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Category: National

National news coverage from Pakistan including politics, economy, society, and major developments shaping events across the country.

  • SBP allows flood relief donations through home remittance channel

    SBP allows flood relief donations through home remittance channel

    KARACHI: State Bank of Pakistan (SBP) Tuesday allowed foreign remittances related to donations and charity for flood relief through home remittance channel.

    The SBP said through FE Circular No. 11, dated October 22, 2018 and related instructions issued on the subject, from time to time, regarding receipt of foreign remittance from Business to Customer (B2C) and Customer to Business (C2B) transactions through home remittance channel.

    With a view to facilitate the stakeholders in providing relief and rehabilitation support to the affectees of torrential rains and flash floods across Pakistan, it has been decided to allow the foreign remittances on account of donation and charity through home remittance channel with immediate effect. Accordingly, the following amendments have been made in the relevant sections of Annexure-A to the above stated FE Circular No. 11 of 2018:

    Consumer to Business: there shall be no limit for inflows under donation/charity, if the same is received by: Donations/charity received in designated Federal, Provincial, Local Government bank accounts; Donations/charity received in bank accounts of NGOs/NPOs/Charities permitted to receive contributions from abroad in accordance with applicable law and/ or policy.

    Business to Business: there shall be no limit of donation / charity if: Donations/charity received in designated Federal, Provincial, Local Government bank accounts; Donations/charity received in bank accounts of NGOs/NPOs/Charities permitted to receive contributions from abroad in accordance with applicable law and/ or policy.

    The SBP updated the terms and conditions for home remittance services:

    a) ADs / banks shall obtain approval from SBP before finalization of addition in agreement or entering into a new agreement with the foreign correspondent entity.

    b) ADs shall ensure foreign correspondent entities have a robust infrastructure and the capacity to comply with legal/regulatory requirements pertaining to AML/CFT.

    c) Payments from/to reputed and well-known foreign organizations/entities shall be accepted and processed by the ADs. ADs shall ensure screening of all sending/receiving persons/entities against relevant resolutions of United Nations Security Council (UNSC), Schedules of Anti- Terrorism Act, 1997 etc.

    d) ADs shall receive payments related to abovementioned transactions in existing Non-Resident PKRˇAccount of overseas tie-ups.

    e) All transactions shall be account credit only, which shall be disbursed in PKR only. Cash disbursement is not permissible for any of these transactions.

    f) All payments, except freelance payments as mentioned in clause (g) below, shall be on non repatriable basis without any exceptions.

    g) Exporters of Freelance services shall be allowed to repatriate upto 35% of the export earnings through their PKR denominated bank account in Pakistan for outward remittances. ADs shall ensure that these proceeds would be utilized only for payment of commission/discount to the overseas agents/buyers and to use the same to meet other expenses such as promotional publicity, import of Hardware/Software, foreign consultant’s fee etc.

    h) Under no circumstances, should an AD resort to netting off inflows and outflows with entities both within and outside Pakistan.

    i) Transactions under above mentioned categories shall not be claimed under ‘Reimbursement of TT Charges Scheme’. All such transaction shall be on “Fee-Based Model”.

    j) All such transactions will be reported under the Schedule and Purpose Codes to be assigned by Statistics & Data Warehouse Department (SDWHD) for International Transaction Reporting System (ITRS).

    k) Banks should not execute transactions which fail to fulfill KYC/CDD/CFT/AML requirements and develop systems/controls to determine whether an STR has to be filed with FMU or not as per existing defined procedures.

    Essentials of the Agency Agreement:

    a) The addition in agreement should be for payment of the above mentioned remittances in PKR only.

    b) All funds against aforesaid remittances should be received in advance in foreign correspondent entity’s Non Resident PKR Account/Vostro accounts maintained with banks in Pakistan.

    c) Foreign correspondent entities shall include the following information in the message or payment instruction which should remain with the funds/wire transfer throughout the payment chain:

    i. name of the originator;

    ii. originator’s account number (or unique reference number which permits traceability of the transaction);

    iii. name of the beneficiary;

    iv. beneficiary’s account number (or unique reference number which permits traceability of the transaction).

    d) ADs and their foreign correspondent overseas shall be fully responsible to conduct scrutiny of all transactions from AML/CFT/KYC perspective and ensure that each transaction is as per laws/regulations of respective jurisdictions.

    e) The agreement should not compromise State Bank’s right to revoke the agreement at any time.

    All ADs shall enter into separate agreements with commercial entities to ensure efficient execution of responsibilities and mechanism to resolve disputes between customers and businesses in case of delay of payments etc.

    Transactions received on behalf of foreign entities may be transferred from one AD to another AD through MT-103/RTGS without prior approval of SBP.

    6. In case where the amount of remittance is not credited/paid to/on behalf of the beneficiary, the beneficiary shall be entitled to a compensation of sixty five (65) paisa per thousand rupees per day for the number of days credit/payment on account of delay. The banks are, therefore, directed to ensure that the amount of remittances is credited/paid to/on behalf of the beneficiary within time frame laid down in FE Circular No. 04 dated August 22, 2009.

  • Realtors gather at Pakistan Property Show in Dubai

    Realtors gather at Pakistan Property Show in Dubai

    ISLAMABAD: Pakistani real estate agents on Monday gathered at the Pakistan Property Show over the weekend at the World Trade Centre in Dubai to explore major investment opportunities in the Pakistan property market. 

    Over 60 exhibitors showcased more than 200 of the best and most trustworthy major property developments in Pakistan. A record breaking 20,000 people attended the two-day event which was organised by Zameen.com, Pakistan’s largest real estate enterprise. The annual event targets around 4 million overseas Pakistanis in the Gulf region and those interested in real estate projects across Pakistan’s the major cities. 

    Important dignitaries graced the event, including Director General of the Dubai Land Department H.E Sultan Butti Bin Mejren, and prominent journalists from Pakistan. Zameen.com’s CEO Zeeshan Ali Khan, Country Head Ahmed Bhatti, EMPG and members of Zameen’s senior management. 

    During the event, H.E Sultan Butti Bin Mejren, Director General of the Dubai Land Department stated: “It was a great honour to inaugurate the Pakistan Property Show. Dubai is proud of its cultural and religious diversity, particularly the large community of Pakistani expats that have helped the emirate become a hub for business, real estate development, and tourism. Zameen.com is a pioneer in organizing such interactive events in the Gulf region.”

    Commenting on the huge success of the Property Show, Zeeshan Ali Khan, CEO of Zameen.com said: “Once again, the Pakistan Property Show in Dubai was a huge success. Over 20,000 attendees demonstrate strong interest in finding the right investment opportunity in Pakistan’s property market. In Dubai, we have brought over 60 exhibitors offering the cream of investment opportunities available on the very ripe Pakistani real estate market at the moment.”  

    During the two-day event, an important panel session was held which was moderated by popular TV anchors Syed Shafaat Ali and Shiffa Yousafzai.  Panellists discussed ‘Why real estate continues to be the best investment in Pakistan,’ providing attendees and online viewers with invaluable insights into the current state of the property sector and its future prospects. Speaking on the panel were prominent media personalities, Waseem Badami, Muhammad Maalik and Zameen.com’s CEO, Zeeshan Ali Khan.  

    The purpose of Pakistan Property Show was to provide overseas Pakistanis with direct access to some of the best and most promising real estate projects from their respective hometowns.”

  • Pakistan to review petroleum prices on September 15, 2022

    Pakistan to review petroleum prices on September 15, 2022

    ISLAMABAD: Pakistan is likely to review petroleum prices on Thursday September 15, 2022 for the next fortnight starting from September 16, 2022.

    The country reviews domestic oil prices after every 15 days to adjust rise and fall of prices in the international market and changes occurred in the exchange rates.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    Experts believe that Pakistan may increase the petroleum prices for the fortnight starting from September 16, 2022 because of massive decline in rupee value during past 15 days besides the expected imposition of sales tax and further increase in petroleum levy.

    The government on August 31, 2022 decided to increase the prices of petroleum products effective from September 01, 2022. The decision was strongly criticized by the stakeholders because the international markets had seen fall in oil prices.

    The finance division notified the new prices of petroleum products with effect from September 01, 2022.

    READ MORE: Pakistan to increase petroleum prices from September 01, 2022

    The price of petrol has been increased by Rs2.07 per liter to Rs235.98 from Rs233.91.

    The price of high speed diesel has been increased by Rs2.99 per liter to Rs247.43 from Rs244.44.

    The rate of kerosene oil has been raised by Rs10.92 per liter to Rs210.32 from Rs199.40.

    The price of light diesel oil has been increased by Rs9.79 per liter to Rs201.54 from Rs191.75.

    Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.

    The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.

    READ MORE: New petroleum prices in Pakistan from August 16, 2022

    The benchmark Brent crude is below $100 dollars. Brent crude futures were at $92.84 per barrel in New York trade on September 09, 2022.

    The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.

    Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15 to July 31. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.

    The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

    However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

    READ MORE: New petroleum prices in Pakistan from August 1, 2022

    The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

    The exchange rate has seen massive decline in rupee value during past week despite inflows received from the International Monetary Fund (IMF).

    Pakistani Rupee (PKR) has plunged by Rs9.43 against the US dollar since the country received tranche from the International Monetary Fund (IMF). The country received a tranche of $1.16 billion from the IMF under Extended Fund (EFF) loan program on August 31, 2022.

    The government was hopeful of improvement in economic indicators once the money is received from the IMF. However, in contrast the PKR fell sharply since the IMF funds transferred to the State Bank of Pakistan (SBP).

    The exchange rate was Rs218.75 to the dollar on August 31, 2022, the day when the money was received by Pakistan. However, since then the rupee fell by Rs9.43 or 4.31 per cent to Rs228.18 to the dollar on September 09, 2022 in interbank foreign exchange market.

  • Last date for filing tax return is September 30, FBR reminds

    Last date for filing tax return is September 30, FBR reminds

    ISLAMABAD: The Federal Board of Revenue (FBR) on Sunday reminded that the last date for filing income of return for tax year 2022 is September 30.

    In order to ensure return filing by due date, the tax authority launched massive awareness campaign

    The FBR said: “Like every year before, the FBR launched a comprehensive awareness campaign to maximize its outreach through electronic and print media, urging taxpayers both existing and new, to file Income Tax Returns on time. The last date to file returns is Sep 30, 2022.”

    READ MORE: Disclosure of beneficial ownership made mandatory for companies

    The FBR issued an alert about the last date stating that last date to file income tax returns will not be extended. “Last date to file income tax returns for individuals and association of persons (AOPs) is September 30, 2022,” the FBR added.

    The revenue body said that income tax returns can be filed through: Tax Asaan APP and FBR website.

    It further stated that tax payment is possible through: internet and mobile banking; credit card and ATMs; cash and bank account.

    The FBR further urged the taxpayers to file tax returns and avail exemption from 100 per cent increased withholding tax rates.

    READ MORE: KTBA highlights pharmaceutical industry’s reporting issues

    The tax body highlighted mandatory income tax return filing for persons and corporate entities.

    The FBR said that all resident persons registered with professional bodies, i.e. chamber of commerce, Pakistan Bar Council or Market Committee etc. are required to file income tax returns.

    Association of persons and Individuals having more than Rs400,000 annual business income are also required to file their return of income on annual basis.

    READ MORE: FBR directs speedy clearance of flood relief goods

    “The income tax return filing is must for salaried persons if annual income exceeds Rs600,000,” the FBR added.

    The revenue body said that the income tax return filing for tax year 2022 is also mandatory for persons who were charged to income tax in tax years 2020 and Tax Tear 2021.

    Furthermore following persons are required to file income tax return:

    — Persons having National Tax Number (NTN)

    — Persons who own a motor vehicle having engine capacity more than 1,000CC

    — Persons who own 500 sq. yards or more property / flat in urban areas.

    READ MORE: FBR directs 81 retailers to integrate with POS system

    — Owners of flat with 2,000 sq. feed covered area of 500 sq. yards or more land in FBR rating area.

    — All Non for Profit Organizations (NPOs) or welfare organizations that fall under Income Tax Ordinance, 2001.

    — Commercial and Industrial consumers paying more than Rs500,000 electricity bill annually.

    — Resident persons required to file foreign income and assets statement.

  • Google career certification program launched in Pakistan

    Google career certification program launched in Pakistan

    ISLAMABAD: The Institute of Rural Management (IRM) and Ignite on September 09, 2022 launched the Google Career Certification program in Pakistan.

    IRM and Ignite have signed Memorandum of Understanding (MoU) here in Islamabad to achieve the Google Career Certification targets.

    At the signing ceremony CEO Ignite Asim Shahryar Hussain said “This agreement shall provide both Ignite and IRM with a framework to achieve Google Career Certification goals in the best possible way.”

    CEO IRM Dr. Roomi S. Hayat said that “Youth are the destiny driver of the nation Google Career Certification program would function as a catalyst to open a new paradigm of opportunities for them.”  

    If you are exploring a new career in Google career certification, gain in-demand skills that can lead to jobs in high-growth fields of project management, UX design, data analytics, and much more.

    Enroll and Complete Google career certificate online designed by Google. The program starting this month September 22 is taught by Google.

    The certification offers less than 10 hours study each week in six month at your own place and time to help accelerate your career to enhance the skills needed to thrive in the digital workforce.

  • Pakistan raises petroleum prices by 100% in one year

    Pakistan raises petroleum prices by 100% in one year

    ISLAMABAD: Pakistan has increased prices of petroleum products by around 100 per cent during past one year, according to official data released on Friday.

    According to data released by Pakistan Bureau of Statistics (PBS), the price of petrol was increased by 99 per cent to Rs236.98 per liter by week ended September 08, 2022 as compared with Rs119.25 per liter by week ended September 09, 2021.

    READ MORE: New petroleum prices in Pakistan from September 01, 2022

    Similarly, the price of high speed diesel (HSD) recorded a massive increase of 114 per cent to Rs248.40 per liter by week ended September 08, 2022 when compared with Rs116 per liter by week ended September 09, 2021.

    The PBS issued weekly Sensitive Price Indicator (SPI) based inflation details.

    The year on year trend depicts an increase of 42.70 per cent. The items have witnessed increase in prices are included: Tomatoes (144.25 per cent), Diesel (114.08 per cent), Petrol (98.73 per cent), Pulse Masoor (76.34 per cent), Cooking Oil 5 litre (67.99 per cent), Mustard Oil (66.53 per cent), LPG (64.98 per cent), Washing Soap (64.50 per cent), Electricity for Q1 (63.03 per cent), Vegetable Ghee 2.5 Kg (62.53 per cent), Pulse Gram (61.02 per cent), Onions (59.97 per cent) and Vegetable Ghee 1 Kg (58.19 per cent).

    READ MORE: Pakistan’s headline inflation hits 47-year high in August 2022

    While a decrease observed in the prices of Chillies Powder (43.42 per cent), Sugar (18.07 per cent) and Gur (2.08 per cent).

    The SPI for the current week ended on September 08, 2022 recorded a decrease of 0.58 per cent. Decrease is observed in the prices of food items, Onions (41.99 per cent), Tomatoes (8.11 per cent), Bananas (2.51 per cent), Pulse Masoor (1.37 per cent), Vegetable Ghee 1Kg (0.55 per cent), Cooking Oil 5 litre (0.33 per cent), Mustard Oil (0.16 per cent) and Vegetable Ghee 2.5Kg & Sugar (0.11 per cent) each.

    READ MORE: Pakistan’s sensitive price inflation surges by 45%

    On the other hand, an increase observed in the prices of LPG (10.66 per cent), Wheat Flour (4.15 per cent), Eggs (3.96 per cent), Bread (3.27 per cent), Pulse Moong (2.74 per cent), Curd (2.72 per cent), Tea Lipton (2.50 per cent), Pulse Gram (1.65 per cent), Chicken (1.58 per cent), Milk Fresh (1.57 per cent), Fire wood (1.54 per cent) and Potatoes (1.02 per cent).

    During the week, out of 51 items, prices of 26 (50.98 per cent) items increased, 09 (17.65 per cent) items decreased and 16 (31.37 per cent) items remained stable.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

  • USC to disburse ration bags worth Rs540 million to flood victims

    USC to disburse ration bags worth Rs540 million to flood victims

    ISLAMABAD: Utility Stores Corporation (USC) will disburse 113,700 ration bags worth Rs540 million to the flood affected people across the country.

    In this regard the Economic Coordination Committee (ECC) of the Cabinet on Thursday approved the grant in favor of the USC.

    Ministry of Industries and Production presented a summary for release of funds for Utility Stores Corporation for provision of essential commodities in flood affected areas.

    READ MORE: OTP requirement abolished for USC purchases

    The meeting was apprised that the Utility Stores Corporation, in collaboration with provincial governments, is actively participating in relief operation for supply of essential food items in flood affected areas across Pakistan.

    Due to emergency situation and based on the preliminary need assessment, 113,700 ration bags amounting to Rs. 540 million would be disbursed. Considering emergency situation, the ECC approved Supplementary/ Technical Supplementary Grant of Rs. 540 million in favour of Utility Stores Corporation (USC).

    READ MORE: ECC approves Ramzan relief package worth Rs8.28 bn

    Finance Mnister Miftah Ismail chaired the ECC meeting. Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Shahid Khaqan Abbasi, MNA/ex-PM, Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, Dr. Muhammad Jehanzeb Khan, Special Assistant to the Prime Minister on Government Effectiveness, MD USC, MD PASSCO, Federal Secretaries and senior officers attended the meeting.

    Ministry of National Food Security & Research tabled a summary for allocation of PASSCO’s local and imported wheat sock among recipient agencies.

    READ MORE: USC, NBP complete integration for Ehsaas Rashan

    It was briefed that PASSCO serves as a strategic organization to procure wheat from Punjab, Sindh and Baluchistan to build strategic reserves and to supply wheat to recipient agencies in case of emergency.

    Every year, on the request of recipient agencies, PASSCO makes allocation of wheat from its stocks. PASSCO held wheat stock of 2.499 MMT, including 1.232 MMT carry forward stocks.

    In view of above, the ECC allowed to supply PASSCO’s wheat among all recipients at 50 per cent local and 50 per cent imported.

    However, USC will be provided wheat at 75 per cent local and 25 per cent imported.

    All recipients including USC would pay full cost of wheat (local + imported) and incidental charges to PASSCO.

    READ MORE: USC automation to ease provision of targeted subsidy

    Ministry of Industries and Production presented a summary on Urea Fertilizer requirement for Rabi season 2022-23. The meeting was briefed on the demand and supply situation of Urea fertilizer for the Rabi season 2022-23.

    After detailed deliberation, the ECC allowed Trading Corporation of Pakistan (TCP) to initiate the process for import of 300,000 MT of Urea on G2G basis and decided the provinces to bear their subsidy share.

    The ECC approved funds amounting to Rs. 3 billion to NDMA to meet its growing expenditure on account of procurement of rescue, relief and rehabilitation of the calamity stricken population across Pakistan.

    NDMA briefed the meeting that in the aftermath of devastation caused by floods across the country, millions of people have suffered in terms of loss of life, property, livestock and standing crops.

    NDMA was tasked by the Prime Minister to coordinate with PDMAs and to proactively undertake rescue and relief operation in the affected areas.

    The ECC also approved funds requirement of Rs. 1,009,480,191/- in favour of Ministry of National Health Services, Regulation & coordination for further transfer to Government of Afghanistan through approved mechanism for running cost/salary of the staff of three Pakistani hospitals in Afghanistan.

  • Pakistan cotton prices surge due to flood devastations

    Pakistan cotton prices surge due to flood devastations

    KARACHI: Cotton prices in Pakistan have surged sharply over the past few days because floods destroyed the cotton crop.

    According to analysts of AKD Research issued on Thursday, local cotton prices have traded up over the past month, increased by 24 per cent to Rs22,506 per 40-kg, having reached a recent high of as much as Rs24,649/40-kg on August 27, 2022.

    READ MORE: PYMA demands cotton import through land routes

    The sharp uptick in prices was driven by expectations of supply-side constraints in the cotton market in the aftermath of the floods that left one-third of the country submerged in water.

    According to latest estimates from the UN, about 3.6 million acres of crop land has been destroyed in the floods, with the majority of the devastation concentrated in Sindh (2.9 million acres affected).

    In a recent address, Finance Minister Miftah Ismail pointed towards all of the cotton crop in the province of Sindh having been damaged by the floods – indicating that about 30 per cent of the national cotton crop has been lost.

    READ MORE: Textile exporters urge allowing cotton import from India

    Resultantly, Pakistan is expected to meet the supply shortfall by importing cotton of $1.5-2 billion,

    Latest data released by Pakistan Cotton Ginners Association (PCGA) showed that cotton arrivals in the ginners were down by 0.25 million bales when compared to the same period last year, with 1.54 million bales having reached by September 2022. The slump was largely driven by a shortfall in Sindh, where 0.84 million bales arrived at the ginners, lower by 0.4 million bales or 33 per cent year on year.

    The COTLOOK A Index is currently trading at USc122/lb, compared to USc104/lb on September 06, 2021 and FY21 average of USc82/lb.

    READ MORE: FBR notifies duty exemption on cotton yarn import

    The prices have, however, eased from a high of USc173/lb reached in May 2022. Higher prices in the international arena are being driven by adverse climate conditions across the globe, with India suffering from heavy rains and pest attacks, while the US has experienced a drought in the cotton-growing region of Texas (the state has experienced the second driest year in 128 years so far this year).

    To note, the US accounted for 33 per cent of total cotton shipments in FY22, and the US Department of Agriculture estimates 66 per cent of the cotton producing area has been experiencing a drought.

    Moreover, the US has downward revised the global output for FY23 by around 3 million bales in recent WASDE reports, with the output now expected at 117 million bales.

    READ MORE: Exporters welcome duty withdrawal on cotton, yarn import

    The analysts said that textile players in Pakistan build the majority of their inventories during the December Quarter, although the damage to local crop may hinder local procurement. However, the analysts expect the companies to meet this shortfall through imports.

  • Mari Petroleum stops production from Zarghun, Bolan fields

    Mari Petroleum stops production from Zarghun, Bolan fields

    KARACHI: Mari Petroleum Company Limited (MPCL) on Thursday announced suspending production of oil and gas from one of its facility located in Balochistan due to torrential rains and flash floods.

    In a communication sent to Pakistan Stock Exchange (PSX), the company announced the suspension of production from Zarghun South Gas Fields and Bolan East Oil Field, Balochistan.

    MPCL is the operator of Zarghun South Gas Field and Ziarat Block in Balochistan with 35 per cent and 60 per cent working interest, respectively.

    Annual 10 MMCFD of gas is produced from Zarghun South Gas Field, which is supplied to SSGCL, while around 500 BPD of oil is produced from Ziarat Block (Bolan East – 1), which is mainly transported to Attock Refinery Limited through bowsers.

    The company said: “The ongoing torrential rains and flash floods in Balochistan have severely impacted the gas pipeline and road infrastructure around Zarghun South Gas Field and Ziarat Block.

    “Resultantly, the company is unable to continue production operation of these sites for the time being.”

    The company is taking all possible measures for early commencement of production after rehabilitation of the pipeline and roads network, according to the communication.

  • How to change personal details for filing income tax return

    How to change personal details for filing income tax return

    Many taxpayers are worried about changing their personal details in the registration information with Federal Board of Revenue (FBR).

    The information is key to file income tax return. Any wrong information may lead to serious problem in future.

    READ MORE: KTBA recommends changes in IRIS for calculating deemed income on properties

    However, those taxpayers who are registered with the FBR and want to change their personal details they must read the entire article.

    According to the FBR, a person can change registration information recorded for filing Income Tax Return in three (3) possible ways.

    Changing information through Iris, a person can change/update information by logging into Iris.

    READ MORE: KTBA demands suspending further tax due to practical issues

    Following information can be updated by the person through Registration Form 181 (filed for modification) Income Tax: Mobile number; Email; Personal/Residential Address; Business Address; Addition of Business Branches; Legal Representative u/s 87 of Income Tax Ordinance 2001; Bank Account.

    Changing information through FBR helpline, a person can also change or update information through FBR helpline via phone or email.

    READ MORE: FBR gets 3.38 million active taxpayers by August 28, 2022

    Following information can be updated through the helpline: Name; Date of Birth; Gender; Disability Status; Senior Citizen Status; Changing Information by visiting Regional Tax Office (RTO).

    For changes in registration regarding the following issues, the person will have to visit their relevant RTO: Discontinuance of business; Jurisdiction for Income Tax Return assessment; Deregistration; Updating CNIC number; Updating Pakistan Origin Card (POC).

    A person will have to take relevant documents to RTO in order to successfully change details regarding Income Tax Registration.