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Islamabad — Google has secured an exemption from Pakistan’s newly introduced Digital Presence Proceeds Tax, a move that reduces the tech firm’s tax burden and raises concerns about the law’s scope and fairness. The Federal Board of Revenue (FBR) confirmed to the company that the new 5% digital tax will not apply to firms with …
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In a major shift, the government has reduced the proposed tax on imported solar panels from 18% to 10%, following industry pressure and parliamentary opposition. The change comes as Pakistan’s solar imports are expected to exceed Rs110 billion in the upcoming fiscal year, reflecting soaring demand amid rising electricity prices. Revised Policy After Consultation Deputy …
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Punjab has unveiled a zero-tax budget worth Rs5.35 trillion for the fiscal year 2025–26. Finance Minister Mujtaba Shuja ur Rehman presented the budget in the provincial assembly, calling it “people-friendly” and aligned with Chief Minister Maryam Nawaz Sharif’s vision. Despite opposition protests, the government emphasized transparency, development, and public welfare. Largest Development Programme in Punjab’s …
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Finance Minister Muhammad Aurangzeb has described the 2025–26 federal budget as a relief budget, aimed at easing financial pressure on the salaried class, boosting businesses, and protecting vulnerable segments of society. Speaking before the Finance Standing Committee of the National Assembly in Islamabad, he outlined key areas of support across various sectors. Support for Salaried …
The Federal Board of Revenue (FBR) has officially brought online shopping within the tax net under the Finance Bill 2025-26. According to The News, this significant move aims to regulate the growing e-commerce sector and ensure tax compliance from digital marketplaces, payment intermediaries, and courier services involved in the sale of goods and services ordered …
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The federal government has unveiled strict non-filer restrictions in the Budget 2025–26 to expand the tax net and formalize the economy. Finance Minister Muhammad Aurangzeb announced sweeping changes aimed at discouraging tax evasion and enforcing compliance through limited financial access for non-filers. Ban on Property and Vehicle Purchases In a major policy shift, non-filers will …
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Finance Minister Muhammad Aurangzeb presented the Federal Budget 2025-26 in the National Assembly, highlighting economic stability as the government’s top priority. He dismissed rumors of a mini-budget and confirmed that no new taxes have been introduced. Key Economic Indicators Aurangzeb reported that economic growth stands at 2.7%, while inflation has dropped to 4.7%. Remittances have …
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In a surprising turn, tax exemptions in Pakistan have soared to a record Rs5.8 trillion during the current fiscal year. The massive jump in tax exemptions comes despite the government’s efforts to withdraw several concessions. The keyword “tax exemptions” takes center stage as this unexpected spike raises serious questions about fiscal management. Exemptions Rise Sharply …
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In a key breakthrough, the International Monetary Fund (IMF) has agreed to income tax relief for Pakistan’s salaried class in the upcoming federal budget for 2025-26. According to official sources, this marks a major concession from the IMF during budget negotiations with Islamabad. Tax-Free Limit Set to Rise One of the most notable proposals is …
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Pakistan’s upcoming IMF budget 2025-26 is set to bring tough tax reforms and subsidy cuts that may sharply raise inflation. To meet the IMF’s strict loan requirements, the government plans to widen the tax base and reduce the fiscal deficit. However, these steps could put added pressure on consumers and key sectors like agriculture and …
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The International Monetary Fund (IMF) has approved a 2% reduction in property purchase tax, providing relief to buyers in Pakistan’s real estate market. This decision, effective from April 2025, aims to ease financial burdens on investors and stimulate transactions in the sector. However, the withholding tax (WHT) on property sellers remains unchanged. Key Agreement Between …
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Consumers in Pakistan are paying over Rs100 per litre in taxes, duties, and margins on petrol and diesel, adding a significant burden on fuel prices. Official documents reveal that despite no sales tax on petroleum products, multiple charges keep prices high for the public. Breakdown of Petrol and Diesel Costs According to the latest figures, …
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President Asif Ali Zardari has urged the government to increase salaries and pensions, reduce income taxes, and prioritize job creation in the upcoming budget. Speaking at the joint session of Parliament on Monday, he highlighted the economic hardships faced by workers and salaried individuals, emphasizing the need for immediate relief measures. In his annual address …
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Islamabad: Finance Minister Senator Muhammad Aurangzeb has stated that two provinces have already implemented the agricultural tax, while discussions are ongoing with the remaining two. He added that negotiations with the International Monetary Fund (IMF) on this matter are also in progress. Talking to the media at the Parliament House, the finance minister said that …
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The salaried class has become the third-largest contributor to Pakistan’s tax revenue, with a nearly 40% rise in tax collection during the fiscal year 2023-24. The Federal Board of Revenue (FBR) collected Rs368 billion from salaried individuals, an increase of Rs103.74 billion compared to the previous year. Key Revenue Sources FBR documents revealed a 39.3% …
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ISLAMABAD: The federal government is bracing for a tax revenue shortfall of Rs80-90 billion in December 2024, despite recent measures to enhance revenue. A presidential ordinance has imposed a 44% tax on banking sector profits. The Federal Board of Revenue (FBR) expects to collect Rs70 billion from the banking sector by December 31, 2024. This …
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The Economic Coordination Committee (ECC) has approved a comprehensive restructuring plan for Pakistan Revenue Automation Limited (PRAL). The committee has allocated Rs3.7 billion for the fiscal year 2024-25, with an additional Rs4.5 billion proposed for the next financial year, contingent on the entity’s performance evaluation. PRAL, a key IT subsidiary of the Federal Board of …
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Islamabad: Finance Minister Muhammad Aurangzeb presented the Tax Law Amendment Bill 2024-25 in the National Assembly. The bill aims to impose stricter rules on non-filers. The proposed amendments ban non-filers from buying vehicles above 800cc. They can only purchase motorcycles, rickshaws, and tractors. This move seeks to limit high-value transactions by those outside the tax …
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ISLAMABAD: The government has decided to recover taxes from all sectors, including real estate, wholesale, and agriculture, which have previously evaded contributing their fair share. Finance Minister Muhammad Aurangzeb announced this during a televised address on Sunday. He also called for a national Charter of Environment to tackle critical issues like climate change, child stunting, …
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ISLAMABAD: Minister of State for Finance and Revenue, Ali Pervaiz Malik, announced Thursday that the government aims to reduce the tax burden on the salaried class and withdraw taxes on milk. However, this will only be possible if the Federal Board of Revenue (FBR) succeeds in recovering Rs 300 billion to Rs 350 billion from …
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Karachi: The Federal Board of Revenue (FBR) has made a significant amendment to the Income Tax Rules, 2002. 8 The FBR issued a notification on October 18, 2024, under an SRO, detailing these amendments. This new policy falls under Section 237 of the Income Tax Ordinance, 2001. According to the FBR, taxpayers who file their …
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ISLAMABAD: A Pakistani delegation briefed the International Monetary Fund (IMF) on Tuesday about the steps taken to expand fiscal space through tax and energy reforms. The delegation, currently in Washington, met with IMF’s Deputy Managing Director Kenji Okamura to highlight key measures aimed at improving the economy. According to a notification from the finance ministry, …
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