The Federal Board of Revenue (FBR) has launched the first phase of an aggressive tax scrutiny campaign, identifying 14 priority sectors for detailed auditing and compliance monitoring.
This move is part of FBR’s broader transformation plan aimed at enhancing revenue collection and plugging tax leakages across critical sectors of the...
The National Clearing Company of Pakistan Limited (NCCPL) has issued a notice outlining the revised Capital Gains Tax (CGT) rates applicable from July 1, 2025, in line with amendments made to the Income Tax Ordinance, 2001, via the Finance Act 2025.
These changes apply to various markets including the Pakistan...
The Directorate General of Post Clearance Audit (PCA) has uncovered a large-scale under-invoicing scam in luxury vehicle imports.
Auditors reviewed 1,335 Goods Declarations and found that vehicles were consistently declared at values far below their actual worth. The total declared import value stood at Rs. 670 million, while the actual...
Tax practitioners have declared the same-day tax recovery from bank accounts immediately after issuing notices under Section 140 of the Income Tax Ordinance as unlawful.
They stated that the law requires the Commissioner Inland Revenue to set a specific future date for payment in the notice. The Federal Board of...
Prime Minister Shehbaz Sharif has ordered the abolition of Pakistan Revenue Automation Limited (PRAL) within six months, the nation's tax data storeroom, in a challenging move that may create more problems than providing any urgent solution due to its backbone status in the tax system.
Government officials told The Express...
The Directorate General of Customs Post Clearance Audit (PCA) has uncovered large-scale under-invoicing and money laundering in the clearance of luxury vehicles through the faceless system.
A shocking 127-page audit report has revealed what is being described as the largest trade-based money laundering scandal in Pakistan's history involving the import...
Prime Minister Shehbaz Sharif on Tuesday directed the Federal Board of Revenue (FBR) to ensure the full implementation of reforms by removing bureaucratic hurdles and institutional barriers.
Chairing a weekly review meeting on proposed reforms within the FBR, PM Shehbaz also expressed satisfaction over the increase in the country’s tax-to-GDP...
Current expenditure accounted for 95 percent of total federal outlay in 2024-25. This was revealed in the summary of consolidated federal and provincial fiscal operations for fiscal year 2024-25, released by the Finance Division.
Total current expenditure was Rs 16,482 billion and included federal current expenditure of Rs 15,695 billion....
Pakistan’s budget deficit was recorded at Rs6.17 trillion, i.e. 5.4% of the GDP, during the fiscal year 2024-25, marking a 9-year low, showed data released by the Ministry of Finance.
A summary of consolidated federal and provincial fiscal operations for July-June 2024-25, released by the Finance Division showed that total...
The Federal Board of Revenue (FBR) has clarified that cash deposits made directly by buyers into a seller’s bank account will be treated as valid payments under the Income Tax Ordinance, 2001.
The clarification is in reference to the new clause (s) added to Section 21 of the Ordinance, that...
