The Federal Board of Revenue (FBR) has initiated action against Netflix, serving the streaming service with a notice for the recovery of over Rs. 200
The meeting between Chinese President Xi Jinping and Pakistani Prime Minister Shehbaz Sharif in Beijing marked a significant reaffirmation of the strong and enduring friendship
The anticipated further reduction in the prices of petroleum products by Rs12 per litre from June 15 is welcome news for consumers and businesses alike.
The request from the Fruit Juice Council (FJC) to abolish the 20% Federal Excise Duty (FED) on packaged fruit juices in the upcoming Federal Budget
Nvidia, a prominent American chip manufacturer, has seen its value soar due to the AI explosion, positioning itself as the primary AI chip provider for
Chinese tech giant Huawei has announced a training program for 200,000 Pakistani students, signaling its interest in expanding investment in mobile units. This development coincides
Prime Minister Shehbaz Sharif and his cabinet members held talks with Transsion Holdings for a potential new joint venture. Transsion Holdings, a Chinese company, expressed
The coalition government is poised to introduce its inaugural budget for FY25 in Parliament on June 10, 2024. This aligns with reports suggesting the formal
The Honda CD 70 and CG 125 continue to be top sellers for the Japanese automaker in Pakistan due to their durability and fuel efficiency, despite lacking updates.
Pakistan is poised to finalize a $2 billion investment agreement with a European shipping firm by October, as announced by Maritime Affairs Minister Qaiser Ahmed Sheikh.
Automakers in Pakistan have been launching various promotions to boost sales. In a similar move, Yamaha has unveiled an exciting new campaign called “Yamaha Mega Wins”.
The International Monetary Fund (IMF) is urging Pakistan to impose taxes on stationery items in the upcoming fiscal year’s budget. The IMF has requested the federal government to remove tax exemptions on books, pens, paper, sticky notes, cardboard, and other stationery products. This proposal will be discussed by the Federal Board of Revenue (FBR) with Prime Minister Shehbaz Sharif soon, according to local media reports on Wednesday.
Additionally, the government is already considering implementing a sales tax on tractors, pesticides, and other essential agricultural products. Currently, pesticides and their active ingredients registered by the Department of Plant Protection are exempt from sales tax.
The IMF has also advised Pakistan to increase the advance tax on the purchase of immovable properties. The FBR currently imposes a 3 percent tax on filers and a 10.5 percent tax on non-filers, having collected Rs. 80 billion this year. The lender has now directed an increase in advance tax specifically for non-filers.
Furthermore, the IMF has expressed concerns about the escalating financial losses of State-Owned Enterprises (SOEs) and urged Pakistan to divest from them.
In addition, the IMF wants Pakistan to generate an additional Rs. 1.3 trillion in taxes next fiscal year, significantly raising the FBR’s annual revenue target to Rs. 12.3 trillion.
