Finance Act, 2026 imposes withholding tax on certain life insurance and family takaful payments while exempting death, disability and long-term policy proceeds.
(more…)Tag: insurance
This tag provides stories related to insurance. Pakistan Revenue is committed to provide updates on article related to insurance. Insurance has significance in Pakistan economy.
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Sindh exempts sales tax on crop insurance reinsurance services
Finance Act 2026 extends sales tax exemption to reinsurance services for crop and export-related marine insurance from 1 July 2026.
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Finance Act, 2026: FBR tightens noose around insurance business
New law imposes final tax on early life insurance and family takaful payouts to curb tax avoidance
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Sindh settles insurance sector disputes, announces lower tax rates in Budget 2026-27
Tax rates for insurance agents and brokers reduced, while life insurance exemption threshold increased to Rs3.5 million.
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FBR moves against billions lost through misuse of life insurance policies
Finance Bill 2026 introduces new taxes on early life insurance payouts to curb misuse of policies for tax arbitrage.
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Tax Arbitrage: The Mutual Fund and Insurance Industry in Pakistan
By Eashal Najeeb
What is tax arbitrage?
Tax arbitrage is the practice of exploiting differences in how the tax system treats economically similar income, entities, or transactions, so as to convert a higher-taxed flow into a lower-taxed one without changing the underlying economic substance. It is, in essence, a legal sleight of hand: the taxpayer does not hide income but reclassifies or reroutes it through a more favourably taxed channel.
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Insurance Sector Discusses Budget 2026-27 Proposals with Aurangzeb
ISLAMABAD, May 5, 2026 – Pakistan’s insurance sector held detailed consultations on budget proposals for 2026-27 with Finance Minister Muhammad Aurangzeb, focusing on taxation reforms and long-term sector development.
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President Directs EFU Life Assurance to Compensate Poor Lady
Islamabad, January 12, 2024 – In a significant move aimed at rectifying an injustice, President Dr Arif Alvi has directed EFU Life Assurance Ltd to refund Rs 100,000 along with accrued profits to Zubaida Begum, a destitute woman who fell victim to the mis-selling of an insurance policy.
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Car Insurance Coverage in Pakistan at Just 3%: SECP Study Exposes Low Protection
Islamabad, August 1, 2023 – Car insurance coverage in Pakistan is shockingly low at a mere three percent, lagging far behind other major regional economies, according to a recent study conducted by the Securities and Exchange Commission of Pakistan (SECP).
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SECP issues list of approved CA firms for audit of insurance companies
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued a list of chartered accountant (CA) firms to conduct audit of insurance companies.
Following is the list of approved auditors to conduct audit of insurance, re-insurance and Takaful entities:
Category ‘A’ Firms:
01. A. F. Ferguson & Co. Chartered Accountants
02. Grant Thornton Anjum Rahman, Chartered Accountants
03. RSM Avais Hyder Liaquat Nauman, Chartered Accountants
04. BDO Ebrahim & Co., Chartered Accountants
05. EY Ford Rhodes, Chartered Accountants
06. Kreston Hyder Bhimji & Co., Chartered Accountants
07. Ilyas Saeed & Co., Chartered Accountants
08. KPMG Taseer hadi & Co., Chartered Accountants
09. Deloitte Yousuf Adil, Chartered Accountants
10. Rahman Sarfaraze Rahim Iqbal Rafiq, Chartered Accountants
11. Riaz Ahmed & Co., Chartered Accountants
12. Crow Hussain Chaudhury & Co., Chartered Accountants
Category ‘B’ Firms:
01. Baker Tilly Mehmood Idrees Qamar, Chartered Accountants
02. PKF F.R.A.N.T.S., Chartered Accountants
03. ShineWing Hameed Chaudhri & Co., Chartered Accountants
04. Muniff Ziauddin & Co., Chartered Accountants
05. Naveed Zafar Ashfaq Jaffery & Co., Chartered Accountants
06. Parker Randall – A.J.S., Chartered Accountants
07. S.M. Suhail & Co., Chartered Accountants
08. Amin Mudassar & Co., Chartered Accountants
09. Raenda Haroon Zakaria & Co., Chartered Accountants
10. Junaid Shoaib Asad, Chartered Accountants
11. Sarwars, Chartered Accountants
12. IECnet S.K.S.S.S., Chartered Accountants
13. H.A.M.D & Co., Chartered Accountants
The SECP said that audit firms in category A are eligible to conduct audit of all insurance, re-insurance and Takaful entities.
The audit firms in category B are eligible to conduct audit of all insurance, re-insurance and Takaful entities having gross written premium and total assets less than Rs 1 billion as per the financial statements in the immediate preceding year.