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A jail sentence and heavy fines were declared for fake tax documents.

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In an effort to strengthen the anti-tax fraud and evasion procedures, the Federal Board of Revenue (FBR) has released a notification detailing important changes to the Sales Tax Act, 1990.

The decision to create a specialised section tasked with looking into tax fraud cases is among the major improvements. The new wing will include a Digital Forensic Unit and an Intelligence and Analytical Unit to improve the enforcement of tax rules.

People who don’t file tax returns could get summonses or notices under the modified laws. A steep fine of either Rs 25,000 or 100% of the tax amount, whichever is higher, would be imposed for submitting forged or fraudulent documentation. On top of that, filing false tax returns can land you in jail for up to five years.

Severe fines for tax evasion have also been established by FBR. Offenders risk a maximum five-year prison sentence for tax evasion of less than Rs. one billion. A fine equivalent to the amount evaded is imposed in addition to a 10-year prison sentence for amounts over Rs-1 billion.

Under the amended definition, purposeful under-declaration of taxes or underpayment of dues are now included, as well as the filing of fake documents and information concealment. The revised law will also closely examine claims of excess tax credits against duty paid.

All matters concerning tax fraud will be handled by the recently established Tax Fraud Investigation Wing. The ability to obtain electronic invoices from people, organisations, or businesses will be provided by this wing. An automated system makes it possible to verify these invoices in real time, guaranteeing increased accountability and transparency.

As a major step towards preventing tax fraud and improving the integrity of Pakistan’s tax system, these strict procedures and the creation of the special investigation wing are being implemented.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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