Karachi, December 12, 2024 – The Federal Board of Revenue (FBR) has clarified the concept of “time of supply” for the collection of sales tax, eliminating ambiguities that previously existed among taxpayers and businesses.
(more…)Author: Shahnawaz Akhter
-
Who Qualifies as a Tier-1 Retailer under the Sales Tax Act, 1990?
The Federal Board of Revenue (FBR) has clarified the definition of Tier-1 retailers as outlined under the Sales Tax Act, 1990. This classification is significant for taxation purposes, particularly regarding compliance and documentation requirements.
(more…) -
KCCI Presses SBP for Drastic 400bps Interest Rate Cut
Karachi, December 12, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) on Thursday called on the State Bank of Pakistan (SBP) to implement a drastic 400 basis points (bps) cut in the upcoming monetary policy announcement. The demand follows a significant decline in inflation, which dropped to 4.86% in November 2024, marking its lowest level in recent years.
(more…) -
Ali A. Rahim Elected Unopposed as KTBA President
Karachi, December 11, 2024 – Ali A. Rahim has been elected unopposed as the President of the Karachi Tax Bar Association (KTBA) for the tax year 2025.
(more…) -
Optimism Rises: OICCI Survey Highlights Economic Resilience
Karachi, December 11, 2024 – The Overseas Investors Chamber of Commerce and Industry (OICCI), a representative body of foreign investors in Pakistan, has reported improved business confidence in its latest Business Confidence Index (BCI) Survey – Wave 26. Conducted in October and November 2024, the survey reflects growing optimism among businesses operating across Pakistan.
(more…) -
FBR Directs Customs to Ensure Duty Collection on Saturdays
Karachi, December 11, 2024 – The Federal Board of Revenue (FBR) has issued specific instructions to Pakistan Customs for ensuring the seamless collection and transfer of duties and taxes on Saturdays.
(more…) -
FBR Updates Definition of Sales Tax Fraud
Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has officially updated the definition of sales tax fraud, refining its core language to ensure greater clarity and prevent misinterpretation. This updated definition, which comes as part of the revised Sales Tax Act of 1990, will apply to the tax year 2025 and aims to strengthen the enforcement of sales tax regulations across Pakistan.
(more…) -
FBR Clarifies Amendments to Baggage Rules
Islamabad, December 11, 2024 – The Federal Board of Revenue (FBR) has issued an official clarification addressing recent confusion regarding proposed amendments to the Baggage Rules, 2006. The clarification comes after the release of draft SRO 2028(I)/2024 dated December 6, 2024, which led to widespread misinterpretation about the valuation limits on personal baggage.
(more…) -
KSE-100 Ends Nine-Day Record Rally, Declines by 1,074 Points
Karachi, December 10, 2024 – The Pakistan Stock Exchange (PSX) witnessed a reversal on Tuesday as the KSE-100 index fell by 1,074 points, marking the end of a record-breaking nine-session rally.
(more…) -
FBR Designates 34 Banks as SWAPS Withholding Tax Agents
Karachi, December 10, 2024 – The Federal Board of Revenue (FBR) has officially designated 34 banks to act as agents under the Synchronized Withholding Administration and Payment System (SWAPS). This initiative is intended to streamline the deduction and collection of withholding taxes, integrating these functions into the advanced SWAPS portal.
(more…)