Karachi Chamber Supports FBR Oversight of Jewelers, Urges Protection
KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has endorsed the monitoring of jewelers’ business transactions by the Federal […]
FBR Faces Record Tax Shortfall in FY2025-26 as Revenue Gap Nears Rs1 Trillion
Pakistan’s Federal Board of Revenue is facing a massive tax shortfall in FY2025-26, with the gap expected to approach Rs1 trillion after missing revenue targets in the first ten months, raising concerns over fiscal stability and increased borrowing pressure.
Federal Court Reserves Verdict on Challenges to Section 7E
The FCC has reserved its judgment on petitions challenging Section 7E of the Income Tax Ordinance, 2001, with the upcoming ruling expected to shape constitutional interpretation on deemed income taxation, legislative powers, and judicial authority in Pakistan.
Karachi Retailers Pay Rs6.25 Billion Income Tax in FY25
Karachi retailers contributed Rs6.25 billion in income tax during FY25, with collections rising 121% year-on-year due to stricter enforcement and improved compliance under Section 236H of the Income Tax Ordinance, 2001.
Federal Court Upholds Super Tax Under Sections 4B and 4C
FCC upholds Super Tax under Sections 4B and 4C, declaring High Courts cannot alter tax laws and reinforcing Parliament’s authority over fiscal policy.
FBR Registers FIR Against Lahore Gold Jewelers After Tax Monitoring Clash
FBR files FIR against Lahore gold jewelers after resistance during a tax monitoring drive under Section 175, escalating tensions between traders and tax authorities.
Federal Tax Ombudsman Exposes Massive GST Fraud
FTO exposes a major GST fraud involving fake transactions worth Rs415.6 million after a breach in Pakistan’s tax system, raising concerns over cybersecurity and insider involvement.
Senate Seeks Data on Dual Nationality of FBR Officers
Senate has directed the FBR to submit detailed data on officers holding dual nationality, aiming to strengthen transparency and accountability within the tax authority.
Pakistan Targets Rs350bn New Tax Measures in FY2026–27 Budget
Pakistan plans Rs350bn in new tax measures for FY2026–27 budget by removing exemptions and expanding the tax base under IMF-backed reforms.
FBR Clarifies Tax Relief for Builders Under Special Regime
FBR allows builders under Section 7F to seek exemption from advance tax under Section 236C, introducing automatic approval within seven days to ease liquidity pressures.