to shift tax burden from salaried class to undocumented sectors

The government is committed to shifting the tax burden away from the already compliant formal sector and salaried class towards segments of the economy that...

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FPCCI urges govt to review income tax amendment ordinance

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has demanded that the government review the Income Tax Amendment Ordinance...

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Govt moves to expand tax base, target evasion

To broaden the tax base and tackle evasion, Prime Minister Shehbaz Sharif has instructed authorities to take firm action against...

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FinMin calls for structural reforms in Pakistan's taxation system

This could be Pakistan’s last International Monetary Fund (IMF) programme, but only if structural reforms are implemented...

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Pakistan to review 18% tax on packaged milk to boost investment

The government is committed to addressing the challenges in the dairy sector, particularly by reviewing the impact of the 18% General Sales Tax (GST) on...

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Govt plans tax settlements to cover Rs605bn shortfall instead of mini-budget

The government has devised an alternative plan to cover the Rs605 billion revenue shortfall by settling tax cases currently under trial in courts instead of...

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Govt collects Rs23bn in windfall tax from 16 Banks

The government, by maintaining the windfall tax, has successfully collected Rs23 billion from 16 banks...

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IMAC hosts ADR training for tax dispute resolution

In an effort to enhance the understanding and application of ADR in tax governance, the International Mediation & Arbitration...

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Federal Cabinet approves establishment of TPO to drive economic reforms

The Federal Cabinet has approved the establishment of a Tax Policy Office (TPO) at the Ministry of Finance to build on the government's economic reform agenda..

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LTO Karachi seals Zelbury outlet over tax violations

The Large Taxpayers Office (LTO) Karachi has taken decisive action by sealing an outlet of Zelbury, a well-known online fashion shopping platform, for issuing..

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Karachi's LTO becomes highest tax contributor, collects Rs2.52tr

Karachi's Large Tax Office (LTO) collected over Rs2.52 trillion, maintaining its position as the highest tax contributor, according to the Federal Board of....

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New taxes to shrink Pakistan's economy by 0.3% in 2HFY25

Pakistan’s economy could face an output contraction of 0.3% in the second half of the fiscal year 2025 due to the implementation of new taxes totaling Rs900...

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FBR's Dec tax collection reaches Rs1.32tr, slightly below the target

Federal Board of Revenue (FBR) tax collection for December 2024 clocks in at Rs1.32 billion, achieving 97% of the monthly target...

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Pakistan aims to enhance tax reforms to reduce tax evasion, boost revenue

The government of Pakistan is taking serious measures to strengthen the economy by streamlining the tax system, eliminating tax evasion, boosting national....

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PM calls for strict action on tax defaulters, urges FBR digitization

Prime Minister Muhammad Shehbaz Sharif has directed authorities to bring tax defaulters into the tax net and take strict action against non-compliance...

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Govt focuses on fair taxation for manufacturing, salaried sectors

The government remains dedicated to increasing the country’s tax-to-GDP ratio...

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PBC calls for 2% withholding tax cut on exports

Pakistan Business Council (PBC) urged the government to reduce the withholding tax by 2% on export receipts for low-margin items and a review of the Export...

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FBR collects Rs237bn FED from cigarettes in FY24

The Federal Board of Revenue (FBR) has collected Rs237 billion as federal excise duty (FED) from cigarettes during the fiscal year 2023-24...

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Pakistan Tax-to-GDP ratio remains dangerously low

Pakistan’s Tax-to-Gross Domestic Product (GDP) ratio remained low in fiscal year 2023-24 compared to its development needs...

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Govt refutes claims of IMF rejecting tax target revision

The government has refused claims made by certain electronic media channels regarding the International Monetary Fund's (IMF) supposed rejection...

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FBR launches advance stock register system

FBR has launched an advanced Stock Register system via the Information Center 2.0 platform...

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FBR extends tax return deadline to Oct 31

The Federal Board of Revenue (FBR) has once again extended the deadline for filing Income Tax Returns from October 14 to October 31, 2024...

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IMF bailout brings pain to Pakistani households: Report

The finer print of the International Monetary Fund program, which included increasing taxes by a record 40%, has caused panic across Pakistan...

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ACT Alliance urges govt to fix tax tracking system

The ACT Alliance Pakistan on Tuesday praised the government’s efforts to boost tax revenue but urged immediate action to fix problems...

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Non-tax filers to face restriction on purchasing property, car: FM

Federal Minister for Finance, and Revenue Muhammad Aurangzeb on Tuesday said that non-tax filer will have to face restriction on purchasing property, vehicles..

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FBR extends tax return deadline to Oct 14 after initial denial

After denying media reports about an extension for filing tax returns for 2024, the Federal Board of Revenue (FBR) has finally extended the deadline from...

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FBR denies rumors of extension for tax filing

The Federal Board of Revenue (FBR) has refuted all media reports claiming an extension of the deadline for filing income tax returns for the tax year 2024...

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FM warns against overreliance on salaried class amid untaxed sectors

Pakistan’s government will need to continue tapping into its salaried class and manufacturing sector for tax revenue generation if untaxed or undertaxed...

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IMF stresses need for broadening tax base

The Executive Directors of the International Monetary Fund (IMF) welcomed government's steps taken toward a fairer tax system...

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Govt to abolish non-filers category

The government is planning to abolish the category of non-filers from the tax laws to increase its revenue and promote long-term economic growth...

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No extension on tax return deadline: FBR

The Federal Board of Revenue (FBR) will not extend the September 30, 2024, deadline for filing tax returns...

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FBR misses collection target for July-August

The Federal Board of Revenue (FBR) collected Rs1.456 trillion during the first two months of fiscal year 2024-25, falling short by Rs98bn against the target...

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FBR faces over Rs100bn revenue shortfall in August

The Federal Board of Revenue (FBR) is facing a revenue shortfall of over Rs100 billion for August, sources close to the matter revealed...

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Sales tax refund burden hits Rs85bn this financial year

The government’s burden of sales tax refund payments to exporters and companies has reached a staggering Rs85 billion, according to sources, causing...

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Senior officials overlooked in appointment of new FBR chairman

The appointment of Rashid Mahmood as the new chairman of the Federal Board of Revenue (FBR) has sparked controversy, as dozens of senior FBR officers...

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FBR collects Rs659bn tax revenue in July 2024

The Federal Board of Revenue (FBR) has successfully achieved the revenue target for July 2024 with a collection of Rs659.2 billion...

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FM pledges transition to normal tax regime on KCCI's request

In response to the Karachi Chamber of Commerce & Industry (KCCI)’s request to eliminate the Fixed Tax Regime, Finance Minister Muhammad Aurangzeb affirmed...

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Pakistan salaried class pay 9 times higher tax than in India: PBC

The salaried class in Pakistan is paying up to 9.4 times more tax than in India, according to Pakistan Business Council (PBC)...

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IMF-driven tax reforms to target large agricultural landowners: President

The government was planning to tax agricultural income as per the International Monetary Fund's conditions, however, the provincial governments...

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Milk in Karachi now costs more than Paris

Milk prices in Pakistan surged by more than a fifth after a new tax was applied, making the dairy staple more expensive than in France, Australia...

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NCCPL sets withholding tax of up to 25% on Ijarah Sukuk

The National Clearing Company of Pakistan Limited (NCCPL) has announced the applicable rates for withholding tax...

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PSX proposes 20% tax credit to boost IPO listings in FY25 budget

To encourage companies to engage in an IPO and list on the Exchange, the Pakistan Stock Exchange has proposed to the Ministry of Finance (MoF)...

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Govt achieves petroleum levy tax target for FY24

The government has achieved the petroleum levy tax collection target for the fiscal year 2023-2024 within the first eleven months...

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FBR unearths multi-billion rupee tax scams

FBR have unearthed a network of tax fraudsters who have caused a loss of billions of rupees to the National Exchequer...

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FBR surpasses May revenue target with Rs760bn collection

The Federal Board of Revenue (FBR) has successfully surpassed its revenue target for May in the fiscal year 2023-24 by collecting Rs760 billion...

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OICCI raises alarm over BAT's investment withdrawal threat amid tax hike

The Overseas Investors Chamber of Commerce and Industry (OICCI) is deeply concerned about the news of British American Tobacco (BAT) company’s warning...

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Pakistan Customs completes core function mapping in World Bank-funded project

Pakistan Customs has successfully completed business process mapping of its core functions during the first five months of the World Bank-funded project...

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FBR blocks over 11,000 non-filers SIMs

The Federal Board of Revenue (FBR) has blocked around 11,250 SIM cards of non-filers under Income Tax General Order to curb tax evasion...

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PRBC urges inclusion of untaxed retail sector in tax net

Pakistan Retail Business Council (PRBC) underscored the need to integrate the untaxed undocumented retail sector into the tax net and addressed various....

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Govt aims for over Rs12tr tax collection in FY25

Pakistan's economic team has presented a comprehensive macroeconomic framework to the International Monetary Fund...

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PBC proposes doubling electricity tax for non-filers

The Pakistan Business Council (PBC) has proposed to increase the advance income tax on electricity bills for non-filers to 30%, up from the current 12%...

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Learning from India: PBC recommends steps for tax base expansion

To broaden the tax base, PBC in a letter to FM has recommended to implement steps taken by Indian government...

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Trade unions demand clearer tax guidelines for new traders in Tajir Dost scheme

The representatives of the trade unions on Friday emphasized the need for clearer guidelines on taxation for newly registered traders under the....

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PTA refutes revenue loss claims over phone blocks

The Pakistan Telecommunication Authority (PTA) on Thursday said that the national exchequer has not experienced any loss of revenue on account of blocking...

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Pakistan-IMF to kick off formal discussions from tomorrow

Formal discussions between Pakistan and the International Monetary Fund (IMF) will kick off from tomorrow for a longer and bigger program...

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Govt likely to raise taxes on various sectors amid revenue shortfall risks

There are risks of shortfalls in tax revenue in April and May 2024 due to holidays that will see port closures and weigh on revenue collection...

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PTBA proposes tax on all incomes

The Pakistan Tax Bar Association (PTBA) has put forth a comprehensive set of proposals aimed at boosting tax revenues in the upcoming fiscal year of 2024-25...

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Power Division denies reports of fixed tax imposition on solar power

The Power Division has refuted media reports claiming that the government has imposed a fixed tax on solar power, as revealed in the latest notification...

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Finance Bill 2024 proposes amendments to Federal Excise Act for streamlined procedures

To streamline and update procedures within the Federal Excise Act, certain amendments have been proposed for simplification and harmonization through the...

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Shehbaz Sharif directs Finance Ministry to develop revenue boost plan

Prime Minister Shehbaz Sharif has instructed the Ministry of Finance to present a compressive plan to increase revenue without burdening the common....

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FBR currently Rs44bn short of March collection target

The Federal Board of Revenue (FBR) has collected Rs835 billion as of March 29, 2024, around Rs44bn short of...

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FBR, Karandaaz Pakistan join forces for digital tax revolution

In line with the vision of the Prime Minister of Pakistan to transform Federal Board of Revenue (FBR) into a Digital Tax Administration, FBR has

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Finance Minister urges immediate digitization of FBR to boost tax transparency

The newly elected Finance Minister Muhammad Aurangzeb on Wednesday stressed the urgent need for digitizing the Federal Board of Revenue of Pakistan (FBR)...

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PSMC increases price of Swift by Rs304,000 amid higher tax

Pak Suzuki Motor Company Limited (PSX: PSMC) has raised the price of its Swift G. CVT model by Rs304,000, effective from March 08, 2024, as per...

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Pakistan on track to meet tax collection goal of 2024: FBR Chief

Talking about the significance of tax collection and compliance, Malik Amjed Zubair Tiwana, Chairman of the Federal Board of Revenue (FBR) on Sunday....

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Biden wants to impose more taxes on stock buybacks- should Shahbaz too?

He (Biden) also wants to quadruple the tax companies must pay when they buy back their stock to 4% from 1%....

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Govt updates description of automobile goods for 25% sales tax

The federal government has amended descriptions regarding the supply of locally manufactured goods, on which it imposed a 25%...

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PM Shehbaz Sharif orders FBR to clear sales tax claims within 30 days

On the directions of the newly elected Prime Minister, Muhammad Shehbaz Sharif, the Federal Board of Revenue (FBR) has instructed Field Formations...

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FBR achieves revenue collection target of Rs5.83tr in 8MFY24

The Federal Board of Revenue (FBR) has successfully achieved the revenue collection target for the first eight months of FY24, collecting Rs5.83 trillion...

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Pakistan pays $7.3bn in debt repayment in 1HFY24

Pakistan has disbursed a total of $7.3 billion as debt and interest payments during the six months ended on December 31, 2023....

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FBR reports 30% tax revenue growth in 7MFY24

he Federal Board of Revenue (FBR) has collected revenue of Rs5.15 trillion since July 2023 to mid of February 2024 against Rs3.97tr over the same period...

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FBR records Rs9bn shortfall in January, collects Rs681bn

The Federal Board of Revenue (FBR) fell short of its target in January 2024, collecting Rs681 billion instead of the targeted Rs690bn...

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Govt agrees to raise taxes on various sectors if revenue falls short

The government has agreed on contingency revenue measures with the International Monetary Fund (IMF), which includes imposing a federal excise duty (FED) of...

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FBR makes history with Rs1tr tax collection in a month

The Federal Board of Revenue (FBR) has made history by collecting over Rs1 trillion in the month of December for the first time ever...

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MCCI seeks one-year delay in new sales tax e-invoicing system

Multan Chamber of Commerce and Industry (MCCI) has urged the Federal Board of Revenue (FBR) to grant a year-long grace period to businesses for training and...

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Pakistan agrees to Rs11tr tax target with IMF for FY25

Pakistan has reached an agreement with the International Monetary Fund (IMF) for key targets in FY25, which includes a tax collection target of more than...

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FBR achieves revenue collection target for 5MFY24

The Federal Board of Revenue (FBR) has successfully achieved the revenue collection target for the first fifth consecutive months of FY24 by...

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FBR records 4.4x YoY rise in property tax revenue

The Federal Board of Revenue (FBR) collected Rs70.33 billion withholding tax on sales of immovable properties in FY23, which is a massive 340.5% YoY growth...

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FBR launches crackdown on sugar industry tax evasion

Monitoring teams from Field formations of the Federal Board of Revenue (FBR) have been deployed to sugar mills across the country to curb.....

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FBR establishes 145 district tax offices across country to broaden tax base

As part of restructuring measures, the Federal Board of Revenue (FBR) has established 145 District Tax Offices which will focus on....

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Govt to separate tax policy, tax administration functions of FBR

The government is actively working to separate the tax policy and tax administration functions of the Federal Board of Revenue...

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Govt to hike gas prices from January 2024: Shamshad Akhtar

The government plans to increase gas prices starting January 2024, caretaker finance minister Dr Shamshad Akhtar stated while addressing the media on Thursday..

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Federal Cabinet approves bilateral investment treaties with Saudi Arabia, Qatar

The Federal Cabinet in its meeting held today approved the negotiation of bilateral investment treaties with Saudi Arabia and Qatar...

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Cabinet approves 40% tax on banks’ currency gains

The Federal Cabinet in its meeting held today has approved a 40% windfall tax on banks' foreign currency...

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Cabinet to discuss tax on windfall profits, other Issues

A meeting of the federal cabinet begins in Islamabad on Wednesday, with an agenda comprising 11 points set to be discussed...

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Fiscal conundrum- steps for $750bn GDP, $6bn monthly tax in 2035?

October was a good month for exchequer. Reportedly, FBR collected Rs707 billion in the month, a whopping 37% YoY growth...

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Supreme court extends 50% tax relief provision under section 7E

The Supreme Court has extended the tax relief provision under section 7E to defer 50% of tax liability, offering taxpayers a reprieve amid pending petitions...

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No plans to impose new taxes, govt on track to meet tax targets

Federal Board of Revenue (FBR) chairman has confirmed that there are no plans to impose new taxes in Pakistan, according to sources familiar with the matter...

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FBR extends tax return filing by 1 month

The Federal Board of Revenue on Saturday extended the deadline for filing Income Tax....

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FBR surpasses Q1 tax revenue target: collects Rs2.04tr

The Federal Board of Revenue (FBR) has successfully surpassed the revenue target for the first quarter of FY24 by collecting Rs2.041 trillion tax revenues...

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Govt imposes new asset purchase restrictions for undeclared income

PAA urges reversal of unjustified WHT hike at FPCCI post-budget forum

Govt moves to tax online educators, digital academies

Sindh overhauls sales tax structure on services

Telecom operator faces Rs22bn tax after FBR ruling on tower deal

Pakistan to tax digital economy for the first time

Govt proposes strict penalties for tax fraud in budget FY26

OICCI criticizes govt over corporate tax gaps in FY26 budget

Govt unveils new tariff slabs of 5%, 10%, 15% in budget FY26

Pakistan, US kick off reciprocal tariff discussions virtually

Govt to shift tax burden from salaried class to undocumented sectors

FPCCI urges govt to review income tax amendment ordinance

Govt moves to expand tax base, target evasion

FinMin calls for structural reforms in Pakistan's taxation system

Pakistan to review 18% tax on packaged milk to boost investment

Govt plans tax settlements to cover Rs605bn shortfall instead of mini-budget

Govt collects Rs23bn in windfall tax from 16 Banks

IMAC hosts ADR training for tax dispute resolution

Federal Cabinet approves establishment of TPO to drive economic reforms

LTO Karachi seals Zelbury outlet over tax violations

Karachi's LTO becomes highest tax contributor, collects Rs2.52tr

New taxes to shrink Pakistan's economy by 0.3% in 2HFY25

FBR's Dec tax collection reaches Rs1.32tr, slightly below the target

Pakistan aims to enhance tax reforms to reduce tax evasion, boost revenue

PM calls for strict action on tax defaulters, urges FBR digitization

Govt focuses on fair taxation for manufacturing, salaried sectors

PBC calls for 2% withholding tax cut on exports

FBR collects Rs237bn FED from cigarettes in FY24

Pakistan Tax-to-GDP ratio remains dangerously low

Govt refutes claims of IMF rejecting tax target revision

FBR launches advance stock register system

FBR extends tax return deadline to Oct 31

IMF bailout brings pain to Pakistani households: Report

ACT Alliance urges govt to fix tax tracking system

Non-tax filers to face restriction on purchasing property, car: FM

FBR extends tax return deadline to Oct 14 after initial denial

FBR denies rumors of extension for tax filing

FM warns against overreliance on salaried class amid untaxed sectors

IMF stresses need for broadening tax base

Govt to abolish non-filers category

No extension on tax return deadline: FBR

FBR misses collection target for July-August

FBR faces over Rs100bn revenue shortfall in August

Sales tax refund burden hits Rs85bn this financial year

Senior officials overlooked in appointment of new FBR chairman

FBR collects Rs659bn tax revenue in July 2024

FM pledges transition to normal tax regime on KCCI's request

Pakistan salaried class pay 9 times higher tax than in India: PBC

IMF-driven tax reforms to target large agricultural landowners: President

Milk in Karachi now costs more than Paris

NCCPL sets withholding tax of up to 25% on Ijarah Sukuk

PSX proposes 20% tax credit to boost IPO listings in FY25 budget

Govt achieves petroleum levy tax target for FY24

FBR unearths multi-billion rupee tax scams

FBR surpasses May revenue target with Rs760bn collection

OICCI raises alarm over BAT's investment withdrawal threat amid tax hike

Pakistan Customs completes core function mapping in World Bank-funded project

FBR blocks over 11,000 non-filers SIMs

PRBC urges inclusion of untaxed retail sector in tax net

Govt aims for over Rs12tr tax collection in FY25

PBC proposes doubling electricity tax for non-filers

Learning from India: PBC recommends steps for tax base expansion

Trade unions demand clearer tax guidelines for new traders in Tajir Dost scheme

PTA refutes revenue loss claims over phone blocks

Pakistan-IMF to kick off formal discussions from tomorrow

Govt likely to raise taxes on various sectors amid revenue shortfall risks

PTBA proposes tax on all incomes

Power Division denies reports of fixed tax imposition on solar power

Finance Bill 2024 proposes amendments to Federal Excise Act for streamlined procedures

Shehbaz Sharif directs Finance Ministry to develop revenue boost plan

FBR currently Rs44bn short of March collection target

FBR, Karandaaz Pakistan join forces for digital tax revolution

Finance Minister urges immediate digitization of FBR to boost tax transparency