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BUDGET
Tax credit to Tier-1 retailers installing Point of Sales machines of FBR

Tax credit to Tier-1 retailers installing Point of Sales machines of FBR

All Tier 1 retailers are required to integrate with Board’s Point of Sale online real time reporting system. In order to encourage integration with point of sale real time reporting system of FBR, tax credit…

MARKETS
International Oil Prices declined 10$ a barrel, Govt hints at reducing petroleum prices

International Oil Prices declined 10$ a barrel, Govt hints at reducing petroleum prices

The federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns. The oil prices plunged $10 a barrel on Friday,…

BUDGET
No new taxes But exemptions will be withdrawn in mini budget, Tarin says

No new taxes But exemptions will be withdrawn in mini budget, Tarin says

Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin on Friday said the government will not impose any new taxes in the upcoming ‘mini budget‘, but it will withdraw some tax exemptions given…

BLOG
Approved funds explained by Income Tax Ordinance, 2001

Approved funds explained by Income Tax Ordinance, 2001

Income Tax Ordinance (ITO), 2001 has defined various approved funds for the chargeability of income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)…

TAXATION
FBR authorized to appoint special panels for tax audit

FBR authorized to appoint special panels for tax audit

Under Section 32A of Sales Tax Act, 1990 FBR is authorized to appoint special panels for conducting sales tax audit. The Federal Board of Revenue (FBR issued the Sales Tax Act, 1990 updated up to…

WORLD TAXES
US and Turkey agree to end digital services tax

US and Turkey agree to end digital services tax

The United States and Turkey have agreed to terms for withdrawal of Turkey’s digital services tax that largely targeted highly profitable U.S. technology giants and will transition to a new global taxation agreement in 2023,…

Businesses
Pakistan Single Window First phase to be completed in March 2022

Pakistan Single Window First phase to be completed in March 2022

The rollout of first phase of Pakistan Single Window (PSW) is underway and it will be completed in March 2022, said Adviser to Prime Minister on Finance and Revenue Shaukat Tarin. Presiding over the second…

UPDATES
FBR’s Track & Trace System on Sugar Sector Inaugurated

FBR’s Track & Trace System on Sugar Sector Inaugurated

In a historic development and a special ceremony organized at Prime Minister’s Office here on Tuesday, the Prime Minister of Pakistan Mr. Imran Khan unveiled FBR’s Track & Trace System on Sugar Sector. Advisor to…

FINANCE
Hackers managed to steel Cash from National Bank of Pakistan ATM

Hackers managed to steel Cash from National Bank of Pakistan ATM

Hackers have stolen more than Rs. 5.8 million cash from an ATM of a branch of the National Bank of Pakistan (NBP) located in Pindi Bhattian, a city of Punjab’s Hafizabad district. According to details,…

UPDATES
FTO issued order against Commissioner for blocking income tax refunds

FTO issued order against Commissioner for blocking income tax refunds

The Federal Tax Ombudsman (FTO) has issued a landmark order against an Inland Revenue Commissioner of the Corporate Tax Office Lahore (CTOL) for blocking fully verified income tax refunds by adopting delaying tactics. According to…

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