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UPDATES
FBR proposes collaboration with Provinces for collection of Agricultural Income Tax

FBR proposes collaboration with Provinces for collection of Agricultural Income Tax

In line with the Government’s resolve towards broadening of tax base and documentation of economy, Dr. Muhammad Ashfaq Ahmed, Chairman FBR has initiated a huge challenge to plug in tax evasion of Agricultural Income through…

MARKETS
Car financing reaches to record high

Car financing reaches to record high

Banks’ financing of cars in Pakistan increased by Rs 99 billion (or 46 per cent) in the last one year to a record high of Rs 314 billion in July, as financing became more affordable…

UPDATES
Government appoints seventh chairman FBR to Dr Muhammad Ashfaq Ahmed

Government appoints seventh chairman FBR to Dr Muhammad Ashfaq Ahmed

Dr Ashfaq Ahmed has been appointed as the new FBR chairman. This is the seventh time the government is appointing the FBR chairman. He replaces Asim Ahmed — who was appointed four months back. The…

TAXATION
FBR issues clarification on use of pirated software

FBR issues clarification on use of pirated software

After conducting a preliminary internal investigation on the recent FBR cyber-attack, it has been discovered that the use of pirated software was one of the reasons why FBR’s data got hacked. Following the revelation, FBR…

BLOG
NADRA introduces new verification system to stop fake CNICs

NADRA introduces new verification system to stop fake CNICs

The National Database and Registration Authority (Nadra) has launched a ‘Qaumi Tasdeeq-o-Tajdeed Campaign’ (QTTC), a new system for verification of the family members. National Database and Registration Authority (Nadra) launched a new system of verification…

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…

BUDGET
Changes to offences and penalties under Finance Act 2021

Changes to offences and penalties under Finance Act 2021

The Income Tax (Second Amendment) Ordinance, 2021 promulgated in March 2021 was proposed to be made part of the Bill for approval by the Parliament as required by the Constitution. The Finance Act 2021 adopts…

UPDATES
FBR Increases Customs Duties of Chinese Mobile phone accessories

FBR Increases Customs Duties of Chinese Mobile phone accessories

Directorate General of Customs Valuation Karachi has increased customs values of the accessories of the Chinese-origin mobile phone accessories for correct assessment of duties and taxes at the time of import clearance. In this regard…

BUDGET
List of sales tax exemptions granted in budget 2021-2022

List of sales tax exemptions granted in budget 2021-2022

Under section 13 of The Sales Tax Act 1990, the Sixth Schedule of the Sales Tax Act, 1990 specifically and explicitly mentions those goods on which exemption of sales tax is available. Other exemptions are…

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