FBR’s provisional tax collection hit over Rs935 billion in May? This narrows the overall shortfall to Rs1016 billion for July-May, bringing their ambitious Rs12.33 trillion annual target closer as the fiscal year ends!
The FBR has missed its tax collection target by a massive Rs. 1.02 trillion during July-May FY 2024-25, collecting Rs. 10,213 billion against the Rs. 11,240 billion goal. In May alone, the shortfall stood at Rs. 206 billion, intensifying fiscal concerns.
The FBR has extended the deadline for filing Sales Tax and Federal Excise Duty returns for April 2025 to June 5, 2025. However, taxpayers must ensure that the due tax payment is made by the original deadline of May 18, 2025.
Pakistan and the IMF are holding crucial virtual talks today to finalize key aspects of Budget 2025-26. Focus areas include relief for the salaried class, industrial support, and revised tax targets. The federal budget will now be presented on June 10 in the National Assembly.
The FBR is eyeing major tax reforms in Budget 2025-26, including ending exemptions on solar panel imports and tobacco products. With possible GST on refinery outputs and a push for higher tobacco taxes, big fiscal changes are coming that could impact key sectors.
The FBR is reviewing plans to withdraw tax exemptions, including on solar panel imports, as part of budget 2025-26 reforms. Meanwhile, lawmakers and experts urge a sharp hike in tobacco taxes to curb youth smoking and boost revenue through stronger regulations.
The Salaried Class Alliance of Pakistan has urged the government to raise the tax exemption limit in the upcoming budget, citing unfair tax burdens, inflation, and brain drain. It demands equitable reforms, including widening the tax net and restoring tax credits.
The FBR has penalized four Customs officials in Sialkot for negligence in a misdeclaration case, citing failure to act on system alerts. While no corruption was proven, the officers faced demotions and suspensions. All retain the right to appeal within 30 days.
IMF and Pakistan reached a preliminary budget agreement, with talks continuing on revenue, defense, development, and tariff reforms for FY26. Key pending issues include salaried class tax relief & defense budget hike. Both sides aim for fiscal consolidation & structural reforms.
The formal packaged juice industry in Pakistan has formally urged the federal government to take immediate action in the upcoming […]