Pakistan Updates Public Finance Management Act 2019 to Strengthen Fiscal Transparency
The federal government has updated the Public Finance Management Act, 2019 with amendments up to June 2024, expanding fiscal responsibility, enhancing oversight of public funds, and strengthening transparency to align Pakistan’s financial framework with global best practices.
FBR Releases Finalized 2025 Tax Return Forms After Weeks of Delay
The Federal Board of Revenue (FBR) has issued the finalized income tax return forms for the tax year 2025, following weeks of uncertainty. While the new forms aim to simplify filing, experts urge clarity on returns filed during the draft phase and call for a possible deadline extension.
SECP Approves Cordoba PE Management as NBFC for Private Equity and Venture Capital Services
The Securities and Exchange Commission of Pakistan (SECP) has granted Cordoba PE Management Limited a license to operate as a Non-Banking Finance Company for Private Equity and Venture Capital Fund Management, marking a significant step toward strengthening Pakistan’s private investment landscape.
State Bank of Pakistan directs banks to terminate clients on Goods Declaration suspicion under AML rules
The State Bank of Pakistan has directed banks to tighten compliance on trade-based transactions, including the option to terminate client relationships if Goods Declaration mismatches raise AML suspicions.
Unlocking Capital Market Potential: SECP Pushes for Stronger Integration Between Banks and Markets
The SECP has outlined reforms to strengthen Pakistan’s capital markets, including Ijarah Sukuk issuance through PSX, T+1 settlements, digital transformation, and pension system enhancements. Chairperson Akif Saeed called for greater integration between banks and markets to unlock growth potential and boost investor confidence.
SBP Enforces Mandatory H.S. Codes in Trade Transactions to Combat Money Laundering Risks
The State Bank of Pakistan has made H.S. Codes and detailed product information mandatory in all trade-linked financial instruments, aiming to combat trade-based money laundering, enhance transparency, and strengthen the country’s financial oversight framework.
FBR Imposes Rs. 200,000 Limit on Cash-on-Delivery E-Commerce Payments
The Federal Board of Revenue has set a Rs. 200,000 cap for Cash-on-Delivery transactions in e-commerce, aiming to promote digital payments and enhance transparency.
SECP Implements Final Amendments to Public Offering Regulations to Enhance Capital Market Transparency
The Securities and Exchange Commission of Pakistan has enforced final amendments to its public offering regime, introducing reforms to improve transparency, broaden investor participation, and modernize the IPO process in the country.
FBR Tightens Digital Transaction Integration Rules for Sales Tax Registered Businesses
The Federal Board of Revenue (FBR) has tightened sales tax compliance rules, requiring all integrated businesses to offer debit/credit card, QR code, and other digital payment options, register all outlets with its system, and issue real-time e-invoices, with strict penalties for violations.
FBR Introduces E-Invoice Integration and Stricter Rules to Curb Fake Tax Invoices
The Federal Board of Revenue has amended the Sales Tax Rules 2006, introducing mandatory e-invoice integration and empowering commissioners to suspend registrations over fake invoices, aiming to boost transparency and compliance.