KARACHI: The frequent International Monetary Fund (IMF) programmes complexes the policy making for the country, an official said on Monday. Federal Board of Revenue Chairman Muhammad Ashfaq, while addressing the members of the Karachi Chamber of Commerce and Industry (KCCI) said that Pakistan has entered into the IMF programmes several times resulting in complex policy … Read more
KARACHI: The Federal Board of Revenue (FBR) has registered a decline of 12 per cent in the annual returns filing for the tax year 2021, official documents revealed. According to the provisional statistics made available to BOL News, the number of return filers for the tax year 2021 fell to 3.04 million, compared with 3.45 … Read more
KARACHI: The profit before tax of Standard Chartered Bank Pakistan Limited (SCBPL) recorded a growth of 5 per cent to Rs24.8 billion in 2021, compared with Rs23.6 billion in 2020. Performance was driven by strong balance sheet growth, continued productivity improvements and risk discipline. The bank’s revenue was lower by Rs3.5 billion primarily due to … Read more
KARACHI: A recent incident of an old pensioner’s maltreatment by the tax officials sent shockwaves among the people. Terming it a shameful act, they said, it caused embarrassment for the entire nation. Taking cognizance of the severity of the issue, President Dr Arif Ali apologised to the senior citizen, an 82-year-old Abdul Hamid Khan, who … Read more
KARACHI: The profit after tax of Engro Polymer & Chemicals Limited (EPCL) witnessed an increase of 29 per cent to Rs4.689 billion, translating into the earnings per share of Rs5.16 during the fourth quarter of 2021. The company recorded a profit of Rs3.627 billion, translating into the earning per share (EPS) of Rs3.99 during the … Read more
ISLAMABAD: The government’s decision to rebase the economy from the fiscal year 2005-06 to 2015-16 has added Rs3.1 trillion in its value and jacked up last year’s GDP growth to 5.57 from 5.37 per cent. The change in the base-year was welcomed by stakeholders and experts, however, they said that it also exposed the structural … Read more
KARACHI: The tax practitioners have pointed out towards glitches in single sales tax portal hampering the filing of monthly returns. The Karachi Tax Bar Association (KTBA) in a letter to the chairman of the Federal Board of Revenue (FBR) apprised him about the serious difficulties being faced by the taxpayers on the National Single Tax … Read more
KARACHI: Imposition of a 35 per cent tax rate on an individual’s income to broaden the tax base will remain a distant dream. The high tax rate is a major impediment in keeping away persons having taxable income from fulfilling their obligations, said Muhammad Zeeshan Merchant, president of the Karachi Tax Bar Association. Pakistan has … Read more
Bringing an iPhone 13 Pro Max 1TB from abroad or asking your relatives to bring it for you has become more expensive after the government increased the taxes on luxury phones once again. The iPhone 13 Pro Max is currently available in the US for $1,730.92 which is equivalent to Rs305,291.02. The government announced that … Read more
Tax matters can be taxing for most people, especially if there are any discrepancies in them. Prime Minister Imran Khan, too, is discovering this the hard way. A leading proponent of tax system and tax reforms, Imran Khan has been harping on the importance of paying taxes and has been overtly critical of the rich … Read more
BEIJING: Chinese Premier Li Keqiang on Wednesday stressed intensifying tax and fee cuts to provide relief to businesses and revitalise the market. Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a symposium on the implementation of tax and … Read more
KARACHI: The Pakistan stocks witnessed a bullish trend at midday, as the KSE-100 Index registered an increase of 5.32 points, or 0.01 per cent, on Wednesday. The Pakistan stocks observed a profit-taking session on Tuesday, as the global markets turned red, amid concerns over the rapid spread of the Omicron virus globally. The current account … Read more
ANKARA: Turkish President Recep Tayyip Erdogan unveiled a new package of measures on Monday to support deposits denominated in Turkish lira, after the currency has lost about 50 per cent of its value against the dollar this year. Speaking at a press conference after a cabinet meeting, Erdogan said Turkey would introduce new measures within … Read more
KARACHI: Property valuators of the State Bank of Pakistan (SBP) will help the Federal Board of Revenue (FBR) in reviewing the valuation tables of immovable properties released recently. The FBR in a statement said it had sought assistance from top property valuation experts of the SBP, who will hold meaningful consultations with the key stakeholders, … Read more
KARACHI: An automobile association has urged the Karachi Chamber of Commerce and Industry (KCCI) to support their demand of rationalising the duty structure on auto parts, a statement said on Tuesday. A delegation of the Pakistan Automobile Spare Parts Importers and Dealers Association (Paspida) visited the KCCI and sought Karachi chamber’s support for the rationalisation … Read more
NEW YORK: Twitter has spoken – after Elon Musk polled his more than 62 million followers on whether he should sell 10 per cent of his Tesla shares, by Sunday a majority had voted “yes.” “I was prepared to accept either outcome,” said Musk, who regularly takes to Twitter to make unexpected announcements or surprising … Read more
BEIJING: China’s tax and fee cuts totalled 910.1 billion yuan ($142.25 billion) during the first three quarters of the year, according to the data from the State Taxation Administration. Some 788.9 billion yuan of taxes and 121.2 billion yuan of fees were reduced, according to the administration. Since the beginning of the current year, a … Read more
Raja Wasim Hassan has said that in addition to resolving working hours in the Corona epidemic, Saturday and Sunday holidays, and due to the country’s political situation and other reasons including economic instability, the majority of the industrial and business community could not file their tax returns on time. Therefore, keeping in view the plight … Read more
KARACHI: The online returns filing system of the Federal Board of Revenue (FBR) witnessed numerous glitches, computational errors just ahead of the last date, i.e., September 30, 2021. The Karachi Tax Bar Association (KTBA) in a letter to the FBR chairman sent on Tuesday highlighted various computational errors and glitches on the IRIS portal. The … Read more
The increase in tax revenues has proved to be a daunting task for the Pakistan government, as stagnated tax-to-GDP ratio is widely linked with a host of factors such as high fiscal deficit and high inflation rate, which resulted in weak tax revenue efforts. The Pakistan government raised revenues in such a manner that it … Read more
KARACHI: Big retailers, i.e., Tier-1 retailers have no option but to integrate their businesses with the online system of the Federal Board of Revenue (FBR) because the law has been introduced to disconnect electricity and gas of such retailers on non-compliance. The Tax Laws (Third Amendment) Ordinance, 2021 has been promulgated, under which major changes … Read more
ISLAMABAD: The government is fully committed to grant the Federal Board of Revenue (FBR) operational and financial autonomy to rule out the possibility of political interference and; thus, make it an efficient, merit based, service-oriented and public-friendly organisation. Addressing the senior officials at the FBR headquarters, Federal Minister for Finance and Revenue Shaukat Tarin appreciated … Read more
ISLAMABAD: The National Tax Council after extensive consultative process and deliberations defined the jurisdiction of taxation of the federal and provincial governments. Federal Minister for Finance and Revenue Shaukat Tarin presided over the meeting of the National Tax Council (NTC) at the Finance Division on Thursday. In his opening remarks, the finance minister welcomed the … Read more
MOSCOW/DUBAI: The inflation rate in Saudi Arabia decelerated in August for the second month in a row, as the effects of the July 2020 tripling of the value-added tax (VAT) rate no longer weigh on spending, Arab News reported. The consumer price index (CPI), a gauge used to detect the changes in prices, recorded a … Read more
KARACHI: The tax practitioners have urged the authorities to implement printing of barcodes on all correspondence in the sales tax regime to bring transparency. In a letter sent to Dr Muhammad Ashfaq Ahmed, chairman of the Federal Board of Revenue (FBR), the Karachi Tax Bar Association (KTBA) suggested to implement printing of barcodes on all … Read more
LAHORE: Punjab Minister for Excise and Taxation Hafiz Mumtaz Ahmad has assured withdrawal of the recent increase in property tax. Speaking at a meeting of stakeholders at the Lahore Chamber of Commerce and Industry (LCCI), he said the rebate facility has been restored for two weeks. Finance Minister Hashim Jawan Bakht, Excise and Taxation secretary … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the federal finance minister and the Federal Board of Revenue (FBR) chairman to extend the date for filing income tax returns till December 31, 2021, a statement said. LCCI president Mian Tariq Misbah, senior vice president Muhammad Nasir Hameed Khan and vice president Tahir … Read more
Cryptocurrency tax laws are initial to mainstream cryptocurrency acceptance by the governments, Indian entrepreneurs believe. Crypto traders and crypto exchanges soon to be taxed, Income Tax Department of India reportedly consider, experts believe investors should rest certain. The tax department which works under the ministry of finance of India has mentioned interest to tax crypto … Read more
