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 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...
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...
The Federal Board of Revenue (FBR) has relaxed some major enforcement provisions of the Finance Act 2025 including provisions of arrest in tax fraud cases and cash deposits in the bank account of the seller would now be considered through banking channels.
The FBR has also announced that the withholding...
The Federal Board of Revenue (FBR) has issued new procedures to govern the registration of e-commerce sellers and the collection of tax on digital transactions. These measures are part of a broader effort to bring the retail market into the tax net and ensure tax compliance for digitally ordered...
The Federal Board of Revenue (FBR) has relaxed upper capping limit up to 10 percent of the export value for processing of deferred sales tax refunds of exporters (excluding five export orientated sectors) under the “FASTER” system.
In this regard, the FBR has issued instructions to the field formations on...
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...
The Federal Board of Revenue (FBR) has amended the banking schedule of the Income Tax Ordinance 2001 to align the banking income close to the taxable income from July 1, 2025. The FBR’s budget explanatory circular on Finance Act 2025 stated that the FBR has introduced change in the...
Minister of State for Finance, Bilal Azhar Kayani Thursday said the government will not amend Finance Act 2025 to further change definition of tax fraud or procedure for arrest, but the Federal Board of Revenue (FBR) will issue sales tax explanatory circular to address all concerns of the business...
