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TAXATION
Launch of single sales tax return to end fake and flying invoices

Launch of single sales tax return to end fake and flying invoices

The launch of single sales tax return will help the authorities to prevent tax evasion and end the phenomenon of fake and flying invoices. The Federal Board of Revenue (FBR) said that the single sales…

UPDATES
Cabinet to abolish Rs350b tax exemptions

Cabinet to abolish Rs350b tax exemptions

ISLAMABAD: The federal cabinet will approve the Tax Laws (Fourth Amendment) Bill to abolish Rs350 billion tax exemptions and restore the standard 17 per cent rate of general sales tax (GST) under the terms agreed…

WORLD TAXES
US and Turkey agree to end digital services tax

US and Turkey agree to end digital services tax

The United States and Turkey have agreed to terms for withdrawal of Turkey’s digital services tax that largely targeted highly profitable U.S. technology giants and will transition to a new global taxation agreement in 2023,…

UPDATES
Govt to share tax record with NADRA through presidential ordinance

Govt to share tax record with NADRA through presidential ordinance

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 it may compromise…