Business & Industry

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 […]

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

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

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

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 Inland Revenue officers of the Federal Board of Revenue (FBR) have been given unlimited powers to arrest any person against the charges of the concealment of income. Under the Finance Bill, 2021, the FBR has proposed Section 203A (Power to arrest and prosecute) in the Income Tax Ordinance 2001. Section 184 (Penalty for concealment

State Bank of Pakistan has proposed revision in the regulatory framework for the exporters to facilitate them with export goods through digital marketplaces such as Amazon, eBay, Alibaba, etc. under Business to Business to Consumer (B2B2C) e-Commerce models. These changes aim at promoting ease of doing business by simplifying the existing instructions in the foreign

The SECP has submitted seven proposals to the FBR and has highlighted that rationalisation of taxes would also help implement the government’s tax reforms under the Capital Market Development Plan and Future Roadmap 2020-27. — Photo courtesy SECP website ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has submitted proposals to the Federal Board

The government is presenting the next fiscal year’s budget with a total outlay of over Rs. 8 trillion. Unveiling the federal budget for FY22, finance minister Shaukat Tarin started off the national assembly session by recalling the state of the economy that the Pakistan Tehreek-e-Insaf (PTI) government had received when it came into power. He