FBR updates, income tax, budgets and markets for Pakistan
138 articles
Federal Board of Revenue (FBR) launched an inquiry against famous Pakistani actor Fawad Khan regarding tax on foreign income. FBR asked through a letter to Federal Investigation Agency (FIA) for the details…
The Federal Board of Revenue (FBR) sealed head office of Jazz a telecommunication company, in Islamabad. For non-payment of taxes amounted over Rs 25 billion. FBR issued an order against Jazz, of…
The PTI government is considering another amnesty scheme. It will be third in two years. On black foreign currency held by Pakistani nationals. Financial Action Task Force (FATF) and the International Monetary…
The Financial Action Task Force (FATF) on Friday gave yet another lifeline to Pakistan. Decided to retain the country in its grey list for four more months. Pakistan avoided again to be…
The Banking Mohtasib (Ombudsman) Pakistan received 14,587 complaints against banks for the year ended December 31, 2019. The annual report of Banking Mohtasib Pakistan received the following no of complaints: Relief provided…
With compliance of 21 points out of 27 action plan placed to combat money laundering and terror financing. The FATF’s meeting started in Paris on Wednesday. The FATF meeting will decide fate…
The federal government increased the minimum wheat procurement price by 14.3% to Rs1,600 per 40 Kg. To give subsidy on fertilisers aimed at increasing farmers’ income. The decision taken during a subcommittee…
While registering a construction company in Pakistan, the process can be divided in to following parts, There are three types of businesses on the basis of legal structure, In case of sole…
Pakistan’s economy may grow by 1%, inflation may cross above 10%. Unemployment going to increase by the end of this fiscal year. Facts speculated in the World Economic Outlook (WEO) report that…
In an effort to document economy, dismantle manipulations of foreign currency markets and money laundering, the Federal Government has notified Foreign Currency Accounts Rules, 2020 w.e.f. 9th October 2020. Another condition of…
FBR’s automation process of refund of Sales Tax started in 2002. Through introduction of STARR system a semi-automated system. Refund claimants would file refund claims through Refund Claims Preparatory System (RCPS). Data…
The FBR will consider provision of gift from closed blood relations. If received through cross cheque or banking channel. Otherwise it will add in income chargeable to tax. The FBR has also…
According to sub-section (41) of section 2, “taxable supply” means a supply of taxable goods made by,[by an importer, manufacturer, wholesaler (including dealer), distributoror retailer] Other than a supply of goods which…
The FBR issued SRO 93(I)/2020 to amend Sales Tax Rules, 2006. The FBR issued the rules to implement to the law introduced through Finance Act, 2020 to determine the valuation of used…
Federal Board of Revenue (FBR) extended last date for submission of annual income tax returns up to December 08, 2020. The last date for submission of tax return was 30th September 2020.…
Previously, upto tax year 2019, the persons (mentioned in clauses a to d of sub section (1) of section 151) other than the companies were liable to tax on profit on debt…
The Federal Board of Revenue (FBR) and the Pakistan Banks Association (PBA) have finally reached an agreement on the implementation of Sections 165 and 165A of the Income Tax Ordinance 2001. The…
Ministry of commerce announced the import policy of new and used cars under Import Policy Order, 2020. The ministry issued SRO 902(I)/2020 dated September 25, 2020. Notified the Import Policy Order, 2020…
Mr Abid Shaban the Chairman of Technical Committee of Federal Board of Revenue (FBR), aimed to create a taxpayer friendly environment. He invited suggestions for improving various functions of the tax machinery.…
Karachi's wholesale and retail markets, which meet the needs of low-income and middle-class areas of city, regularly submitting their due taxes in accordance with their incomes. Tax Compliance in Posh areas In…