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TAXATION
Changes in rates of withholding tax on sales to retailers, wholesalers, distributors

Changes in rates of withholding tax on sales to retailers, wholesalers, distributors

Federal Board of Revenue (FBR) issued changes in withholding tax rates on sales made. Sales made by manufacturers to retailers, wholesalers and distributors during the tax year 2021. New rates implemented through Finance Act 2020.…

TAXATION
Tax year 2020 draft return forms issued by FBR

Tax year 2020 draft return forms issued by FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft forms for filing income tax returns tax year 2020. The FBR issued SRO 745(I)/2020 and invited comments from stakeholders on the draft return forms within seven days from the…

TAXATION
FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines

FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines

FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines and using this system will end periodic examinations by the Federal Board of Revenue. It will also assist retailers…

UPDATES
FBR implemented new tax regime for imported Items

FBR implemented new tax regime for imported Items

The Federal Board of Revenue (FBR) on Wednesday implemented rules for taxing imported goods. FBR introduced it through (Twelfth Schedule of Income Tax Ordinance, 2001) Schedule XII of the Income Tax Ordinance 2001. The FBR…

Businesses
Pakistani exporters trying to capture Chinese meat market

Pakistani exporters trying to capture Chinese meat market

The Pak-China Joint Chamber of Commerce and Industry (PCJCCI) suggested. That Pakistani exporters establish closer ties with Chinese enterprises to explore the Chinese meat market. While addressing the Pak-China Think Tank meeting. PCJCCI President Zark…

Businesses
Amazon enters Pakistan for web services

Amazon enters Pakistan for web services

  After registering a local office called Amazon Data Services Pakistan (Pvt) Ltd., Amazon is forming a team for Amazon Web Services (AWS) in Pakistan to adopt cloud computing. The move comes two weeks after…

MARKETS
The Pakistan Stock Brokers Association is now formally operational

The Pakistan Stock Brokers Association is now formally operational

  KARACHI: The Pakistan Stock Brokers Association (PSBA) on Wednesday announced. That it completed all legal formalities to become operational. As per the law applicable to trade associations. The Securities and Exchange Commission of Pakistan…

MARKETS
Modi’s rating of five Pakistani banks is confirmed to be stable

Modi’s rating of five Pakistani banks is confirmed to be stable

Modi’s on Tuesday confirmed the rating of five Pakistani banks. ‘B3 long-term local currency and Caa1 foreign-currency deposit ratings. Pakistani Banks include Allied Bank Limited (ABL). Habib Bank Limited (HBL). MCB Bank Limited (MCB). National…

WORLD TAXES
Afghan transit trade starting through Wagah from July 15

Afghan transit trade starting through Wagah from July 15

  ISLAMABAD: Pakistan has allowed Afghan exports through Wagah border crossing from July 15, 2020, a statement said on Monday. At the special request of the Government of Afghanistan and to facilitate transit trade to…

WORLD TAXES
Pakistan, Hungry sign MoU for avoiding double taxation

Pakistan, Hungry sign MoU for avoiding double taxation

ISLAMABAD: The Federal Board of Revenue (FBR) said in a statement on Wednesday that the exchange of information between Pakistan and Hungary under the new version of income tax evasion and prevention of financial theft.…