Aftab Maken ISLAMABAD: The Senate Standing Committee on Finance has approved the proposal to remove the 18% sales tax on the import of solar panels, a move that is likely to offer significant tax relief to consumers amid rising electricity prices. The committee meeting, chaired by Senator Saleem Mandviwalla, gave …
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Aftab Maken ISLAMABAD: The Federal Board of Revenue (FBR) has announced that tax exemptions for non-profit organizations (NGOs) in Pakistan have been withdrawn. Instead, NGOs will now be eligible for a 100% tax credit, subject to certain conditions. This was revealed by FBR Chairman Rashid Langrial during a meeting of …
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Aftab Maken ISLAMABAD: The Senate Standing Committee on Finance has approved several key proposals aimed at improving tax compliance and regulating trade practices, including the abolition of Federal Excise Duty (FED) on property sales. The meeting, held at the Parliament House and chaired by Senator Saleem Mandviwalla, reviewed multiple budget-related …
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Staff Report KARACHI: The State Bank of Pakistan (SBP) has opted to maintain its key policy rate at 11 percent, signaling a cautious monetary stance in response to escalating global oil prices, significant geopolitical tensions, and an ongoing domestic economic recovery. The decision was announced today following a meeting of …
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Aftab Maken ISLAMABAD: The federal government has once again increased the prices of petroleum products, effective for the next fifteen days. The announcement, which came late Sunday night, has pushed the cost of petrol and diesel to new highs, sparking concerns over a fresh wave of price hikes in everyday …
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Aftab Maken ISLAMABAD: The Senate Standing Committee on Finance on Sunday rejected the Federal Board of Revenue’s (FBR) proposal to impose a 10-year jail term for individuals involved in tax fraud. Members of the committee expressed serious reservations over the severity of the suggested punishment. The meeting, chaired by Senator …
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Aftab Maken ISLAMABAD: The FBR’s Anti-Benami Initiative has confiscated two valuable properties in the capital, marking the first time immovable assets have been seized under the Benami Transactions (Prohibition) Act of 2017. The plots, located in the desirable Block H of the Pakistan Employees Cooperative Housing Society (PECHS), are now …
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Aftab Maken ISLAMABAD: Finance Minister Muhammad Aurangzeb on Friday revealed that India once again attempted to block International Monetary Fund (IMF) funding for Pakistan, but this effort was unsuccessful. The disclosure was made during a meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, where the …
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Aftab Maken ISLAMABAD: Islamabad High Court (IHC) has ruled that a prominent telecom operator—Jazz Pakistan–is liable to pay approximately Rs 22 billion ($78 million) in taxes on the transfer of its tower infrastructure. The decision, handed down by a Division Bench led by Justice Babar Sattar, settles a long-standing dispute …
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Aftab Maken ISLAMABAD: Federal Finance Minister Mohammad Aurangzeb said that the government is currently providing relief by borrowing funds. He emphasized that moving forward, all decisions must be made within the government’s financial limits. “Due to the budget deficit, everything we are doing is based on loans,” he explained. Speaking …
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