Tag: taxation system
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Business community seeks budgetary reforms to promote industry growth
The business community has called for comprehensive reforms and increased facilities in the upcoming 2024-25 budget to promote industry growth by broadening the tax base.
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Non-filers may face bank account suspension, travel bans: FBR
The Federal Board of Revenue (FBR) has issued a stern warning to individuals who have not filed their income tax returns, stating that they could face severe consequences, including the suspension of bank accounts and restrictions on both domestic and international travel via motorways and air travel.
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Anti-corruption victory: NAB recovers Rs2.3 trillion, saves $10 billion
National Accountability Bureau (NAB) Chairman Lt Gen (retd) Nazir Ahmed announced a significant achievement, revealing that the bureau has successfully recovered an impressive amount of Rs2.3 trillion and saved over $10 billion in savings for the national exchequer. Speaking at an event, he highlighted the necessity of collective efforts in combating corruption, emphasising that every…
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Govt hints at major taxation system overhaul in economic revival drive
The federal government is contemplating significant changes to the tax structure in its economic revitalisation plan, with a particular focus on sectors like retail, agriculture, and real estate. Additionally, the plan includes the introduction of a wealth tax on movable assets. These proposed revisions were outlined in the Ministry of Finance’s September 2023 Economic Update…
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FBR freezes PIA’s bank accounts for not paying Rs2.8 billion in taxes
Pakistan International Airlines (PIA), the national flag carrier, has found itself embroiled in a tax dispute as the Federal Board of Revenue (FBR) took the drastic step of freezing the airline’s bank accounts. This move comes at a critical time when the government has shifted the burden of revenue generation onto the general public, leading…