Business

The Federal Board of Revenue (FBR) provides clarification regarding the distinction between filers and non-filers.

Published

9 months ago

Farwa

The spokesperson for the Federal Board of Revenue (FBR), Bakhtiar Ahmed, stated that out of a total population of 250 million, just 2.5 million individuals are not registered as taxpayers.

He reassured women who manage households that they need not be concerned, as they are neither non-filers nor students without a CNIC. According to the FBR spokeswoman, non-filers are individuals who do not submit their tax returns even though they have taxable income.

Bakhtiar stated that the Federal Board of Revenue (FBR) will provide a list to the Federal Investigation Agency (FIA) in order to prevent individuals who have not filed their taxes from traveling overseas.

The budget for 2024-25 includes a proposal from the federal government to impose substantial levies and implement additional measures targeted at individuals who are not filing their taxes.

The government has proposed a prohibition on overseas travel for individuals who have not filed their taxes in the Budget for the fiscal year 2024-25.

According to the budget proposal, individuals who have not filed their taxes will be required to pay a tax rate of 75 percent on mobile phone calls. According to the sources, there is a proposal to eliminate the tax exemption for electric vehicles valued at over USD 50,000.

In order to include those who have not filed their taxes in the tax system, the federal government has proposed imposing an extra tax on non-filers. The FBR is striving to increase tax income through rigorous enforcement.

It is important to note that the Federal Board of Revenue (FBR) has deactivated SIM cards of individuals who have not filed their taxes in the first stage. In the second stage, their power and gas connections may also be terminated.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

2 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

3 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.