Karachi, May 14, 2025 – Pakistan’s once vibrant gem and jewellery export sector has come to an abrupt standstill following a recent and unexpected move by the federal government.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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SRB rewards tax-conscious customers with first POS prize draw
Karachi, May 14, 2025 – The Sindh Revenue Board (SRB) has successfully conducted its inaugural computerized prize ballot draw, celebrating customers who actively verified their invoices from businesses integrated with Point of Sale (POS) systems.
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Luxury Car Sales Soar, Revealing Pakistan’s Class Divide
The latest figures released by the Pakistan Auto Manufacturers Association (PAMA) have sparked renewed debate over the country’s growing economic inequality, as car sales data reveals a stark contrast in consumer behavior across income groups.
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LCCI urges PM to withdraw FBR SROs impacting cement sector
LAHORE, May 13, 2025 — The Lahore Chamber of Commerce and Industry (LCCI) has strongly urged the Federal Board of Revenue (FBR) to withdraw two recently issued statutory regulatory orders (SROs) — SRO 578(I)/2025 and SRO 709(I)/2025 — which have sparked serious concern within the cement distribution sector.
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PM Shehbaz orders crackdown on FBR officials aiding tax evaders
Islamabad, May 13, 2025 – Prime Minister Shehbaz Sharif has directed strict action against officials of the Federal Board of Revenue (FBR) found guilty of facilitating tax evasion.
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OICCI suggests strategic tax incentives for budget 2025-26
Karachi, May 13, 2025 – The Overseas Investors Chamber of Commerce and Industry (OICCI) has put forward a comprehensive set of tax reform proposals aimed at fostering compliance, promoting sustainability, and stimulating inclusive economic growth in Pakistan. The proposals, submitted ahead of the federal budget 2025-26, emphasize the need for strategic incentives rather than punitive measures.
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Foreign investors push Pakistan to scrap Rs5,000 banknote
Karachi, May 13, 2025 – A group of foreign investors operating in Pakistan has urged the government to demonetize the Rs5,000 currency note as part of a broader push to discourage cash-based transactions and accelerate the country’s shift toward a digital economy.
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FBR to launch remote image analysis system for port integration
Karachi, May 13, 2025 – In a major step towards modernizing its operations, the Federal Board of Revenue (FBR) is set to implement a cutting-edge Remote Image Analysis Center (RIAC) aimed at integrating data across all entry and exit points of the country, including seaports, land border posts, and airports.
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Supreme Court clarifies timeframe for tax record retention
The Supreme Court of Pakistan has ruled that the statutory timeframe for retaining tax records, typically set at six years under Section 174(1) of the Income Tax Ordinance, 2001, becomes secondary if a legal proceeding is pending.
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Pakistan may abolish sales tax on cotton in 2025-26 budget
Islamabad, May 13, 2025 — The government of Pakistan is considering a significant tax reform by planning to abolish the 18% sales tax on locally produced cotton in the upcoming federal budget for 2025-26.
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