The Sindh Assembly just approved a Rs156 billion supplementary budget for FY24-25 amidst huge opposition protests! 😠 CM Murad Ali Shah defended allocations for judiciary & debt servicing, rejecting 735 cut motions collectively.
IMF may object to Pakistan’s revised Finance Bill 2025. It eases tax enforcement, raising thresholds for vehicle (Rs7M), property (Rs100M), securities (Rs50M), & bank withdrawals (Rs100M). Govt to justify changes amid push for Rs389bn revenue.
FBR collected Rs53 billion in Tax Year 2024 by automatically closing income tax audits under Section 214E. This provision helps clear backlog by allowing taxpayers to revise returns and pay extra tax (or a percentage of turnover) to settle cases. It’s a key move to boost compliance.
Pakistan Parliament endorsed the Digital Presence Proceeds Tax Act, 2025. It imposes a 5% tax on non-resident digital entities earning from Pakistani users, effective July 1. Financial intermediaries will collect the tax, aiming to ensure foreign digital vendors contribute their fair share.
E-commerce & chain stores blast proposed taxes! 📢 They warn new levies will burden formal businesses, disrupting growth & pushing them informal. Industry urges govt to halt enforcement, start dialogue for fair, growth-friendly policies.
Govt’s plan to ban transactions by “ineligible persons” hits snag! 🚫 FBR’s online eligibility portal is “far from completion,” delaying new rules for large purchases not supported by declared assets. NA Committee criticized the delay.
FTO orders FBR to stop sealing Tier-1 retailers! 🛑 Landmark ruling cites critical POS system flaws, demanding FBR fix issues, consult retailers, and offer free PRAL integration. Major relief for formal retail!
FBR revises sales tax law for arrests in fraud cases, adding prior inquiry & Commissioner approval. PM forms committee to ensure no misuse of powers.
Pakistan might impose Rs30B extra taxes or cut spending to meet IMF demands for budget approval! 💸 PM directed lowering tax for low-income salaried to 1%. A critical decision awaits as budget finalization nears.
FBR wants to end banks’ special tax treatment? 🏦💸 The Senate Committee just approved moving banks to normal corporate tax! This aims for a level playing field. Plus, talks about ending SEZ exemptions & limiting tax audits to 3 years!