The Federal Board of Revenue (FBR) has been receiving complaints from taxpayers and other users that they have been receiving emails regarding a list of income tax defaulters. It has issued a statement denying any connection with the emails in question that are being sent from a fake email address — alert@fbr.news. The emails instruct the […]
FBR Alerts Taxpayers about Fake Emails Read More »
The Securities and Exchange Commission of Pakistan (SECP) has issued a new procedure for the approval of capital expenditure and disposal of assets by the board of companies. The SECP has issued an S.R.O.449(I)/2021 here on Friday to issue draft amendments to the Companies (General Provisions and Forms) Regulations, 2018. In the case of a
SECP Issues New Procedure for Approval of CapEx and Disposal of Assets by Companies Read More »
The overall output of Large Scale Manufacturing Industries (LSMI) output increased by 7.45 percent during the first eight months (July-February) of 2020-21 as compared to July-February 2019-20, as most of the major manufacturing sectors had posted growths. The LSMI QIM was recorded at 149.88 points during July-February 2020-21 against 139.49 points during the same period of
Large Scale Manufacturing Industries Output Increased by 7.45% in 8 Months Read More »
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
FBR and Provincial Revenue Authorities Sign MoU on Single Portal/Return for Sales Tax Read More »
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
SECP Enables Startups to Offer Employee Stock Option Plans Read More »
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
Late Tax Filers Will Appear on ATL After Paying a Fine Read More »
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
FBR Designates DG DNFBPs to Hear Appeals Against Sanctions Read More »
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
Report Identifies What Could Make Pakistani Customers Change Banks Read More »
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
FBR to Introduce Strict Measures to Stop Tax Evasion by Multinational Companies Read More »
Chairman Federal Board of Revenue inaugurated the head office of Pakistan Single Window (PSW) Company in Islamabad. On the occasion, Chairman FBR lauded the efforts of Pakistan Customs to roll out the Pakistan Singe Window (PSW) System almost a year before its deadline of June 2022 set under the World Trade Organization’s Trade Facilitation Agreement.
Pakistan Single Window Company Inaugurated Read More »
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