Business & Industry

The Federal Board of Revenue (FBR) has constituted a committee of senior officers at Customs House, Karachi, to formulate rules to implement section 156(1) of the Customs Act 1969, as modified by the Federal Government vide Finance Act, 2021. The said provision of law prescribes certain penalties for not placing invoices, packing lists inside the […]

The Senate Standing Committee on Finance on Wednesday recommended imprisonment to the Federal Board of Revenue’s (FBR) tax officials in the field formations involved in issuance of bogus or illegal notices to the taxpayers for making frivolous tax assessments to harass the business community. Chairman of the committee, Senator Talha Mahmood, raised the issue that

Sources have informed ProPakistani that the Federal Bank of Revenue (FBR) has initiated deduction of tax from the exports earnings of companies providing IT and IT-enabled services at a rate of 1 to 2%. IT and IT-enabled service providers said that the tax is being deducted through banks on the inflow of every amount recently,

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

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.

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

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

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

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