A large number of banned consignments have been detained by Customs at the ports for the last many years. However, the consignments have not been re-exported by the importers or shipping companies, which brought these banned consignments into Pakistan. The Federal Board of Revenue (FBR) has extended a special power to the customs officials in …

FBR Extends Special Power to Customs Officials For Re-Exporting Restricted Goods Read More »

Seven countries including Saudi Arabia, UAE, Qatar, Kuwait, Oman, Egypt, and Kenya have officially communicated their interest in long-term cooperation in Gwadar. The development came during Prime Minister Imran Khan’s one-day visit to Gwadar, where ambassadors of these countries attended an official ceremony and expressed intent for cooperation in the development of the port city. …

7 Countries Express Long-Term Interest in Gwadar Read More »

The Pakistan Telecommunication Authority (PTA) has observed that the Mobile Termination Rates (MTR) are higher in Pakistan than the international benchmarking, and may revise it downward to Rs. 0.30 per minute from 1 October 2021 against the current Rs 0.70 per minute. The reduction in the MTR will help to reduce the variable cost of each operator …

PTA to Reduce Operator Costs and Benefit Consumers With Lower MTR Read More »

The Securities and Exchange Commission of Pakistan (SECP) has considerably enhanced fees for submission of documents electronically and physically by different types of companies. The SECP has issued S.R.O. 808(I)/2021 to amend the Seventh Schedule to the Companies Act, 2017 here on Monday. In exercise of the powers conferred under sub-section (2) of section 507 …

SECP Increases Fees For Submission of Documents Electronically and Physically Read More »

The Federal Bard of Revenue (FBR) on Monday launched a tax recovery drive against the Cooperative Housing Societies (CHS) to ensure tax compliance, submission of audited accounts, and documentation required by such housing societies. The FBR has also directed the field formations to finalize pending cases of taxation of Cooperative Housing Societies (CHS) for recovery …

FBR Launches Tax Recovery Drive Against Cooperative Housing Societies Read More »

The Federal Board of Revenue (FBR) announced a special tax regime for manufacturing sector small and medium enterprises from July 1, 2021. The FBR released the details of the fixed tax scheme for the manufacturing SMEs. According to the FBR, the SMEs have been defined in clause (59A) of section 2 as manufacturing enterprises irrespective …

FBR Issues New Tax Scheme for SMEs in Manufacturing Sector Read More »

The Federal Board of Revenue (FBR) has tightened conditions, from July 1, 2021, for the exporters, who are availing the scheme of “temporary importation of goods for subsequent exportation” without payment of duties and taxes. The Federal Board of Revenue (FBR) has amended S.R.O. 492(I)/2009 through a notification issued on Wednesday. Under the revised scheme, …

FBR Tightens Conditions for Exporters Evading Duties and Taxes Read More »