ISLAMABAD, May 5, 2026 – The Federal Board of Revenue (FBR) has made it mandatory for registered taxpayers to declare petroleum development levy and climate support levy details in monthly sales tax returns.
(more…)Author: Shahnawaz Akhter
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FBR Updates Customs Values for Imported Hand Tools After Nine-Year Hiatus
KARACHI – In a significant move to align import taxes with current international market trends, the Federal Board of Revenue (FBR) has officially revised the customs values for imported hand tools. The new rates come after a nine-year period during which the previous values remained stagnant despite global price fluctuations.
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Senate Seeks Details of FBR Corruption Cases Over Past Five Years
ISLAMABAD, May 5, 2026 – The Senate of Pakistan has sought comprehensive details of corruption cases within the Federal Board of Revenue (FBR) over the past five years.
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SBP Imposes Rs265,000 Monetary Penalty on Bank Makramah
KARACHI, May 5, 2026 – The State Bank of Pakistan (SBP) has imposed a monetary penalty of Rs265,000 on Bank Makramah Limited for regulatory violations during the first quarter (January–March) of calendar year 2026.
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FBR Waives Penalties on Rs8.77 Billion Tax Liability of PIA
ISLAMABAD, May 4, 2026 – The Federal Board of Revenue (FBR) has announced a waiver of penalties and default surcharge on tax liabilities amounting to Rs8.77 billion payable by Pakistan International Airlines (PIA).
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Pakistan Trade Deficit Surges to $32 Billion in 10MFY26
ISLAMABAD, May 4, 2026 – Pakistan’s trade deficit expanded sharply to $32 billion during the first ten months (July to April) of fiscal year 2025-26, highlighting growing pressure on the country’s external account.
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Pakistan Oil Sales Plummet in April 2026 Amid Rising Petroleum Prices
KARACHI: Pakistan’s oil sales declined sharply in April 2026 as rising petroleum prices dampened demand, according to data released by industry analysts.
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Return Filing 2026: Check Now Business Income Tax Rates
KARACHI: The income tax return filing for tax year 2026 is expected to begin in July for taxpayers across Pakistan. Individuals and Associations of Persons (AOPs) earning business income are advised to review the updated tax rates to ensure accurate and timely filing.
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FBR Revises Customs Values of Fire Alarm System Parts After Under-Invoicing Detection
Karachi, May 4, 2026 – The Federal Board of Revenue has revised customs values of fire alarm system parts following the detection of under-invoicing by importers.
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Khurram Ijaz warns of unemployment surge after tough economic measures
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 (FPCCI), has expressed serious concerns over a potential surge in unemployment following recent economic decisions by the government.
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