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FBR begins pursuing tax evaders.

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The Chief Financial Officer of a well-known battery company has been placed under arrest for his suspected involvement in a sales tax evasion scheme worth over Rs. 1 billion, according to FBR Spokesman Bakhtiar Muhammad.

According to the FBR spokesperson, the Chief Financial Officer of a significant textile company in Faisalabad was also detained for his alleged role in millions of rupees’ worth of sales tax fraud.

According to Bakhtiar Muhammad, the third suspect was detained for allegedly avoiding tax fraud totaling billions of rupees.

He claimed that when the court denied bail, suspects were taken into custody.

Details of Pakistan’s annual tax evasion were previously disclosed by Finance Minister Muhammad Aurangzeb on Thursday.

The minister disclosed that Pakistan’s yearly tax evasion revenue is close to Rs7,000 billion. According to him, efforts are being made to enlarge the tax base and restructure Pakistan’s tax structure.

The minister also declared a “war against tax evaders” in Pakistan and acknowledged that the nation’s salary class bears the brunt of tax burdens.

Additionally, Aurangzeb stated that the goal is to raise the economy’s tax contribution to 13.5 percent.

It should be mentioned that the FBR spokesperson previously stated that the organization is prepared to add over 2.8 million prospective homes to the tax system, which would generate an estimated Rs1.6 trillion in revenue for the country.

“Approximately 3.5 million high-income households are required to pay taxes to the government; however, 2.8 million of them do not pay taxes,” FBR Spokesperson Bakhtiar Muhammad said APP.

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Negotiations with IMF for $7 billion loan programme start

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– Policy talks for the next phase of the $7 billion loan package for Islamabad were formally launched on Tuesday between Pakistan and the visiting delegation of the International Monetary Fund, a major lender.

Nathan Porter is in charge of the IMF delegation, while Finance Minister Muhammad Aurangzeb leads Pakistan’s economic team. Rashid Langrial, the chairman of the Federal Board of Revenue (FBR), is also taking part in the discussions.

The IMF delegation will be briefed by Finance Minister Aurangzeb on Pakistan’s present economic circumstances. The IMF delegation will make suggestions for the budget for the upcoming fiscal year. Pakistan will submit a report on the first half of the current fiscal year as well as a report on the execution of the IMF-imposed restrictions under the $7 billion loan program.

The IMF mission will be briefed by the Pakistani team on real estate and agricultural income taxes.

The IMF delegation will offer suggestions about the release of a $1.1 billion tranche to Pakistan following the negotiations.

The IMF mission negotiations will last until March 15.

The IMF mission was previously briefed on tax and energy policies at the Pakistan Business Council office.

During an introductory session, representatives from the Ministry of Finance and the Ministry of Planning gave the visiting International Monetary Fund (IMF) delegation an update on the economic review for the release of the next installment of $1 billion from the $7 billion bailout package.

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The Planning Ministry provides the IMF with a report on the Green Pakistan Initiative.

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During an introductory session, representatives from the Ministry of Finance and the Ministry of Planning gave the visiting International Monetary Fund (IMF) delegation an update on the economic review for the release of the next installment of $1 billion from the $7 billion bailout package.

The Green Initiative Report was presented to the international lender by the Planning Commission, Ministry of Finance, and Ministry of Planning, according to sources.

A report on climate change projects as part of the Green Initiative was also presented by the Ministry of Planning.

As part of the IMF’s initial demands, the Ministry of Finance instructed the Planning Commission to compile the report in response to the IMF’s request.

According to Planning Commission sources, the meeting also covered the current fiscal year’s Public Sector Development Programme (PSDP) budget cuts and expenditures.

Additionally, during the introduction session, representatives from the Ministry of Planning and the Ministry of Finance gave a briefing.

The economic team would start formal negotiations with the IMF delegation tomorrow, according to sources at the Ministry of Finance.

According to the timetable, the Ministry of Finance and other ministries will meet with the IMF tomorrow.

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As negotiations for the next $1 billion start, the IMF seeks a crackdown on tax evasion in Pakistan’s real estate.

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The International Monetary Fund (IMF) has urged action against people who falsify property values and has asked for tougher steps to stop tax cheating in Pakistan’s real estate industry.

The government promised the IMF that it would activate the Real Estate Regulatory Authority as part of the proposed reforms.

Sources claim that people and brokers who inflate property valuations will face severe consequences, such as fines and jail time.

Agents who do not register may be fined up to Rs500,000, according to sources.

The Real Estate Regulatory Authority has the authority to inflict a maximum sentence of three years in prison. Agents that give misleading information risk having their licences revoked by the authority.

Agents who give false information risk fines ranging from Rs200,000 to Rs500,000.

Fines for property transfer misstatements might range from Rs 500,000 to Rs 1 million.

The new rules are intended to stop financial fraud and increase openness in the real estate industry.

Negotiations for the next $1 billion installment of Pakistan’s $7 billion loan programme with the International Monetary Fund (IMF) started underway Monday.

According to the finance ministry, since Pakistan has previously complied with the most of the IMF’s stringent requirements, formal discussions between the IMF mission and the Pakistani government team were scheduled to last for two weeks.

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