Tag: revenue
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‘There is no choice when the company is losing $4 million per day’: Musk justifies cutting half of Twitter’s workforce
On Friday, Twitter laid off half of its 7,500-person workforce as the company’s troubled big restructuring under new owner Elon Musk got under way, only one week after his sensational takeover. According to an internal memo seen by AFP, “approximately 50 per cent” of the workforce was affected and would immediately lose access to business…
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Poor performance forces govt to extend income tax return filing deadline to November 30
The Federal Board of Revenue (FBR) has managed to reach its four-month target of Rs2.14 trillion despite poor performance in increasing the tax base because of a 34 per cent decrease in income tax returns filed. Ishaq Dar, the finance minister, was forced to once again push the deadline for filing returns due to the…
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FBR must collect Rs120 billion in two days to meet monthly target of Rs684 billion
To reach its monthly goal of Rs684 billion by the end of the current month, the Federal Board of Revenue (FBR) must collect approximately Rs120 billion in the final two days of September. The FBR’s preliminary revenue collection as of September 2022 was over Rs565 billion compared to the target of Rs684 billion, representing a…
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Pak Suzuki suffers losses of Rs17.23 million due to rising production costs
Pak Suzuki Motor Company Ltd. (PSMC) reported its half-yearly results, which were completed on June 30, 2022. The company reported a net loss of Rs17.23 million against a net profit of Rs1.19 billion, according to the automaker’s latest filing on the Pakistan Stock Exchange (PSX). According to Mettis Global, the company’s sales revenue climbed 30…
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US firm to buy Pakistan’s Cloudways for $350 million
Cloudways, a Pakistani company that offers small and medium-sized businesses cloud hosting and software as a service (SaaS) capabilities, will be acquired by New York Stock Exchange-listed company DigitalOcean Holdings for $350 million. A large amount of the consideration, according to a business statement posted on Wednesday, would be paid over a 30-month period after…
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FBR surpasses revenue collection target by Rs15 billion for July
The Federal Board of Revenue (FBR) revealed the provisional revenue collection data for July 2022, which came to Rs458 billion. The FBR generated net revenues of Rs458 billion in July, which was Rs15 billion more than its goal of Rs443 billion. These collections—which represent an increase of roughly 10 per cent over the Rs417 billion…
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FBR collects highest-ever tax of Rs6 trillion in FY22
The Federal Board of Revenue (FBR) achieved a significant feat by collecting a record Rs6,000 billion in revenue during the previous fiscal year 2021–2022. The FBR reported that during the current fiscal year, it collected Rs2,205 billion in income tax, Rs2,773 billion in sales tax, and Rs1,007 billion in customs duty. The organisation in charge…
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Imposing super tax on the rich will reduce budget deficit: Miftah
The government’s recently announced indirect tax (super tax) is intended to assist the country in increasing tax revenue and lowering the budget deficit, according to Finance Minister Miftah Ismail. He was relating to the large industries’ 10 per cent super tax or poverty alleviation tax. 13 industries, including LNG terminals, sugar, cement, steel, textile, tobacco,…
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Elimination, reduction of withholding taxes in budget 22-23
On June 10, 2022, Pakistan will present its federal budget for 2022-2023. A number of new taxes measures are expected to be announced in the budget to raise additional income. It has been learned that a number of withholding taxes would be removed or lowered in the coming budget. The Federal Board of Revenue (FBR)…
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PANAH suggests tobacco taxes be raised even higher
Pakistan National Heart Association (PANAH) has proposed that the government increase tariffs on unnecessary and harmful tobacco products. Increased tobacco-related levies will lessen diseases and healthcare expenses while also helping to generate tax revenue. Sanaullah Ghumman, PANAH’s General Secretary, announced this at a news conference held by the Pakistan National Heart Association on Wednesday at…