FBR updates, income tax, budgets and markets for Pakistan
The proposed Auto Industry Development and Export Policy (AIDEP) aims to increase the auto industry sector in Pakistan by increasing production of cars, motorcycles, tractors etc, Finance Minister Shaukat Tarin revealed. He…
Amazon.com Inc on Monday denied about the news that the e-commerce giant was going to accept bitcoin payments by the end of this year. The report from London's City A.M. newspaper, citing…
The federal government may introduce a presidential ordinance to provide record of existing three million taxpayers to the National Database and Registration Authority (NADRA) for the purpose to increase tax collection, but…
Saudi Arabia imposing a three-year travel ban on citizens travelling to those countries which are on the kingdom's 'red list'. according to their state news agency SPA said on Tuesday. Peoples who…
The Federal Board of Revenue (FBR) has decided to relax conditions for the importers for obtaining "unique user identifiers" (UUIs) for WEBOC Registration under the Customs Computerized System. The FBR has recently…
The Federal Board of Revenue (FBR) has taken stay orders against the Federal Tax Ombudsman’s (FTO) decision to investigate the offices dealing with offshore tax haven cases, stopping a move that could…
Tax credit for person employing fresh graduates. First year depreciation allowance on specified assets @ 90% of cost of assets. Tax credit for enlistment on registered stock exchange. Certain tax credits for…
Income Tax Ordinance, 2001 provides for tax exemptions, tax credits, reduced tax rates, and reduction in tax liability. These tax exemptions are either based on specific type of taxpayers or for a…
The President of Pakistan, Dr. Arif Alvi, issues an order in favor of the declarants of the Tax Amnesty Scheme 2019 (assets declaration scheme). Who already deposited their taxes under the Tax…
In order to promote documentation and to streamline action, the concept of business bank account has been introduced in the Ordinance by inclusion of definition of business bank account in section 2.…
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. The…
The European Central Bank (ECB) moved closer to a “digital euro” with the launch of a pilot project. But questions remain about possible problems and advantages for eurozone citizens. This fact comes…
The Federal Board of Revenue (FBR) on Monday informed to Finance Minister Shaukat Tarin that the tax authority is drafting new plans to widen the tax base with the help of National…
The federal government declared an amount of Rs. 4.261 million as compensation (diyat) for the current financial year 2021-22. The declaration is part of “Qisas and Diyat” Ordinance 1990. Diyat in Islamic…
Online ATL status check allows you to confirm your Active Taxpayer status with FBR in real time. You can check it by using this portal of FBR: www.e.fbr.gov.pk . Check Individual’s Active…
All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. ‘Tier-1 retailer’ is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who…
The government has decided to launch the "Kamyab Pakistan" program on July 29. It is an initiative that offers a multiple opportunities which includes loans for small businesses, farmers, households, health cards,…
The Federal Board of Revenue (FBR) directed all tax officers and officials to declare their Assets and Performance Evaluation reports which is due for the year 2020-2021 by due date of July…
The Federal Board of Revenue (FBR) released draft rules for new Export Facilitation Scheme 2021. FBR also called for comments on this new export scheme from industry, exporters and other stakeholders. The…
Following numerous complaints on the Pakistan Citizen’s Portal. The Prime Minister’s Office took the notice of this practice of FBR's Department. PM office directed to facilitate overseas Pakistanis in provision of this…