Karachi, April 22, 2025 – The National Clearing Company of Pakistan Limited (NCCPL) has issued the official schedule for the Capital Gain Tax (CGT) collection pertaining to the month of March 2025.
(more…)Category: Taxation
Pakistan Revenue delivers the latest taxation news, covering income tax, sales tax, and customs duty. Stay updated with insights on tax policies, regulations, and financial developments in Pakistan.
-
ICMAP proposes GST framework to tax offshore sellers
Karachi, April 22, 2025 – The Institute of Cost and Management Accountants of Pakistan (ICMAP) has presented a comprehensive proposal aimed at incorporating offshore sellers into the General Sales Tax (GST) regime, a move designed to curb tax evasion and level the playing field for domestic businesses.
(more…) -
Taxpayers Declared Inactive Despite Deadline Extension: KCCI
Karachi, April 21, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) has strongly criticized the Federal Board of Revenue (FBR) for declaring numerous taxpayers inactive, even after officially extending the deadline for filing sales tax returns for February and March 2025.
(more…) -
Taxpayers and Concealment: Proving Intentional Misreporting
Concealment of income is a serious matter in the realm of tax law, and it can lead to severe consequences if proven for taxpayers.
(more…) -
KCCI Pushes to Scrap Minimum WHT on Imports
Karachi, April 21, 2025 – The Karachi Chamber of Commerce and Industry (KCCI) has strongly urged the Federal Board of Revenue (FBR) to abolish the Minimum Withholding Tax (WHT) on raw material imports by commercial importers in the upcoming federal budget for 2025-26.
(more…) -
ICMAP Urges Flat GST Regime to Support Mid-Tier Enterprises
Karachi, April 21, 2025 – The Institute of Cost and Management Accountants of Pakistan (ICMAP) has proposed a major overhaul in the country’s General Sales Tax (GST) framework, calling for the introduction of a flat GST policy specifically tailored for mid-tier businesses.
(more…) -
FBR Grants Rs 127 Billion Customs Duty Exemption to Exports
Karachi, April 20, 2025 – In a major move to stimulate the country’s export sector, the Federal Board of Revenue (FBR) has granted a massive exemption of Rs 127 billion in customs duty under various export facilitation schemes.
According to the FBR’s latest Tax Expenditure Report 2024, the exemptions were primarily extended to support a range of exports-oriented activities. These exemptions were issued under multiple statutory regulatory orders (SROs) and targeted different sectors involved in the promotion and facilitation of exports.
Breakdown of the exemption includes Rs 34.46 billion granted under SRO 327(I)/2008 for Export Oriented Units, and Rs 23.48 billion under SRO 450(I)/2001 for operations in Export Processing Zones (EPZ). Additionally, Rs 23.21 billion worth of exemption was provided under the Export Facilitation Scheme, aiming to streamline and accelerate the exports process for approved businesses.
Another significant share of the exemption, amounting to Rs 20.44 billion, was offered under the Manufacturing Bond scheme, while the Duty and Tax Remission for Exports (DTRE) regime accounted for Rs 7.13 billion. Temporary import provisions under various SROs contributed over Rs 18 billion in exemptions, facilitating the import of machinery, equipment, and packaging material strictly for exports.
The FBR stated that these measures are designed to reduce the cost of doing business for exporters, enhance global competitiveness, and encourage value-added exports. The revenue authority also highlighted the importance of facilitating sectors that are aligned with the country’s broader economic goals, including job creation and foreign exchange earnings.
This substantial exemption is part of the government’s broader policy to boost industrial growth by providing relief on raw materials and intermediate goods used in manufacturing for exports. While the FBR is under pressure to meet revenue targets, it maintains that such strategic exemptions are necessary to achieve long-term economic stability and trade expansion.
The FBR will continue monitoring the impact of these incentives and may revise policies to ensure maximum benefit for the national economy and the export sector.
-
Karachi Chamber Suggests Revival of FTR to Boost Export Sector
Karachi, April 20, 2025 — The Karachi Chamber of Commerce and Industry (KCCI) has strongly recommended the government to revive the Final Tax Regime (FTR) for the export sector in its budget proposals for the fiscal year 2025–26.
(more…) -
Tax Daily Wages Employees Under Section 149: FTO
Karachi, April 20, 2025 – A new report from the Federal Tax Ombudsman (FTO) has highlighted that employees working on a daily wages basis are subject to income tax deductions under Section 149 of the Income Tax Ordinance, 2001.
(more…) -
ICMAP Recommends FED Rate Hikes in Budget 2025-26
Karachi, April 20, 2025 – The Institute of Cost and Management Accountants of Pakistan (ICMAP) has proposed significant fiscal measures for the upcoming federal budget 2025-26, calling on the government to revise and expand the application of the Federal Excise Duty (FED) to untapped and undertaxed sectors of the economy.
(more…)