Download PDF As part of our annual tradition, we are pleased to share our bulletin on key insights derived from the Pakistan Economic Survey 2024–25 and the Finance Act 2025. This year’s edition highlights pivotal economic shifts and includes our commentary. The economic landscape in 2024–25 reflects a period of tentative recovery. With GDP growth […]
Federal Budget 2025-26 Read More »
The Federal Board of Revenue (FBR), on Monday, failed to explain the legality of “tax on deemed income” imposed on immovable properties through the Finance Act 2022 before the Lahore High Court (LHC). During the hearing of the case on Monday, LHC expressed serious concern over the incompetence of the FBR officials while explaining Section
Income Tax Application on Deemed Income of Idle Properties is under Threat Read More »
The Federal Board of Revenue (FBR) has constituted a high-level committee for the resolution of issues of pharmaceutical companies in the country. According to the FBR, the “Issues Resolution Committee” has been formed, headed by Chief Commissioner Inland Revenue Large Taxpayers Office, Karachi. Sixteen other officers of the FBR are also members of the committee.
Committee to Resolve Pharma Tax Issues Read More »
The Federal Board of Revenue (FBR) has made it mandatory for the importers to submit ‘certificates of origin’ of shipments originating from the United Arab Emirates (UAE) and China excluding imports under the preferential trade agreement (PTA) and Free Trade Agreement (FTA) regime. FBR has made draft amendments to the Customs Rules 2001 by issuing
FBR Makes It Compulsory for Importers to Submit Certificates of Origin Read More »
The Sindh High Court has restored millions of dollars Track and Trace project by giving the order in favor of M/s AJCL and FBR. SHC Judge Justice Kausar Sultan in her decision stated that this court has no territorial jurisdiction to pass an order. The plaintiff/bidder (SICPA SA) had challenged the FBR’s grievance committee order
SHC Restores FBR’ Millions of Dollars Worth Track and Trace Project Read More »
The Federal Board of Revenue (FBR) has raised customs duty drawback rates on the exports of confectionery items with effect from April 26, 2021. The FBR has amended the SRO.212(I)/2009 through a notification. According to an announcement of the FBR, “In line with Prime Minister’s Initiative of ‘ Make in Pakistan, FBR has issued SRO
FBR Raises Customs Duty Drawback on Confectionary Exports Read More »
The Federal Tax Ombudsman (FTO) has recommended the Federal Board of Revenue (FBR) to pay Rs. 1,000 as an incentive for the filing of an income tax return through cash payback payment in the bank account of the return filer under the policy measure to broaden the tax base. According to the FTO annual report
Planning Division Wants to Discontinue Gas Subsidy From Export-Oriented Industries 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 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 »
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