FBR updates, income tax, budgets and markets for Pakistan
125 articles
The first prize will get by two lucky winners of Rs30,000,000 each, while five prizes of Rs10,000,000 each have been reserved for the second position holders. Similarly, the third prize of Rs300,000…
With the latest increase, the prices of petroleum products have reached at historic top level. New prices of petroleum products will be applicable from Tuesday midnight. The new fuel prices will remain…
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…
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…
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…
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 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…
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…
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 a single entry point…
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…
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.…
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.…
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.…
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…
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…
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…
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…
"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.…
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…