The Pakistani tax law has come under scrutiny as major tech giants, including Google and Facebook, express reservations over what they deem as a flawed interpretation of the legislation. This development highlights the challenges and concerns raised by prominent digital platforms regarding the clarity and accuracy of the existing...
In a decisive move, the Federal Board of Revenue (FBR) has established a deadline for the submission of tax proposals for the fiscal year 2025 (FY25) from investors and companies. This step is part of FBR's proactive approach to engaging stakeholders in the budgetary process, seeking input and suggestions...
In a proactive move, the Federal Board of Revenue (FBR) has extended an invitation for proposals of customs-related budget considerations for the fiscal year 2025 (FY25). This initiative underscores FBR's commitment to engaging stakeholders and incorporating diverse perspectives in the formulation of customs policies that align with the economic...
In a recent development, the Federal Board of Revenue (FBR) has dismissed a proposal to impose an 18% sales tax on locally manufactured cars. This decision reflects a strategic stance by the tax authority against introducing a higher tax burden on the domestic automotive industry.
Key Points:
Taxation Policy: The rejection...
In a significant development, the FBR commits to the International Monetary Fund (IMF) that it will undertake measures to raise taxes on digital markets during the fiscal year 2024. This commitment is part of Pakistan's broader efforts to align its fiscal policies with international standards, address economic challenges, and...
KTC has raised concerns over the recent decline in its cigarette sales, attributing it to a sharp rise in the smuggling of international cigarette brands in Pakistan. This surge in illicit trade poses a significant threat to the company's operations and the local market.
The tobacco manufacturing entity emphasized the...
In a notable development, the International Monetary Fund (IMF) has urged Pakistan's Federal Board of Revenue (FBR) to discontinue the practice of granting preferential treatment to specific sectors and enforce uniform taxation policies across the board. This call for equitable taxation aligns with the IMF's broader objectives of promoting...
Pakistan’s budget deficit was recorded at Rs6.17 trillion, i.e. 5.4% of the GDP, during the fiscal year 2024-25, marking a 9-year low, showed data released by the Ministry of Finance.
A summary of consolidated federal and provincial fiscal operations for July-June 2024-25, released by the Finance Division showed that total...
The National Clearing Company of Pakistan Limited (NCCPL) has issued a notice outlining the revised Capital Gains Tax (CGT) rates applicable from July 1, 2025, in line with amendments made to the Income Tax Ordinance, 2001, via the Finance Act 2025.
These changes apply to various markets including the Pakistan...
The Federal Board of Revenue (FBR) has clarified that cash deposits made directly by buyers into a seller’s bank account will be treated as valid payments under the Income Tax Ordinance, 2001.
The clarification is in reference to the new clause (s) added to Section 21 of the Ordinance, that...
