Tag: FBR

Pakistan Faces Record Rs3.9 Trillion Loss in Tax Exemptions for FY24

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fbr

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 Rs3.879 trillion in exemptions, up from Rs2.239 trillion in FY23. This increase is largely attributed to a Rs1.338 trillion waiver on domestically supplied and imported petroleum products. Despite these tax…

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Caretaker Finance Minister Urges IMF Agreement Amid High Inflation

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IMF-board

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 the importance of sustaining the gains made during the caretaker administration’s six-month tenure. She urged the new government to prioritize completing the last IMF review and promptly reaching an agreement…

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Solar Scandal Unveiled: Central Suspect Nabbed in 73 Billion Rupees Tax Evasion Drama at Karachi Court

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FBR-Solar

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 relentless attempts to secure bail discreetly, Nawaz remained present in court even after the judge had departed. His arrest is expected to catalyze further investigations into the extensive solar panel…

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Solar PV panels: FBR accused of compelling importers to quote higher rates

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solar-panel

Solar power initiative: PD asked to coordinate with SkyPower December 19, 2023 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 and 0.16/W are way beyond the present international export prices of crystalline PERC HC/N Type/N Type Bifacial Solar…

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PM terms energy sector a ‘nightmare’

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Anwaarul-Haq

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 concern the way taxation are being done. He added that if there is one challenge which needs to be addressed in the entire governance structure that is the country’s taxation…

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