KARACHI, November 09 2024: President Karachi Chamber of Commerce and Industry (KCCI) Muhammad Jawed Bilwani, while vehemently condemning the reinstatement of the requirement to file an affidavit with sales tax returns, demanded that the authorities must suspend the affidavit requirement immediately until comprehensive consultations are conducted and effective alternative measures are established. President KCCI stated…
ISLAMABAD: The Federal Board of Revenue (FBR) has announced a 1% increase in the sales tax on tea, raising it from 17% to 18% on both locally produced and imported tea. This decision, made during a recent Economic Coordination Committee (ECC) meeting, aligns with the government’s ongoing efforts to address fiscal challenges and expand revenue…
ISLAMABAD, October 28 2024: In a bold move to enhance tax compliance and combat the rampant issue of fake invoicing, the Federal Board of Revenue (FBR) has taken decisive action against Tier-1 retailers and restaurants in Islamabad. As part of their initiative to integrate the Point of Sale (POS) invoicing system, two prominent restaurants were…
ISLAMABAD, October 28 2024: In a bustling metropolis where skyscrapers touch the clouds and business is the lifeblood of the economy, a stark reality unfolds beneath the surface. A mere 5,000 companies, representing a fraction of the nearly 125,000 registered entities in Pakistan, dominate the corporate tax landscape, shouldering an astonishing 90 per cent of…
KARACHI, October 23 2024: In a significant meeting between the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Federal Board of Revenue (FBR), President Atif Ikram Sheikh underscored the urgent need to safeguard genuine taxpayers from unwarranted harassment. Sheikh reported that FBR Chairman Rashid Mahmood Langrial has agreed to focus enforcement efforts…