AGP Report Highlights Major Discrepancies in Tax and Refund Data Between FBR and SBP
The Auditor General of Pakistan has identified significant discrepancies of billions of rupees between the Federal Board of Revenue and State Bank of Pakistan’s tax collection and refund figures for FY 2023-24, raising concerns over data accuracy and financial transparency.
Pakistan Extends Rs61 Billion in Tax Exemptions Under Trade Agreements to Boost Regional Commerce
Pakistan granted Rs61 billion in tax exemptions during FY2023–24 under various Free Trade and Preferential Trade Agreements, primarily benefiting imports from China, Malaysia, Indonesia, and Sri Lanka. The move aims to enhance trade competitiveness and regional integration, though experts caution that growing exemptions warrant stronger fiscal oversight.
Pakistan Shares Extensive Economic Data with Saudi Delegation to Bolster Investment Ties
Pakistan has shared detailed economic data, including its IMF programme and external debt structure, with a high-level Saudi delegation to enhance trade and investment cooperation between the two countries.
President’s Rulings on Banking Appeals Declared Final, Reinforcing Legal Authority of Banking Mohtasib
Legal Adviser to the President of Pakistan, Justice (Retd) Irfan Qadir, reaffirmed that the President’s decisions on appeals against the Banking Mohtasib’s rulings are final and cannot be challenged in court, marking a strong stance on upholding accountability and trust in Pakistan’s financial justice framework.
FBR Officials Accused of Pressuring Taxpayers to Pay Sales Tax Without Due Process
Serious allegations have surfaced against field officials of the Federal Board of Revenue (FBR) for allegedly coercing registered taxpayers into making upfront sales tax payments without adjudication proceedings, violating the Sales Tax Act and Supreme Court rulings.
Finance Division Takes Control of Tax Policy as Government Restructures FBR’s Role
In a major policy shift, the government of Pakistan has officially transferred responsibility for tax policy from the Federal Board…
FBR Admits Rs3.6 Trillion Sales Tax Gap, Pushes Digital Tracking for Retail Sector
The Federal Board of Revenue has admitted to a Rs3.6 trillion sales tax gap, highlighting structural challenges in Pakistan’s fragmented retail sector. Despite record enforcement claims, the FBR looks toward digital invoicing and supply chain tracking to address revenue losses.
Hyderabad Chamber Requests 48-Day Extension For Income Tax Filing Amid IRIS Portal Issues
HCSTSI urges federal government to extend income tax filing deadline by 48 days due to IRIS portal malfunctions and flooding in Punjab, KPK, and Sindh, citing hardships for traders and salaried taxpayers.
FBR De-seals Saeed Book Bank in Islamabad After POS System Dispute
The Federal Board of Revenue (FBR) has de-sealed Islamabad’s largest bookstore, Saeed Book Bank, after a dispute over POS system integration. The incident highlights the challenges faced by traditional businesses amid Pakistan’s evolving digital tax compliance framework.
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.