ISLAMABAD: The Federal Board of Revenue (FBR) and all Provincial Revenue Authorities/Boards have unanimously agreed to extend the Single Sales Tax Return (SSTR) system to include oil and gas exploration and production companies, as well as microfinance banks. According to details shared by the FBR on Friday, taxpayers from these two sectors must now file their sales tax returns through…
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Refinery Upgrade Plans Face Delays as Agreement Deadline Approaches
ISLAMABAD: The federal government’s ambitious plan to upgrade domestic refineries has hit a significant roadblock just days before the deadline for finalizing agreements. The issue arises from a sales tax exemption introduced in the 2024-25 national budget by the Federal Board of Revenue (FBR), causing uncertainty among investors. With $6 billion in investment at stake, the Petroleum Division is considering…
Read MoreRashid Mahmood Appointed FBR Chief to Spearhead Digitization
ISLAMABAD: Prime Minister Shehbaz Sharif has appointed Rashid Mahmood Langrial, a BS-21 officer of the Pakistan Administrative Services, as the new chairman of the Federal Board of Revenue (FBR). This move aims to quell speculations and address the need for end-to-end digitization of the tax process. The FBR chief position became vacant last month after Zubair Tiwana sought early retirement.…
Read More100% Tax Credit for Sindh Coal Miners Supplying Power Plants
ISLAMABAD: The Federal Board of Revenue (FBR) has granted a 100 percent tax credit to coal mining projects in Sindh that exclusively supply coal to power generation projects within the province. This update is part of the amendments introduced in the Finance Act 2024, as detailed in the FBR’s income tax circular number 1 of 2024 issued on Monday. The…
Read MoreFBR to Clarify Reasons Behind ‘Two Further Taxes’ on Power Bills Today
ISLAMABAD: The Finance Ministry and the Federal Board of Revenue (FBR) will provide a detailed briefing to the National Assembly Standing Committee on Finance today, explaining the rationale behind imposing two further taxes on electricity bills. Presided over by Syed Naveed Qamar, the finance committee has requested the FBR to clarify the types of further taxes levied on electricity consumers.…
Read MorePakistan Faces Record Rs3.9 Trillion Loss in Tax Exemptions for FY24
Tax breaks increase for the sixth consecutive year.Significant rise due to Rs1.338 trillion waiver on petroleum products.ISLAMABAD: In a challenging fiscal year, Pakistan witnessed its highest-ever increase in tax exemptions, rising by 73.24% to a record Rs3.9 trillion in FY24. The Pakistan Economic Survey 2023-24, unveiled by Finance Minister Muhammad Aurangzeb, indicated that the Federal Board of Revenue (FBR) provided…
Read MoreCaretaker Finance Minister Urges IMF Agreement Amid High Inflation
Dr. Shamshad Akhtar, the outgoing Caretaker Finance Minister, is advising the incoming government to maintain fiscal prudence and swiftly negotiate a new agreement with the International Monetary Fund (IMF) to implement vital reforms, as inflation stands at approximately 29 percent. In her departure note included in the Ministry of Finance’s Monthly Economic Update & Outlook for February 2024, Akhtar stressed…
Read MoreSolar Scandal Unveiled: Central Suspect Nabbed in 73 Billion Rupees Tax Evasion Drama at Karachi Court
Karachi: In a riveting turn of events, a central figure in the solar panel import scandal, defrauding taxes amounting to a staggering 73 billion rupees, was apprehended in a dramatic fashion at the Customs Court in Karachi. The suspect, identified as Rabb Nawaz, orchestrated a daring evasion operation, hiding within the court premises for several hours before finally being captured.Despite…
Read MoreSolar PV panels: FBR accused of compelling importers to quote higher rates
ISLAMABAD: Pakistan Alternative Energy Association (PAEA) has accused Federal Board of Revenue (FBR) of compelling commercial importers of solar PV panels of quoting higher rates, despite the fact that prices have substantially declined. In a letter to Chairman Federal Board of Revenue, Executive Director PAEA, Tariq Khattak has stated that since the given guideline on unit prices of $ 0.14/W…
Read MorePM terms energy sector a ‘nightmare’
ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq has described the energy sector as a nightmare for the country because government produces costly electricity and sells it at subsidised rate. He also underlined the need to bring about improvement in the taxation system. While talking to participants at the 12th National Balochistan Workshop, the caretaker prime minister said that there is a serious…
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