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New definition of ‘exported goods’ as per SRO issued by FBR

New definition of ‘exported goods’ as per SRO issued by FBR

The Federal Board of Revenue (FBR) has changed the definition of the exported goods for claiming duty drawback covering supplies against international tenders or supply to industrial units, projects, institutions, agencies, and organisations. The FBR…

Businesses
FATF asks for list of business persons registered with FBR using forged CNIC

FATF asks for list of business persons registered with FBR using forged CNIC

The Financial Action Task Force (FATF) has sought the list of business persons registered with tax departments using forged CNIC. FBR has acquired some details about such business persons using forged CNICs, enabling money laundering.…

Businesses
FBR monitoring teams will assess sales of resisting Tier-1 retailers

FBR monitoring teams will assess sales of resisting Tier-1 retailers

Instructions issues by Chief Commissioner Regional Tax Office (RTO) Lahore Nasir Iqbal Khan for monitoring of sales of those Tier-1 Retailers (T-1Rs) who are resisting integration with Point of Sale (POS) system. For this purpose,…

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…

Businesses
FBR revised minimum prices of steel as international prices rises

FBR revised minimum prices of steel as international prices rises

In the wake of increased prices of steel products in domestic and international markets, the Federal Board of Revenue (FBR) increased the minimum prices of steel products through amendments in SRO-985 issued on August 4,…

Businesses
FBR imposed penalties on real estate agents for not implementing Anti-money laundering regime

FBR imposed penalties on real estate agents for not implementing Anti-money laundering regime

The Federal Board of Revenue (FBR) has intensified offsite and onsite inspections against Designated Non-Financial Businesses and Professions (DNFBPs) and imposed penalties on a large number of real estate agents for not implementing anti-money laundering…

Businesses
Crude Oil Price Trend in International Market

Crude Oil Price Trend in International Market

Crude oil prices went down up to 2.75 percent for the second consecutive week after rallying for seven straight weeks in the international market. Brent, the international benchmark for two-thirds of the world’s oil, shed…

Businesses
500,000 Retailers Targeted by FBR to Boost Revenue

500,000 Retailers Targeted by FBR to Boost Revenue

About 500,000 countrywide retailers with a tax potential of about Rs 1,500 billion are the new target of Federal Board of Revenue (FBR) to ensure growth in revenue collections. According to Business Recorder, the International…

Businesses
Excise & Taxation department warned defaulters to pay property and professional taxes

Excise & Taxation department warned defaulters to pay property and professional taxes

Excise & Taxation department has warned defaulters of property and professional taxes to deposit their due taxes immediately to avoid any strict action. This warning was given by the provincial excise minister Mukesh Chawala while…

Businesses
FBR completed FATF actions on Anti Money Laundering and DNFBPs before deadline

FBR completed FATF actions on Anti Money Laundering and DNFBPs before deadline

FBR has completed actions on DNFBPs in the FATF action plan in just one reporting cycle and one year ahead of the deadlines in September 2022. The FATF plenary in its public statement has noted…

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