Karachi, March 2026 – The Federal Board of Revenue (FBR) has clarified the liability of individuals responsible for offences committed by companies under the Income Tax Ordinance, 2001. The 2026 update emphasizes stricter accountability for company officials and members of associations of persons (AOPs).
(more…)Author: Shahnawaz Akhter
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Pakistan’s rice exports slump 40% in 8MFY26 — Iran conflict may deepen losses
Islamabad, March 15, 2026 – Pakistan’s rice exports have suffered a sharp 40% decline during the first eight months (July–February) of fiscal year 2025-26, compared to the same period last year, raising concerns of further contraction amid the ongoing Iran war.
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Pakistan’s petroleum imports plunge amid pre-Iran war challenges
Islamabad, March 14, 2026: Pakistan’s petroleum product imports experienced a significant decline in February 2026, even before the escalation of the Iran war, highlighting ongoing energy challenges in the country.
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FBR Sets Export Customs Value for Meat, Issues Valuation Ruling 2/2026
Karachi, March 13, 2026 – The Federal Board of Revenue (FBR) has issued Valuation Ruling (VR) No. 2/2026 to establish the customs export value of meat for the calculation of duties and taxes. This move aims to standardize export pricing and ensure compliance under the Customs Act, 1969.
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FBR vs JS Investments: Decades-long tax dispute highlights legal and currency challenges
Karachi, March 13, 2026 – JS Investments has been embroiled in a tax dispute with the Federal Board of Revenue (FBR) for over two decades, raising questions about the effectiveness of prolonged legal proceedings and the impact of currency depreciation on recoverable tax amounts.
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FBR to continue full operations despite government austerity measures
Islamabad, March 11, 2026 – The Federal Board of Revenue (FBR) has decided to continue working with full operational capacity despite austerity measures introduced by the federal government amid a petroleum crisis linked to regional tensions.
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Government borrowing from commercial banks surges 203% in 8MFY26
Karachi, March 11, 2026 – The State Bank of Pakistan reported a staggering 203% surge in government borrowing from commercial banks during the first eight months (July–February) of the fiscal year 2025-26, compared to the same period last year.
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Massive cash withdrawals drain Rs790 billion from Pakistan banks in January 2026
Karachi, March 11, 2026 – The State Bank of Pakistan has reported that large-scale cash withdrawals wiped out Rs790 billion from the country’s banking system in a single month, highlighting continued liquidity movement among depositors.
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K-Electric board elections: Deadline to file director candidature is March 19, 2026
Shareholders interested in contesting the upcoming board elections of K-Electric Limited must submit their notice of intention and required documents by March 19, 2026, according to an addendum issued ahead of the company’s Extraordinary General Meeting (EOGM).
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How much jail term is prescribed for misleading tax statements in Pakistan?
Making a false or misleading statement to tax authorities is a serious offence in Pakistan. The law prescribes criminal penalties, including imprisonment and fines, under the Income Tax Ordinance, 2001 (updated for tax year 2026).
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