Tag Archives: Federal Board of Revenue

Overview Recent revelations indicate significant misuse of the Export Facilitation Scheme (EFS) and possible involvement in money laundering by scrap importers, particularly those dealing with compressor and motor scrap. The Brass Manufacturing Association (BMA) has raised concerns and proposed the cancellation of the scheme due to these abuses. Key Allegations Misuse of Scheme: Importers of compressor and motor scrap are …

Fiscal Deficit Forecast The finance ministry has projected a substantial increase in Pakistan’s fiscal deficit, estimating it could reach Rs9.655 trillion in the upcoming fiscal year. This projection reflects ongoing concerns about managing public finances amid rising debt obligations. Economic Growth and Inflation Despite the deficit projection, the finance ministry anticipates economic growth to rise by 4.8% during the fiscal …

The Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) has raised alarms about a potential complete shutdown of the tractor industry, attributing the crisis to prolonged delays in releasing General Sales Tax (GST) refunds by the Federal Board of Revenue (FBR) and the recent implementation of a new GST regime under Statutory Regulatory Order (SRO) 563. Paapam has expressed …

The Federal Board of Revenue (FBR) has made a strong start in the new fiscal year by surpassing its first-month target of Rs656 billion. The FBR collected Rs659.5 billion, reflecting a growth rate of just under 22%. This robust performance is crucial as the agency aims for an ambitious annual tax target of nearly Rs13 trillion, which requires a 40% …

Introduction: The Federal Board of Revenue (FBR) has recently announced important amendments to the Income Tax Ordinance, 2001 through Finance Act 2023, which includes significant changes to the Super Tax structure. These changes aim to broaden the scope of the Super Tax and make it a more progressive and comprehensive tax measure. New Super Tax Slabs for Banks and Businesses: …