Senate Standing Committee on Finance has shown displeasure over the treatment of the Federal Board of Revenue (FBR) and National Accountability Bureau (NAB) towards the business community and the chairman of the committee disclosed that the FBR has issued notices of tax demands of Rs 1.5 trillion during last one and a half months. While …
Tax Notices Worth Rs. 1.5 Trillion Issued by FBR in Only Six Weeks Read More »
The Federal Government has exempted Special Economic Zones (SEZs) from minimum turnover tax. The Special Economic Zones (SEZ) Act, 2012, had already exempted SEZs from all taxes, but some Chinese and other investors had complained that they are still being charged turnover taxes, Business Recorder reported on Monday. During the 6th meeting of the Board of …
Govt Finally Resolves Issue of Turnover Tax Exemption for SEZs Read More »
The government has decided to abolish the tax on the import of point-of-sale (POS) machines, and large retail stores will now be able to import duty-free machines. This was stated by the Federal Board of Revenue (FBR) during a briefing of the Senate Standing Committee on Finance. A meeting of the Senate Standing Committee on …
Large Retail Stores Will Now Be Able to Import Duty Free Equipment: FBR Read More »
The Senate Standing Committee on Finance on Thursday gave a go-ahead to the Inland Revenue officials of the Federal Board of Revenue (FBR) to investigate past income tax returns beyond the five years period of owners of offshore income and assets abroad. Under the existing law, there is a restriction or time limitation of five …
FBR Allowed to Investigate Income Tax of Offshore Income/Assets Beyond 5 Years Read More »
Seemingly on the insistence of commercial banks, the State Bank of Pakistan (SBP) has allowed banks and various service providers to charge a minimal fee from the Interbank Funds Transfer amounting above Rs. 25,000.The central bank directed banks to provide free-of-cost digital fund transfer services to individual customers up to a minimum aggregate sending limit …
Banks Can Now Charge Fee on Interbank Funds Transfers Above Rs. 25,000 Read More »
The federal government has amended the Companies Act, 2017 that is aimed primarily at the promotion of startups, the ease of doing business, and improving the general business climate. According to details, after the approval by the National Assembly Finance and Revenue Committee, the Ministry of Finance presented the Companies (amendments) Bill, 2020 in the Lower House …
Govt Approves Amendments in Companies Act for Promotion of Startups Read More »
Minister for Finance & Revenue, Shaukat Fayaz Ahmed Tarin, visited the Federal Bureau of Revenue (FBR) headquarters today and held a meeting with the officers. The meeting’s main purpose was to devise a strategy to increase the integration of retailers with the Point of Sales (POS) system of FBR. The meeting also discussed ways to …
FBR Ordered To Increase Integration of Point of Sale System Read More »
COVID-19 pandemic and the resulting country-wide lockdown made e-commerce a necessity in Pakistan, along with the rest of the world. E-commerce grew at an unprecedented speed in the country during the past year and a half. Multiple online marketplace startups springing across the country are a testament to this growth itself, along with the commendable …
The Possible Repercussions of Sales Tax on Online Marketplaces Read More »