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Federal Board of Revenue (FBR) chairman has said the body will ‘freeze’ the bank accounts of non-filers in the FY2025-26. The National Assembly’s Standing Committee on Finance, chaired by Syed Naveed Qamar, convened to discuss the issue of enforcing sales tax registration for non-registered individuals and businesses. Federal Board of Revenue (FBR) Chairman Rashid Mahmood…
Amid government’s efforts to increase the tax revenue, Federal Board of Revenue (FBR) Chairman Rashid Mahmoud Langrial has defended proposed powers for the tax body to arrest CEOs, CFOs, and Board of Directors on tax fraud arguing that the FBR assumed the Code of Criminal Procedure (CrPC) powers. Speaking during a meeting of the Senate…
The equity market rose sharply on Wednesday amid strong investor confidence in the newly announced federal budget, with analysts pointing to favourable tax treatment and IMF-aligned fiscal discipline as key drivers of sentiment. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday high of 124,135.96, gaining 2,111.52 points, or 1.73%, and touched…
To offset potential revenue losses from proposed tax relief for the salaried class and other sectors, the Federal Board of Revenue (FBR) is considering a 2% increase in the tax rate on interest income from commercial bank deposits and savings schemes in the upcoming 2025–26 budget. The proposed hike would apply to both filers and…
Pakistan and the International Monetary Fund (IMF) are edging closer to an agreement on proposed tax relief for the salaried class in the upcoming 2025–26 federal budget. However, meeting the ambitious revenue target of Rs14.2 trillion will pose a significant challenge, particularly in light of the widening shortfall against the revised tax collection goal of…
Federal Finance Minister Muhammad Aurangzeb speaking at an event in Islamabad on May 26, 2025. — Geo News Global investors responded positively during recent foreign visits. Digitisation in FBR aimed at improving tax transparency. Climate reforms underway to tackle environmental challenges ahead. ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has signalled tax relief for the salaried…
The International Monetary Fund (IMF) logo is seen inside its headquarters in Washington, US. — Reuters/File IMF demands phase-out of all industrial zone incentives by 2035. Pakistan must enforce agriculture tax, energy reforms, levy laws. FY26 budget needs IMF-aligned approval, with focus on reforms. ISLAMABAD: The International Monetary Fund (IMF) has introduced new structural benchmarks…
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US on September 4, 2018. — Reuters The budget for 2025-26 will be announced on June 2. IMF objects to reduction in tax rates for salaried class. Annual Plan Coordination Committee to meet on May 26. ISLAMABAD: Pakistan and the International…
The federal government is likely to announce substantial tax improvements in the upcoming Budget 2025, which includes the withholding tax removal on raw materials to help the industrial and construction sectors. Prime Minister Shehbaz Sharif has directed officials to have recommendations from the industry personnel to base relief measures on. According to the sources, withholding…
Samsung has asked an Indian tribunal to quash a $520 million tax demand for allegedly misclassifying imports of networking gear, arguing officials were aware of the practice as India’s Reliance imported the same component in a similar manner for years, documents show. Samsung becomes the second major foreign company in recent months to challenge an…
