The government has suspended the popular prize scheme of the Federal Board of Revenue (FBR) for the shoppers from Point-of-Sales (POS) integrated tier-1 retail outlets for two and a half months. The POS prize scheme will remain suspended until Jan 31, 2023, according to a sales tax notification SRO1005 released on Tuesday. An official of the FBR said that the scheme will be made more inclusi
Despite an over 50 per cent hike in power tariff involving Rs1.2 trillion additional burden on consumers, the government on Tuesday conceded that circular debt was continuously going up due to missed targets on recovery and losses. While pleading its case at a public hearing for adding Rs43.34bn financial burden (Rs2.18 per unit) to the consumers in three months, Power Division told National El
Pakistan’s formal talks with the International Monetary Fund (IMF) on the 9th quarterly review of the Extended Fund Facility (EFF) have been delayed further amid authorities’ request for a series of waivers on performance criteria owing to flood losses and the Fund’s push for sticking to committed tax-to-GDP ratio of at least 11pc. “Circumstances are difficult but we have to remain in the IMF p
Pakistan desperately needs to take measures to bring the country’s economy out of crisis through sustainable export led economic growth,” said Minister for Planning and Development Ahsan Iqbal on Thursday. Addressing the closing ceremony of a two-day international conference on Productivity Accreditation and Certification, organised by National Productivity Organisation (NPO) on the occasion of
The imposition of sales tax on luxury fuel is on the cards while the government also considers increasing the rate of the petroleum levy with the imposition of 17% general sales tax (GST) in a bid to collect around Rs9 billion in taxes annually. This is in line with contingency measures to keep revenue collection on target, as agreed with the International Monetary Fund (IMF). The Economic Coor