Pakistan sees 71% surge in tax filers as FBR surpasses collection targets | The Express Tribune
The Federal Board of Revenue (FBR) has reported a significant 71% increase in the number of tax return filers for the fiscal year 2023 (FY23), with an additional 2.2 million people filing, bringing the total to 5.3 million. The deadline for filing income tax returns for FY24 has been set for September 30, 2024. In FY23, […]
Pakistan ‘striving’ to meet IMF terms amid resistance to tax reforms
Finance Minister Muhammad Aurangzeb calls on Prime Minister Muhammad Shehbaz Sharif in Islamabad. — Online/File Hoping that Pakistan will no longer have to rely on the lender of last resort for external funding in the future, Prime Minister Shehbaz Sharif has said that the government is actively taking measures to meet the International Monetary Fund’s […]
Govt misses IMF-dictated tax target | The Express Tribune
ISLAMABAD: In a significant setback, the government has missed its two-month tax collection target by a wide margin of Rs111 billion, despite imposing a record Rs1.8 trillion in new taxes in the budgetexacerbating economic hardship for citizens. This shortfall casts serious doubt on the credibility of the national budget and the feasibility of the $7 […]
FBR sets Sep 30 deadline for filing tax returns | The Express Tribune
ISLAMABAD: The Federal Board of Revenue (FBR) has set September 30 as the deadline for income tax returns for the financial year 2023-24. According to FBR, those who fail to submit tax returns may face legal action. In case of default, a 0.1 percent penalty will be imposed on the payable tax amount. The minimum […]
Kamala Harris to increase corporate tax if wins election, says her campaign
US Vice President Kamala Harris speaks during a campaign event at Westover High School in Fayetteville, North Carolina, on July 18, 2024. — AFP WASHINGTON: US Vice President Kamala Harris would raise the corporate tax rate to 28% from 21% if she wins a November 5 election against Republican rival Donald Trump, her campaign said […]
Tax changes in Budget 2024-25 lead to pay cuts for public, private employees | The Express Tribune
ISLAMABAD: The federal government’s tax adjustments in the Budget 2024-25 have resulted in a decrease in net salaries for numerous employees across both public and private sectors, despite nominal pay raises. According to government officials, the changes in tax rates for salaried individuals have led to a situation where, even with salary increases, higher tax […]
Tax relief for salaried class on cards as finance ministry tasked to work out options
Stack of Rs5,000 and Rs1,000 notes. — AFP/File Prime Minister Shehbaz Sharif-led government is mulling over options to provide income tax relief to the salaried class as he has assigned this special task to his economic team, Geo News reported citing sources within the finance ministry. The development came as the coalition government comes under increasing […]
SRB allows top Karachi restaurants to collect 15% service tax instead of 8%
Representational image of a diner making a POS payment at an eatery. —Unsplash KARACHI: The Sindh Revenue Board (SRB) has authorised 58 restaurants and hotels in Karachi to collect a 15% service tax on digital payments, nearly double the previously applied 8%, thereby withdrawing an incentive that was earlier implemented to broaden economic documentation. Initially, […]
G20 highlights digital tax discussions amid US tariff threat | The Express Tribune
Talks over a global tax deal are continuing well past a June 30 deadline and governments are now looking to a Group of 20 finance leaders meeting this week for progress on a stalled plan to reallocate taxing rights on large multinational companies. The so-called “Pillar 1” arrangement, part of a 2021 global two-part tax […]
Ultra-rich threaten to leave Britain over tax changes | The Express Tribune
For ultra-wealthy entrepreneur Bassim Haidar, living in London has become an expensive indulgence he can no longer justify. While new British Prime Minister Keir Starmer settles into No. 10 Downing St, Haidar is searching for homes in Greece and Monaco, because a proposed inheritance tax revamp will make Britain a ‘no go’ zone for the […]