As part of a drive against unregistered persons who are liable to be registered and are required to pay sales taxes on their taxable supplies under the Sales Tax Act, 1990, the Federal Board of Revenue’s (FBR) Directorate of Intelligence and Investigation-Inland Revenue, Multan has conducted proceedings under Sections 38 and 40 of the Sales …
FBR Takes Action Against Unregistered Plastic Manufacturing Unit Read More »
The use of mobile and internet banking has been on the rise thanks to the free-of-cost services offered by commercial banks, which ultimately led customers to make their transactions through digital means instead of cash-based transactions through bank branches. According to statistics updated by the State Bank of Pakistan (SBP), the volume of mobile banking …
Mobile and Internet Banking Recorded Triple Digit Improvement From January-March 2021 Read More »
The State Bank of Pakistan (SBP) has taken a step to boost the infrastructure financing in the country in collaboration with private organizations. The SBP has included Infra Zamin Pakistan Limited, a commercial credit enhancement facility company, in its regulations on corporate and commercial banking, in a bid to develop the infrastructure financing market in …
The government has imposed a tax of 75 paisas on mobile calls that exceed five minutes. During the wind-up Budget speech 2021-2022, the Minister for Finance, Shaukat Tareen, said that there will be no tax on the Internet and SMS, but a tax of 75 paisas will be charged on mobile calls that are longer …
Confirmed: Govt Imposes Tax on Voice Calls Longer Than 5 Minutes Read More »
Finance Minister, Shaukat Tarin in his wind-up speech on Friday, announced that the income tax exemption on medical allowance for employees will be restored. He also announced the withdrawal of the Rs. 10 billion in taxes imposed on the salaried class. The budget announcement had revealed that the government implemented income tax on the expenditures …
In line with its objectives for creating a competitive and conducive playing field and to diversify the range of the Exchange Traded Funds (ETFs) available to investors, the Securities and Exchange Commission of Pakistan (SECP) has specified the framework for the issuance of Debt and Hybrid ETFs through Circular No. 20 of 2021. The circular …
SECP Specifies Regulatory Framework for Debt and Hybrid ETFs Read More »
The incumbent government is aiming to double the IT industry in two years by setting up tech zones across Pakistani. These zones will offer tax breaks to investors, Bloomberg reported. Earlier this year in January, the government had transferred 150 acres of land to the Special Technology Zone Authority (STZA) for setting up a special zone …
Here’s How Pakistan Plans to Double Its IT Industry Read More »
The Federal Board of Revenue (FBR) will make it mandatory for any person or firm desirous of operating a customs warehouse to declare a bank statement showing sufficient funds in the bank account to cover the amount of duty/taxes leviable on the purported imports. The FBR has proposed amendments in the Customs Rules 2001 through …
Customs Warehouse Owners Need to Declare Bank Statements: FBR Read More »