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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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