The Federal Board of Revenue (FBR) has the legal authority to stop a person from leaving the country if they have outstanding tax liabilities or are suspected of trying to evade payment by permanently departing Pakistan. This authority is granted under Section 145 of the Income Tax Ordinance, 2001 and Rule 70 of the Income Tax Rules, 2002.
(more…)Author: Shahnawaz Akhter
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Meezan Bank pays over Rs500 million in two years as SBP penalty
Karachi, March 5, 2026: Meezan Bank Limited, Pakistan’s largest Islamic bank, has paid over Rs500 million in penalties to the State Bank of Pakistan (SBP) during the last two years, according to its annual report for the year ended December 31, 2025, filed with the Pakistan Stock Exchange (PSX).
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Pakistan records 10% surge in total debt in one year: SBP
Karachi: Pakistan’s total public debt surged by 10% over the past year, reaching Rs79.32 trillion by January 31, 2026, according to data released by the State Bank of Pakistan (SBP) on Thursday. The increase reflects rising domestic and external borrowing amid ongoing fiscal and economic challenges.
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FBR extends income tax concession on sugar imports
Islamabad, March 5, 2026: The Federal Board of Revenue (FBR) on Thursday announced the extension of the income tax concession on the import of white crystalline sugar until February 28, 2026. The move aims to stabilize domestic sugar prices and support local market supply.
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SBP imposes Rs14 million penalty on Standard Chartered Bank Pakistan
Karachi: The State Bank of Pakistan (SBP) has imposed a penalty of Rs13.99 million on Standard Chartered Bank Pakistan Limited for regulatory violations during the calendar year 2025, according to the bank’s latest annual report submitted to the Pakistan Stock Exchange (PSX) on Thursday.
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FBR issues Rs19 billion tax demand against UBL for past years
Karachi, March 4, 2026 – The Federal Board of Revenue (FBR) has issued a tax demand of Rs19 billion against United Bank Limited (UBL), covering income tax and federal excise duty (FED) for past years up to the tax year 2025.
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FPCCI flags energy crisis risk amid Strait of Hormuz disruption
Karachi, March 4, 2026 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has raised serious concerns over potential energy shortages and economic fallout amid ongoing disruptions in the Strait of Hormuz, a key global oil transit route.
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SBP issues auction calendar to raise Rs6.53 trillion from March to May 2026
Karachi: The State Bank of Pakistan (SBP) has released its auction calendar for March to May 2026, setting a cumulative borrowing target of Rs6.525 trillion through Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs). The move highlights significant refinancing requirements and the government’s continued reliance on domestic debt markets.
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How FBR determines valuation of concealed assets under Rule 228
The Federal Board of Revenue (FBR) has the authority to value assets discovered as undeclared or concealed by taxpayers under Rule 228 of the Income Tax Rules, 2002, amended up to November 24, 2023. This rule empowers tax authorities to determine the fair market value of assets to ensure correct taxation under the Income Tax Ordinance, 2001.
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Khurram Ijaz voices concern over widening trade deficit, calls for urgent export boost
Karachi: Khurram Ijaz, General Secretary of the Businessmen Panel Progressive (BMPP) and former Vice President of the Federation of Pakistan Chambers of Commerce and Industry, has expressed serious concern over Pakistan’s widening trade deficit and urged the government to take immediate and effective measures to boost exports.
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