An International Monetary Fund (IMF) review mission began its work simultaneously in Karachi and Islamabad on Thursday, holding discussions with authorities on mixed programme performance without the customary opening engagement with Minister for Finance and Revenue Muhammad Aurangzeb, who is currently on a visit to the United States. Sources said the introductory meeting with Mr Aurangzeb, i
The Federal Board of Revenue (FBR) has said that taxpayers are free to declare the market value of their movable and immovable assets at their own discretion, in tax returns for the year 2025, without requiring formal valuation or supporting documents. But this flexibility does not apply to high-net-worth individuals, who remain subject to stricter reporting requirements under Section 7E of the
Foreign assistance inflows to Pakistan almost doubled to $1.377 billion in the first two months (July-August) of the current fiscal year, mainly because of an ongoing umbrella of the International Monetary Fund (IMF). This helped the government to start the new fiscal year on a healthy note, unlike last year’s lacklustre beginning in the absence of IMF support. The total inflows, both loans
The Federal Board of Revenue (FBR) has extended the deadline for integration with its electronic invoicing system for all sales tax registered entities, following slow compliance and enforcement challenges. The earlier deadline for phased integration was set to begin on Aug 1, but has now been extended through staggered deadlines starting from Oct 15 up to Dec 31, according to a notification is
Currency dealers say the State Bank of Pakistan (SBP) has slowed down its dollar purchases from the interbank market in an apparent effort to maintain liquidity and contain pressure on the exchange rate amid a growing trade deficit. “The SBP is buying dollars much slower than last year, when it purchased $7.8bn to boost its foreign exchange reserves,” said a currency dealer, adding that higher