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Businesses
FBR amends Section 122 of IT Ordinance regarding time limit for proceedings

FBR amends Section 122 of IT Ordinance regarding time limit for proceedings

The Federal Board of Revenue (FBR) will enforce new amendment to Section 122 of the Income Tax Ordinance, 2001 for completion of proceedings against taxpayers within 120 days where notices were issued after July 1,…

TAXATION
All about Pakistan Single Window and step by step registration procedure

All about Pakistan Single Window and step by step registration procedure

What is Pakistan Single Window (PSW) ? Pakistan Single Window (PSW) is a newly launched trade system, which provides a facility to parties involved in trade and transport to lodge standardized information and documents with…

UPDATES
FBR issues clarification on suspicious exemption certificates

FBR issues clarification on suspicious exemption certificates

Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of 10th August, 2021. The…

UPDATES
Balochistan finance department introduces online tax collection system

Balochistan finance department introduces online tax collection system

The government of Balochistan has installed online tax collection system. This online tax system will help to boost the the revenue receipts and will promote tax culture in the biggest province of Pakistan. During a…

WORLD TAXES
World’s highest inheritance tax story of Samsung chairman Lee Kun Hee

World’s highest inheritance tax story of Samsung chairman Lee Kun Hee

Lee Kun-hee (9 January 1942 – 25 October 2020) was a South Korean businessman and industrialist who served the chairman of Samsung Group from 1987 to 2008 and from 2010 to 2020. With an estimated net worth of US$21…

UPDATES
FBR removes tax officials despite resistance from tax machinery

FBR removes tax officials despite resistance from tax machinery

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 includes seven officers.…

WORLD TAXES
Countries with the highest sales tax rate on retailers

Countries with the highest sales tax rate on retailers

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 (sales tax) rate…

UPDATES
FBR fixes value of steel in respect of locally produced goods

FBR fixes value of steel in respect of locally produced goods

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 2021 issued by…

FINANCE
SBP launches digital cheques clearing and unified QR Code System

SBP launches digital cheques clearing and unified QR Code System

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 initiatives includes the…

BUDGET
FBR Issues clarification on withholding tax on medicine traders

FBR Issues clarification on withholding tax on medicine traders

FBR Issues Clarification “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.…

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