SBP Governor Reveals Plans About Pakistan’s Official Digital Currency

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Discussing the country’s economic landscape on CNN, the governor of State Bank of Pakistan (SBP), Reza Baqir, made some interesting remarks regarding financial inclusion, tackling money laundering and counts of alleged terror financing through a series of textbook digital innovations.   Like China, the possibility of developing the country’s first ever Central Bank Digital Currency …

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Businesses to File Only One Sales Tax Return

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The Federal Board of Revenue (FBR) and all provincial revenue authorities have signed a memorandum of understanding (MoU) for a single sales tax return and single web portal. Speaking on the occasion, Special Assistant to Prime Minister on Revenue Dr Waqar Masood Khan said that the signing of the document was another step towards achieving …

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FBR and Provincial Revenue Authorities Sign MoU on Single Portal/Return for Sales Tax

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The Federal Board of Revenue and all the four Provincial Revenue Authorities signed a Memorandum of Understanding (MOU) for a single sales tax return and single web portal. Signing of the MOU is one of the most significant components of harmonization of sales tax initiative currently underway between the Federation and the provinces. On behalf …

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SECP Enables Startups to Offer Employee Stock Option Plans

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The Employee Stock Option Plan (ESOP) is a popular method of attracting, motivating, and retaining employees that also permits them to share in a company’s success without requiring a startup business to spend precious cash. Previously, only public companies were allowed to issue employee stock options. As progression towards facilitating the corporate sector, the Securities …

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Late Tax Filers Will Appear on ATL After Paying a Fine

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The Income Tax Ordinance 2001 has clearly laid down the condition that the name of the late filer of income tax return would appear in the ‘active taxpayers list’ only after payment of surcharge of Rs. 20,000 for companies; Rs 10,000 for association of persons (AOPs) and Rs 1,000 for individuals. This condition has been …

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FBR Designates DG DNFBPs to Hear Appeals Against Sanctions

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The Federal Board of Revenue (FBR) has designated the Director-General of Designated Non-Financial Business and Professions (DNFBPs) as the Appellate Body for hearing of appeals against the sanctions imposed, including monetary and administrative penalties on real estate developers/builders, jewelers, and accountants. Through a notification issued by the FBR on Monday, the real estate agents, housing …

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Report Identifies What Could Make Pakistani Customers Change Banks

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Pakistani banking customers are increasingly inclining towards digital banks, regardless of their physical presence, as long as they fulfill the banking needs of customers. This was revealed by A. F. Ferguson & Co. (PricewaterhouseCoopers) in a report on Pakistan’s digital banking, titled “Banking in the Digital Age: Exploring Pakistan’s Potential.” To understand the level of …

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FBR to Introduce Strict Measures to Stop Tax Evasion by Multinational Companies

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n order to check tax evasion by multinational companies, the Federal Board of Revenue (FBR) has enforced from April 1, 2021, multinational convention to implement “tax treaty-related measures to prevent base erosion and profit shifting” to prevent artificially shifting of profits by companies from Pakistan to non-taxation or reduced taxation jurisdictions or countries. The FBR …

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