FBR Reduces Sales Tax Rate on Petroleum Products TAXATION

FBR Reduces Sales Tax Rate on Petroleum Products

The Federal Board of Revenue (FBR) reduces sales tax rate from 17 percent to 15.44 percent on Kerosene oil and from 17 percent to 7.56 percent on Light diesel oil…

Tax Deadline 2021 for World Corporate Income Taxes WORLD TAXES

Tax Deadline 2021 for World Corporate Income Taxes

Here, Tax deadlines for 2021, Income Tax Due dates or Tax Calendar is given for Individuals, Association of Persons (AOPs) and Company (Corporate Sector) of Pakistan and for World Corporate…

CPEC Related Gwader Projects BLOG

CPEC Related Gwader Projects

S.No Project Name Estimated Cost(US$ M) 1 Gwadar East-Bay Expressway 168 2 New Gwadar International Airport 230 3 Construction of Breakwaters 123 4 Dredging of berthing areas & channels 27…

Chairman FBR Inaugurates Anti-Benami Adjudicating Authority Secretariat UPDATES

Chairman FBR Inaugurates Anti-Benami Adjudicating Authority Secretariat

Chairman Federal Board of Revenue (FBR) Asim Ahmad has inaugurated the Secretariat of Anti-Benami Adjudicating Authority here in Islamabad. On this occasion, Chairman Anti-Benami Adjudicating Authority Muhammad Ali, Member FATE…

Revised Profit Rates on National Savings Schemes effective from 7th May 2021 MARKETS

Revised Profit Rates on National Savings Schemes effective from 7th May 2021

According to a notification issued by the finance ministry, the new profit rates that will effective from the 7th of May. The revised profit rates on Regular Income Certificates reduced to…

Saudi Arabia New Vaccine Decision Raised Problems for Pakistan Travel Industry Businesses

Saudi Arabia New Vaccine Decision Raised Problems for Pakistan Travel Industry

In a new development, Saudi Arabia has set a travel permit requirement for foreign travelers with the COVID-19 vaccine. However, the new condition has made it difficult for Pakistanis to…

Federal Board of Revenue Rejected a News Report Published BUDGET

Federal Board of Revenue Rejected a News Report Published

The Federal Board of Revenue (FBR) has rejected a report published in the Daily Business Recorder. Federal Board of Revenue (FBR) issued a press release. Where FBR has issued a…

Schedule of Prize Bonds Draw from January 2021 to December 2021 FINANCE

Schedule of Prize Bonds Draw from January 2021 to December 2021

Prize Bond Schedule 2021– Prize bonds a type of government bonds issued where some randomly prize bonds selected within the issue then afterwards redeemed / encashed at a higher value than the face value…

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TAXATION

FBR Reduces Sales Tax Rate on Petroleum Products

The Federal Board of Revenue (FBR) reduces sales tax rate from 17 percent to 15.44 percent on Kerosene oil and from 17 percent to 7.56 percent on Light diesel oil from May 1, 2021, to…

TAXATION

Withdrawal of customs duty on import of cotton yarn S.R.O533(I)/2021

Federal Board of Revenue (FBR) vide S.R.O. No. 533(I)/2021 dated: 5th May, 2021. In exercise of the powers conferred by section 19 of the Customs Act, 1969 (IV of 1969), the Federal Government is pleased…

TAXATION

FBR extends date for filing sales tax & Federal excise return for April 2021

Federal Board of Revenue (FBR) extended the date of payment and submission of Sales Tax and Federal Excise Return for the period of April, 2021. The date of payment of Sales tax and FED monthly…

TAXATION

Federal Board of Revenue alerts Taxpayers about Fake and Harmful Emails

Federal Board of Revenue (FBR) received complaints from taxpayers that emails are being sent to them regarding income tax defaulters list. In a press release, Federal Board of Revenue (FBR) denied any link / relation…

TAXATION

List of exemptions from total income withdrawn through Second Amendment Ordinance

Federal Board of Revenue (FBR) through Tax Laws (Second Amendment) Ordinance, 2021 have withdrawn tax exemptions from total income. Which were available through various clauses of Second Schedule of Income Tax Ordinance, 2001. Following are…

BUDGET

Federal Board of Revenue Rejected a News Report Published

The Federal Board of Revenue (FBR) has rejected a report published in the Daily Business Recorder. Federal Board of Revenue (FBR) issued a press release. Where FBR has issued a denial on a news item…

BUDGET

FBR Banned Transfers, Postings & Leaves during 4th Quarter

The Federal Board of Revenue (FBR) has banned the transfer, posting and leaves of officers and personnel of Inland Revenue field formations during the fourth quarter (From April to June) of 2020-21. On Tuesday, as…

BUDGET

FBR Submits Proposed Tax Exemptions Withdrawal Bill in National Assembly secretariat

The Federal Board of Revenue (FBR) submitted a bill to the National Assembly (NA) secretariat, consisting of tax amendments to withdraw about 36 tax exemptions. It will be applicable from July 1 2021 under the…

BUDGET

Income Tax Credit Proposed for IT Sector

The Federal Board of Revenue (FBR) said on Wednesday that it was proposing to expand the scope of tax incentives for IT services and IT-enabled services by allowing 100 per cent income tax credit. Budget…

BUDGET

Cabinet approved budget proposals to meet the IMF’s Demands

The federal cabinet has approved a new budget to impose a tax of Rs 140 billion to meet a condition of the International Monetary Fund (IMF). An increase of 1.4 Trillion rupees through tax exemptions.…

Businesses

Saudi Arabia New Vaccine Decision Raised Problems for Pakistan Travel Industry

In a new development, Saudi Arabia has set a travel permit requirement for foreign travelers with the COVID-19 vaccine. However, the new condition has made it difficult for Pakistanis to plan to travel to the…

Businesses

Amazon in Pakistan

E-commerce giant Amazon will add Pakistan to its approved sellers list within a few days. Amazon currently have 102 other countries on its platform.  Prime Minister Imran Khan announced this development on Thursday, and said…

Businesses

Over 35 bank accounts of Jahangir Tareen and his family frozen

According to media reports, more than 35 bank accounts of Jahangir Khan Tareen and two members of his family have been frozen over involvement in the sugar scandal. Freeze Bank accounts include total of 36…

Businesses

SECP issues circular enabling startups to increase capital against property

SECP issued a circular No 11 of 2021 explicitly allowing private companies and startups to increase capital by receiving immovable property, intangible assets and services from investors. Securities and Exchange Commission of Pakistan (SECP) allows…

Businesses

Federal Cabinet Rejected Summary of Sugar and Cotton Imports from India

On Thursday, the federal cabinet rejected a summary of sugar and cotton imports from India. According to media reports, a meeting of the Federal Cabinet was held under the chairmanship of Prime Minister Imran Khan…

WORLD TAXES

Tax Deadline 2021 for World Corporate Income Taxes

Here, Tax deadlines for 2021, Income Tax Due dates or Tax Calendar is given for Individuals, Association of Persons (AOPs) and Company (Corporate Sector) of Pakistan and for World Corporate Income Tax deadlines for all…

WORLD TAXES

IRS Covid Tax Tips

A complete list of tax tips issued by the Inland Revenue Service (IRS) of USA regarding coronavirus (COVID-19) tax reliefs and Economic Impact Payments for ready reference. What employers need to know about repayment of…

WORLD TAXES

Tax Havens, a Global Issue

The Panama Papers, Luxembourg Leaks and Paradise Leaks clearly show how large-scale tax evasion and money laundering is taking place through tax havens around the world. Tax evasion through tax havens has become a global…

WORLD TAXES

Digital Tax Increased Ad Rates by Google

Google has told users it will increase advertising rates on its French and Spanish platforms by 2% from May to help eliminate the effects of the digital tax on profits. France has collected taxes from…

WORLD TAXES

Free Income Tax Filing Programs in 2021 in America

About 70% of Americans do not have to pay for tax preparations and filing for there tax returns. People with low incomes or simple tax situations are often eligible for free income tax filing services.…

MARKETS

Revised Profit Rates on National Savings Schemes effective from 7th May 2021

According to a notification issued by the finance ministry, the new profit rates that will effective from the 7th of May. The revised profit rates on Regular Income Certificates reduced to 9.24 percent from 9.36 percent.…

MARKETS

State Bank of Pakistan to not issue new Currency Notes on Eid ul Fitr due to COVID-19

The State Bank of Pakistan (SBP) announced that it will not issue new currency notes on Edi ul Fitr this year due to the coronavirus pandemic. “Like last year, we will not be issuing new…

MARKETS

State Bank of Pakistan launches Five Years Islamic banking plan

State Bank of Pakistan launched a third five-year Islamic Banking plan (for the period from 2021 to 2025). It will help Islamic banks in enhancing their network nationwide. Advised to increase online banking and “capitalise…

MARKETS

Rupee Becomes the World’s Best Performing Currency against Dollar

Pakistani rupee has become the world’s best performing currency. Rupee appreciated the most against the US dollar in the last three months ended March 31, 2021. The rupee strengthened on the back of excessive inflows…

MARKETS

IMF programme & SBP Amendment Bill Open to Reviews in Parliament, says Azhar

The government has the right to review the International Monetary Fund (IMF) program and is open to the State Bank of Pakistan (SBP) for recommendations to improve the sovereignty bill, new Finance Minister Hammad Azhar…

BLOG

CPEC Related Gwader Projects

S.No Project Name Estimated Cost(US$ M) 1 Gwadar East-Bay Expressway 168 2 New Gwadar International Airport 230 3 Construction of Breakwaters 123 4 Dredging of berthing areas & channels 27 5 Development of Free Zone…

BLOG

Step by Step Guide for Registration as Builder & Developer

Not Registered Please go to https://iris.fbr.gov.pk/public/txplogin.xhtml and Click “Registration for Unregistered Person”. Already Registered 1- Please use your Iris login and password to enter in Iris application. 2- After logging in, on left upper corner…

BLOG

Best Classes Online for Tax Courses In Pakistan

The online tax course offered by Global Tax Consultants comprises of theoretical, practical and numerical concepts of Tax Laws prevailing in Pakistan. In this online tax course opportunity available to learn the registration matters, monthly…

BLOG

Government fixes Nisab for Zakat at Rs80,933 for 2021

The federal government of Pakistan has fixed Nisab for Zakat deduction on bank accounts for the current year 2021 at Rs 80,933. A notification issued by the Administrator-General Zakat about zakat Nisab. Where the Nisab…

BLOG

Guide To LDA City Naya Pakistan Apartments and How to Apply for Bank of Punjab Loans

With the objective of constructing 50,000 housing units, an effort can be seen in the form of ‘LDA City Naya Pakistan Apartments’. Under this project, the government has approved the construction of 35,000 affordable apartments. This…

UPDATES

Chairman FBR Inaugurates Anti-Benami Adjudicating Authority Secretariat

Chairman Federal Board of Revenue (FBR) Asim Ahmad has inaugurated the Secretariat of Anti-Benami Adjudicating Authority here in Islamabad. On this occasion, Chairman Anti-Benami Adjudicating Authority Muhammad Ali, Member FATE and Director General Anti-Benami Initiatives…

UPDATES

Customs field formations to remain open on 8th, 10th & 11th May

In order to facilitate exports and other trade activities, Federal Board of Revenue’s Customs Wing has issued instructions to all Customs field formations to work as normal working days on 8th, 10th and 11th of…

UPDATES

Federal Board of Revenue Introduces Automated Process for Scanning of Cargo

Pakistan Customs Wing of Federal Board of Revenue introduced a new automated process in WeBOC system for scanning of containerized import consignments for their instant clearance at ports. This new system by Customs was a…

UPDATES

FBR Appointed Asim Ahmad as New Chairman FBR

Federal Board of Revenue (FBR) has appointed to Mr Asim Ahmad as new chairman FBR. He was Member IT previously at BS-21 officer of Inland Revenue Service. Mr Asim Ahmad has also been given the…

UPDATES

FBR to reintroduce track and trace system for tobacco products by the end of June 2021

The Federal Board of Revenue (FBR) may reintroduce the track and trace system for tobacco products through a modified strategy in late June 2021, when a high court ruled that the previous system was not…

FINANCE

Schedule of Prize Bonds Draw from January 2021 to December 2021

Prize Bond Schedule 2021– Prize bonds a type of government bonds issued where some randomly prize bonds selected within the issue then afterwards redeemed / encashed at a higher value than the face value of the prize bond. According…

FINANCE

Withdrawal Of 15,000 & 7,500 Denomination National Prize Bonds From Circulation

Finance Division (Budget Wing), Government of Pakistan issued Notifications No. F.16(1)BS /2021-750 and F.16(1)BS /2021-751 dated April 28, 2021, regarding conversion / redemption / encashment of Rs. 15,000/- and Rs. 7,500/- denomination National Prize Bonds,…

FINANCE

FATF’s condition fulfilled, 15000 and 7500 Prize Bonds to be abolished

Another condition of the Financial Action Task Force (FATF) has been met. The government decided to scrap 15,000 and 7,500 Prize bonds. According to the details, the federal government has decided to scrap 15,000 and…

FINANCE

State Bank of Pakistan invites views on revision of Foreign Exchange manual

Considering the market dynamics and changing business environment, SBP is in the process of reviewing the Foreign Exchange (FE) manual in consultation with the relevant stakeholders in a phased manner. The main purpose of these…

FINANCE

HBL launches first Personal Finance Manager Solution powered by Hysab Kytab

HBL has teamed up with Hysab Kytab to launch the first comprehensive Personal Finance Manager (PFM) solution offered by any bank in Pakistan for the first time. Hysab Kytab’s PFM (Budgeting) tool has been integrated…

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