FBR updates, income tax, budgets and markets for Pakistan
The Securities and Exchange Commission of Pakistan (SECP) has asked companies to submit information of their ultimate beneficial owners (UBOs) through the filing of Form 45, required under Section 123A of the…
The Islamabad High Court (IHC) has reserved their judgment in the case of selection of the successful company for the implementation of the track and trace system for different industries. These industries…
The Federal Board of Revenue (FBR) has suspended the provision of sales tax collection on sugar from the manufacturers on the basis of the retail price up to November 30, 2021. The…
The Federal Board of Revenue (FBR) has dismissed 29 officials from civil service on charges of inefficiency and misconduct. These dismissals have been done in the past one year. The officials dismissed…
An analysis is provided here of different countries with the highest sales tax rates on their retail sector on the sale of their goods and services. Those countries have a general VAT…
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…
The Federal Board of Revenue fixes the value of locally produced steel and scrap goods for the purpose of payment of sales tax. As per SRO No. 985 (I)/2021 Dated: 4th August…
Governor State Bank of Pakistan, Dr. Reza Baqir, announced two new initiatives to facilitate the introduction of digital financial products and services by financial institutions which will benefit to the society. These…
"Federal Board of Revenue (FBR) has issued a clarification on a news story titled “1 pc advance tax pushes up drug prices significantly” appearing in Daily Business Recorder on 3rd August, 2021.…
The Federal Board of Revenue (FBR) on Tuesday decided to hold 60% of the refund claims to those top tier retailers who would still deny to link and integrate their sales invoicing…
The Federal Board of Revenue (FBR) on Tuesday issued a Sales Tax General Order No. 07 of 2021 Dated: 3rd August 2021. The STGO contains procedure for all the manufacturers of specified…
The government is considering over stopping banks from deducting 1% or 2% percent tax on IT foreign remittances to encourage the exporters of the IT sector. “In a recent meeting, the Minister…
Federal Board of Revenue has notified Rules for new Export Facilitation Scheme 2021 which will be effective with effect from 14th August, 2021. New Export Facilitation Scheme has been approved by Federal…
FBR has launched single identifier number for all domestic taxes. Under this initiative a taxpayer can use all applications under the Income Tax, Sales Tax and Federal Excise duty by mere use…
Overseas Pakistanis have developed a 'Made in Pakistan' electric car that will be launched soon in the next three to four months in Pakistan. It is an initiative of DICE Foundation, a…
Recently, Pakistan has been ranked as 'the cheapest country in the world to live in' with a cost of living index (CLI). As per the report on the cost of living index…
There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents. It also…
Karachi Tax Bar Association (KTBA) urges the Federal Board of Revenue (FBR) to issue fresh directions to banks for not collecting withhold tax under section 154A of the Income Tax Ordinance from…
The Azad Jammu and Kashmir (AJK) tax system was on Thursday connected with the national tax system of Pakistan. It will provide online services and increase tax collection. Chief Secretary of AJK…
Let us see the taxation of IT and IT enabled services, freelancer and startups. Both income tax and sales tax provisions are here hereby explained. Further, the recent changes in taxation of…