Karachi, December 2, 2025 – The Rice Exporters Association of Pakistan (REAP) has raised serious concerns over shrinking rice exports and mounting industry challenges during a meeting with the Karachi Chamber of Commerce and Industry (KCCI).
(more…)Author: Shahnawaz Akhter
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PCDMA criticizes K-Electric over extended power outages in Jodia Bazar
Karachi, December 2, 2025 – The Pakistan Chemicals & Dyes Merchants Association (PCDMA) has strongly condemned K-Electric for prolonged and repeated power outages in Jodia Bazar, Karachi’s largest wholesale market and a crucial hub of the country’s commercial activities.
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FBR notifies fresh customs values for polyester yarn imports
Islamabad, December 2, 2025 – The Federal Board of Revenue (FBR) has issued fresh customs values for polyester partially oriented yarn to determine duty and taxes at the import stage. The move comes under Valuation Ruling No. 2026/2025, issued by the Directorate General of Customs Valuations, a wing of the FBR.
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Pakistan’s trade deficit widens 37% as exports fall in 5MFY26
Islamabad, December 2, 2025 – Pakistan’s trade deficit surged by 37% during the first five months of the fiscal year 2025-26 (July–November) amid a decline in exports and a sharp rise in imports.
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What Is the Meaning of “Person” Under the Income Tax Ordinance, 2001?
Understanding who is considered a “person” under Pakistan’s Income Tax Ordinance, 2001 is crucial for taxpayers, businesses, and legal entities. Section 80 of the Ordinance provides a detailed definition, covering everyone from individuals to companies and even governments. Below is an interactive breakdown to help you easily identify where you or your organization fit.
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FBR reduces penalty on senior auditor in Rs238bn tax fraud investigation
Islamabad, December 1, 2025 – The Federal Board of Revenue (FBR) has reversed a major disciplinary action against a senior auditor implicated in a Rs238.42 billion tax fraud case, downgrading the penalty from dismissal to a minor sanction of withholding promotion for three years.
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FBR Shake-Up: Ateeq Sarwar Takes Additional Charge as Key Member (IR-Operations)
Islamabad, December 1, 2025 – The Federal Board of Revenue (FBR) has announced significant administrative changes and assigned additional charges to numerous senior Inland Revenue Service (IRS) officers, signaling a renewed focus on tax collection and enforcement. The most prominent change sees Dr. Hamid Ateeq Sarwar given the highly critical responsibility of Member (IR-Operations), FBR.
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FBR to set asset costs for tax year 2026 under Income Tax Ordinance
Karachi, December 1, 2025 – The Federal Board of Revenue (FBR) has announced that it will determine the cost of assets for tax purposes during the tax year 2026, in accordance with the Income Tax Ordinance, 2001. This move is aimed at providing clarity for taxpayers and businesses regarding asset valuation for taxation.
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I&I IR Peshawar seizes illicit cigarettes, seals Indus Tobacco
Islamabad, November 30, 2025 – In a major enforcement operation, the Intelligence and Investigation (I&I) wing of Inland Revenue (IR) Peshawar has recovered a large consignment of illicit cigarettes and sealed the manufacturing machinery of M/s Indus Tobacco Company, continuing the Federal Board of Revenue’s (FBR) nationwide crackdown on non-duty-paid (NDP) tobacco products.
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FTO orders FBR to suspend Gerry’s Dnata license over mega fraud
Islamabad, November 30, 2025 – In a major development, the Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to initiate the process for suspending the license of M/s Gerry’s Dnata for its Karachi airport cargo shed, following revelations of a massive customs fraud involving illegal clearance of high-value imported goods.
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