NCCPL to Collect Capital Gains Tax on October 30 for September Transactions
The National Clearing Company of Pakistan Limited will collect Capital Gains Tax on October 30 for September transactions, including PSX share disposals and mutual fund redemptions. Clearing members and AMCs have been instructed to ensure full compliance with NCCPL regulations.
FBR Entities PRAL and PSW Identified as Key Sources Behind $11 Billion Trade Data Discrepancy
The Ministry of Commerce and PBS informed the National Assembly Standing Committee on Commerce that PRAL and PSW were responsible for an $11 billion trade data discrepancy. The issue stems from procedural reporting gaps and not financial flows, with steps underway to strengthen coordination and improve data transparency.
FBR Dismisses Inland Revenue Officer Over Mishandling of Rs238.4 Billion Tax Fraud Probe
The Federal Board of Revenue (FBR) has dismissed an Inland Revenue officer for mishandling a Rs238.4 billion tax fraud case involving M/s New Metro Footwear Co. and others. The officer was found negligent in conducting the investigation, prompting his removal after a detailed disciplinary inquiry.
Pakistan Seeks Stronger Economic Partnerships with U.S., China, and Japan at IMF–World Bank Meetings
Pakistan’s Finance Minister Muhammad Aurangzeb engaged with U.S., Chinese, and Japanese officials on the sidelines of the IMF–World Bank Meetings, focusing on investment, digital cooperation, and fiscal reforms. High-level talks with French Hill, Liao Min, and Nobumitsu Hayashi reflected Islamabad’s strategic outreach to deepen partnerships with major global economies.
Federal Board of Revenue Extends Income Tax Return Filing Deadline to October 31 Amid Industry Pressure
The Federal Board of Revenue has extended the income tax return filing deadline for tax year 2025 to October 31, responding to persistent requests from trade bodies and tax bar associations.
Private sector retires Rs297bn debt in Q1 FY26 as uncertainty stalls fresh borrowing
Pakistan’s private sector retired Rs297 billion in debt during the first quarter of FY26, with no fresh borrowing recorded as businesses held back amid economic and political uncertainty.
FPCCI seeks 15-day extension for tax filing deadline amid portal issues and compliance delays
The Federation of Pakistan Chambers of Commerce and Industry has requested a 15-day extension of the tax filing deadline to address portal issues, documentation delays, and ERP integration challenges faced by taxpayers across Pakistan.
FBR to Publicise Civil Servants’ Assets to Meet IMF Governance Condition
The Federal Board of Revenue has issued a draft to amend asset declaration rules for Grade 17-22 officers, making their assets publicly accessible to meet IMF transparency conditions and strengthen governance.
FBR Initiates Expert Consultations to Develop Cryptocurrency Legislation in Pakistan
The Federal Board of Revenue has begun consultations with experts to draft legislation for cryptocurrency in Pakistan, aiming to regulate digital assets, expand the tax base, and bring crypto transactions under a legal framework.
Overseas Investors Chamber of Commerce and Industry urges Federal Board of Revenue to release Rs96.6 billion in pending tax refunds to ease liquidity pressure on foreign investors
The Overseas Investors Chamber of Commerce and Industry has called on the Federal Board of Revenue to expedite Rs96.6 billion in pending tax refunds, warning that delays are hurting liquidity, business planning, and investor confidence in Pakistan’s economy.