Tue, 21-Oct-2025

Bad News for Non-Filers

Bad News for Non-Filers

The government is likely to increase the financial pressure on non-filers in the upcoming fiscal year by doubling the withholding tax on their bank cash withdrawals. This move is aimed at generating an extra Rs. 15–20 billion in revenue for the 2025–26 budget, according to sources. A proposal is being considered to raise the current … Read more

Saudi Arabia to Introduce VAT Refunds for Tourists Starting in 2025

Saudi Arabia

Saudi Arabia plans to launch a VAT refund system for tourists in 2025 to boost the tourism sector. The system will be managed by the Saudi Zakat, Tax, and Customs Authority. The system will allow international tourists to claim back VAT paid on eligible purchases. Saudi Arabia is set to launch a value-added tax (VAT) … Read more

Special Savings Certificates: Updated Qaumi Bachat Bank profit rate – August 2024

Special Savings Certificates: Updated Qaumi Bachat Bank profit rate - August 2024

Special Savings Certificates offer bi-annual returns. Profit rates are now 15.6% for the first 5 months. Tax deduction is 15% for filers and 30% for non-filers. Special Savings Certificates are among the popular investment products offered by the National Savings or Qaumi Bachat Bank. This scheme was introduced to meet the needs of small and … Read more

Secretary Power gives details regarding taxes in electricity bills

New Electricity Rates for August and September after Major Tariff Cut

Senate Committee discussed high electricity bills. Electricity bills include various taxes. Electricity demand has dropped by 8.5%. In a recent meeting of the Senate Standing Committee on Energy, presided over by Senator Mohsin Aziz, the Secretary of the Power Division disclosed the array of taxes incorporated in electricity bills. Federal Energy Minister Owais Laghari elaborated … Read more

Tax Increase on Rs100 Mobile Phone Recharge after Budget 2024-25

Tax Increase on Rs100 Mobile Phone Recharge after Budget 2024-25

The government has planned a series of retaliatory actions in the annual budget for FY2024-25 to punish individuals and businesses who do not file income tax returns, with the option of being lined from distant travel. The minister projected the burden of a 75 percent tax on mobile balance refresh by non-filers, a move that … Read more

FBR to investigate income tax details of affluent segments

FBR Releases Updated Tax Card for Salaried Workers for 2024-25

The Federal Board of Revenue (FBR) has decided to launch an investigation into the income tax records of the affluent segments of the country. According to official sources, FBR is actively collecting data on members associated with powerful entities such as industrialists, lawyers, and doctors associations. This comprehensive effort involves scrutinizing identity card numbers and … Read more

WB withdraws recommendation to impose tax on below Rs50000 earners

WB tax

The World Bank has withdrawn its recommendation to impose taxes on monthly incomes below Rs 50,000. This decision comes after concerns were raised about the fairness of such a tax, especially given that the lower-income group was already paying more taxes than the combined amount paid by the wealthiest individuals over the course of three … Read more

Philippines: Maria Ressa was found not guilty of tax evasion

Ressa
  • She was found guilty of the four tax evasion offenses.
  • She has been characterized as part of a pattern of harassment.
  • She would have been sentenced to 34 years in prison.

Maria Ressa, a Nobel laureate from the Philippines, has been cleared of tax evasion charges.

Ressa won after an appellate court’s decision on Wednesday, which she has characterized as part of a pattern of harassment by the administration of the late President Rodrigo Duterte to stifle critical reporting.

She would have been sentenced to 34 years in prison if found guilty of the four tax evasion offenses.

“Today, facts win. Truth wins. Justice wins,” an emotional Ressa said after Wednesday’s ruling.

“These charges as you know were politically motivated, they were a brazen abuse of power and meant to stop journalists from doing their jobs,” she told reporters.

“These cases are where capital markets, where rule of law, where press freedom meet. So this acquittal is not just for Rappler. It is for every Filipino who has ever been unjustly accused.”

Head of Rappler and co-winner of the Nobel Peace Prize in 2021 with Russian journalist Dmitry Muratov, 53-year-old Ressa is known for its in-depth reporting and incisive examination of Duterte’s “war on drugs.” Official statistics show that more than 6,200 individuals died in police anti-drug operations, but human rights organizations believe that the number of fatalities was much higher.

The International Criminal Court opened an inquiry into drug killings as a potential crime against humanity.

Since then, Ressa and Rappler have endured what press freedom advocates say was a grinding series of criminal charges, probes, and online attacks.

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Britain to announce heavy tax increases and budget cuts

britain tax increases

Chancellor of the Exchequer to assert that his plan “protects our long-term economic prosperity”. The package is expected to cost £54 billion ($64 billion), Treasury estimates. It comes as UK inflation hits a 41-year high above 11 percent. Britain is scheduled to announce heavy tax increases and budget cuts on Thursday, which could exacerbate the … Read more

President Alvi stresses increased tax collection to end financial woes

President Alvi

LAHORE: President Dr Arif Alvi said there is a need to ensure strictness against tax evasion and tax collecting authorities must create easiness for taxpayers. Addressing a public awareness seminar at the Governor’s House, the president said that Pakistan must enhance its tax collection and the tax-to-GDP ratio in order to overcome its perennial financial … Read more

Unisame seeks tax exemption for pharma sector

Unisame seeks tax exemption for pharma sector

KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the government to exempt the pharmaceutical companies from taxes for a limited period of time, a statement said.

The Unisame President Zulfikar Thaver said the government should facilitate the pharmaceutical companies to cope up with the precarious situation. The pharmaceutical companies are compelled to increase their prices due to the high cost of production as imported raw materials have become very costly, he added.

The companies might stop manufacturing if the government does not allow them to increase their prices, which will create an adverse situation in the country, Thaver remarked.

The Unisame president advised that the government must give these companies tax exemption for a certain period of time to enable them cope up with the situation without increasing the prices.

Pakistani companies not using the brands and franchise of international companies may lower the potency of the drugs to survive without increasing the prices, which would badly affect the customers.

Thaver said the government may be requested to provide subsidies to the sector, but unfortunately the government lacks the resources and the International Monetary Fund (IMF) has restricted the government from giving any subsidies, which further complicates the situation.

The Unisame council members showed concern over the disappearance of various medicines from the pharmacies, and that patients are perturbed and looking for alternatives and substitutes.

The members urged the government to take prompt measures and facilitate the pharmaceutical companies.

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Retailers in ruckus on fixed sales tax

Retailers

KARACHI: The retailers are in limbo as the notification to reverse the fixed sales tax has encountered delays resulting in power distribution companies charging it in their bills to retailers, a statement said on Saturday. Following the implementation of the fixed retailers’ tax introduced in the Finance Act 2022, unrest was observed all around the … Read more

LHC seeks replies on collecting sales tax from electricity bills

sales tax

LAHORE: Lahore High Court (LHC) on Wednesday heard a petition against the collection of General Sales Tax (GST) in electricity bills. Justice Shujaat Ali Khan heard a petition by a citizen Nasir Salman against collecting GST through electricity bills. The court issued a notice to other respondents including the Federal Bureau of Revenue (FBR) and … Read more

LHC stops collection of fixed sales tax from lawyers

LHC sales tax

RAWALPINDI: The Lahore High Court (LHC) has barred the collection of Rs 6,000 fixed monthly General Sales Tax (GST) in the electricity bills from lawyers. The LHC Rawalpindi bench heard the matter on the petition filed by Lahore High Court Rawalpindi Bar Association over the collection of sales tax from lawyer’s chambers. Justice Tariq Saleem … Read more

Nobel prize-winning economist Joseph Stiglitz calls for windfall profits tax in Australia

A windfall gains tax, according to Joseph Stiglitz, is a “no-brainer” that has been abandoned because of the influence of large corporations. The Nobel-winning economist personally lobbied Australia’s treasurer to enact the tax and warned against excessive interest rate increases. Treasurer Jim Chalmers warns of “confronting” inflation and wage projections. Australia today has an unemployment … Read more

GAM, an asset manager, issues a profit warning due to market volatility

GAM

GAMexpects to report an underlying loss before tax of about 15 million Swiss francs.  The company is due to report its figures on Aug. 3. Total assets under management fell to 85.2 billion francs from 99.8 billion. GAM Holding (GAMH.S) hopes to post a misfortune for the principal half of 2022, the Swiss resource chief … Read more

Tax disparity favours LPG importers

lpg

The Oil and Gas Regulatory Authority (Ogra) has advised that the government impose uniform taxes on the local LPG producers and fuel importers. Ogra cited significant favours being granted to liquefied petroleum gas (LPG) importers as a result of tax discrepancy. The burden on the foreign exchange reserves has increased as a result of LPG … Read more

KTBA requests extension in sale tax submission date

KTBA

KARACHI: The Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) for extending the submission date of sales tax and federal excise return. KTBA President Syed Rehan Hasan Jafri, in a letter to the FBR Chairman Asim Ahmed requested to extend the date of filing quarterly income tax withholding statement and … Read more

FBR paves way for imposing inheritance tax

FBR

The FBR has made changes to the advance tax on capital gains from the sale of real estate. Experts call the action “unjustified and arbitrary”. Real estate was included to the capital gains tax’s purview in 2012. Officials announced Friday that the Federal Board of Revenue (FBR) had made significant changes to the advance tax … Read more

 U.S. Senate Democrats want to abolish the tax for “pass-through” firms

Democrats

Senate Democrats are finalizing a plan to close a tax loophole used by many companies. They want to use those revenues to shore up the government-run Medicare healthcare program. The tax change is aimed at the majority of businesses in the United States that are not subject to corporate income tax. West Virginia Sen. Joe … Read more

Despite industry cautions, California approves a tax on lithium

lithium

Tax is structured as a flat-rate per tonne and will go into effect in January. Funds generated from the tax are earmarked in part for the cleanup of the area. Tax will be reviewed every year, and state officials have agreed to study potentially. California on Thursday endorsed an arrangement to burden the electric vehicle … Read more

Govt revises tax slabs for salaried class, high-income earners

ISLAMABAD: The government has revised tax deduction criteria for the salaried class and withdrawn relief given in the federal budget. The government had decided to waive off taxes on earnings of Rs1.2 million which has now been withdrawn on the demands of the International Monetary Fund (IMF). The tax collection target of the Federal Board … Read more

UK taxes oil giants to help tackle inflation fallout

UK taxes

Britain’s finance minister Rishi Sunak on Thursday unveiled a multi-billion-pound support bundle for clients hit with the aid of soaring domestic electricity payments, with assistance from a brief providence tax on oil giants. A government package well worth £15 billion ($19 billion) may be funded in element by using a first-rate levy on soaring income … Read more

Streaming services hit with tax to support local TV

Global TV streaming firms such as Netflix, Amazon, and Disney have agreed to pay a fee of 6% of their earnings in Denmark to support local television production. Following the tremendous surge in popularity of streaming services, governments across Europe are attempting to secure support for local TV and film creation. “Denmark must go as … Read more

UK finance minister makes the rich list for the first time

UK finance minister

Finance minister Rishi Sunak has become Friday the first excessive-profile British flesh presser to make the Sunday Times Rich List, weeks after his family’s tax arrangements attracted controversy and amid a value-of-dwelling disaster. Sunak and his Indian spouse Akshata Murty, whose father co-founded the IT behemoth Infosys, made the yearly listing for the first time … Read more

Barclays profit drops in first quarter on higher costs

Barclays

Barclays posted an 18% reduction in net earnings in the first quarter due to litigation and bad debt losses on Thursday. Profit after tax declined to £1.4 billion ($1.8 billion, 1.7 billion euros) compared with the first three months of 2021, Barclays said in an earnings statement. Barclays booked an already-flagged litigation hit of £500 million … Read more

Canada inflation jumps to 6.7%

Canada

Canadians paid 6.7 percent more for goods and services in March than a year earlier, the government statistical agency stated on Wednesday, mentioning the largest rise in inflation in ever three decades. The following inflation above 5 percent in  January and February, the March discern crowned economists’ expectations and caused predictions of every other hefty … Read more