Federal Cabinet Rejected Summary of Sugar and Cotton Imports from India

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…

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State Bank Imposes 100% Cash Margin on Import of More Items

State Bank Imposes 100% Cash Margin on Import of More Items

The State Bank of Pakistan (SBP) has decided to impose 100% Cash Margin Requirement (CMR) on the import of 114 items, taking the total number of items subject to Cash Margin to 525. Cash margin…

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Tax Incentives granted under tax laws third amendment ordinance 2021

Tax Incentives granted under tax laws third amendment ordinance 2021

Within third month of passage of Finance Act, 2021, the Government felt the need of introducing amendments in the Tax Laws. These amendments are primarily directed towards broadening of tax base besides providing concessions to…

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FBR issues latest explanation on FBR Data Center

FBR issues latest explanation on FBR Data Center

Federal Board of Revenue (FBR) has issued the explanation regarding latest situation pertaining to service optimization of FBR Data Center. FBR has clarified that all applications having public interface have been operationalized and running smoothly.…

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FBR issues clarification regarding disturbance in Data Center

FBR issues clarification regarding disturbance in Data Center

Federal Board of Revenue has issued a clarification regarding disturbance in Customs Operations due to up gradation of FBR Data Center. FBR has clarified that Customs operations have remained fully operational, throughout this week. Goods…

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FBR Increases Customs Duties of Chinese Mobile phone accessories

FBR Increases Customs Duties of Chinese Mobile phone accessories

Directorate General of Customs Valuation Karachi has increased customs values of the accessories of the Chinese-origin mobile phone accessories for correct assessment of duties and taxes at the time of import clearance. In this regard…

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List of sales tax exemptions granted in budget 2021-2022

List of sales tax exemptions granted in budget 2021-2022

Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and explicitly mentions those goods on which exemption of sales tax is available. Other exemptions are…

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FBR issued list of identified Tier1 nonintegrated retailers

FBR issued list of identified Tier1 nonintegrated retailers

The Federal Board of Revenue (FBR) has advised Tier-1 Retailers to integrate their systems with the revenue authority, failing which they would be denied credit for input tax equal to 60 per cent, claimed in…

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Pakistan’s current account ends FY21 in deficit

Pakistan’s current account ends FY21 in deficit

Pakistan’s current account balance reached at a deficit of $1.85 billion in fiscal year 2020-21. Due to jump in imports on account of rise in crude oil prices and vaccine arrivals. Current Account deficit Despite…

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Govt considering to reduce taxes on cars in upcoming budget

Govt considering to reduce taxes on cars in upcoming budget

The government is considering slashing taxes on new imported and locally assembled cars of up to 800cc engine capacity in the upcoming budget. The proposal, seeks to cut import duties and taxes on new imported…

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