Karachi, July 2, 2025 – In a bold and fiery stance, the Pakistan Yarn Merchants Association (PYMA) has launched a sharp offensive against what it calls the “excessive and draconian authority” granted to the Federal Board of Revenue (FBR) under the newly passed Finance Act, 2025.
(more…)Author: Shahnawaz Akhter
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CDNS slashes profit rates on major saving schemes
Karachi, July 2, 2025 – The Central Directorate of National Savings (CDNS) has announced a sharp reduction in profit rates across a wide range of saving schemes.
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Finance Ministry issues major errata to tax expenditure report
Islamabad, July 2, 2025 – In an unexpected twist that has stirred both curiosity and criticism, the Finance Ministry has issued a formal errata to its tax expenditure report for the fiscal year 2024-25, drastically revising earlier figures and raising questions about transparency in budget formulation.
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Pakistan’s trade deficit soars to over $26 billion in FY 2024-25
Islamabad, July 2, 2025 – Pakistan’s trade deficit surged to $26.27 billion in the fiscal year 2024-25, marking a significant 9% increase compared to the previous year, according to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday.
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Hidden Amnesty in Finance Act 2025? Let’s Break It Down Together
Islamabad, July 2, 2025 – Think tax amnesties are a thing of the past? Think again. In a surprising twist, the Finance Act, 2025 may have quietly reintroduced an amnesty—but this time, it’s wrapped in legalese and called the “declaration of sufficient sources.” Confused? Let’s walk through it.
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How to pay just 5% sales tax at Islamabad restaurants?
Islamabad, July 2, 2025 – Dining out in Islamabad just got more affordable—if you know the rules. The Federal Board of Revenue (FBR) has introduced a new mechanism that lets customers pay only 5% sales tax at Islamabad restaurants, provided they follow one simple condition.
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Parallel FBR audits of Honda Cars get court backing
Lahore, July 2, 2025 – In a landmark judgment, the Lahore High Court (LHC) has upheld the Federal Board of Revenue’s (FBR) authority to initiate audit proceedings under Section 177 of the Income Tax Ordinance, 2001, independent of ongoing reassessment proceedings under Section 122(5A).
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KCCI set for major showdown against FBR’s arrest powers
Karachi, July 1, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) is gearing up for a thunderous showdown against what it calls the “oppressive and unjust” arrest powers granted to the Federal Board of Revenue (FBR) under the newly passed Finance Act, 2025.
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Pakistan records sharp decline in inflation to 4.49% in FY 2024-25
Islamabad, July 1, 2025 – Pakistan has recorded a significant decline in average headline inflation, which dropped to 4.49% in fiscal year 2024-25, down from a staggering 23.41% in the previous fiscal year.
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PCDMA warns of Rs25 billion loss from EFS abuse
Karachi, July 1, 2025 – The Pakistan Chemical and Dyes Merchants Association (PCDMA) has raised serious concerns over the rampant misuse of the Export Facilitation Scheme (EFS), claiming that fraudulent practices under the scheme have inflicted a staggering Rs25 billion loss on the national exchequer.
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