The FBR has recently issued a negative list of items on which input tax adjustment shall not be allowed for five leading export-oriented industries in Pakistan. This list comprises 714 items and includes various goods and services that are not…
When it comes to paying taxes in Pakistan, accurate financial records are of paramount importance. This is because tax authorities require taxpayers to report their income, expenses, and deductions accurately. Failure to do so can result in penalties, fines, and…
As a taxpayer in Pakistan, it’s important to understand the various deductions and credits that you may be eligible for. One such credit that can significantly reduce your tax liability is a tax credit. In this comprehensive guide, we’ll discuss…
Taxation is an essential aspect of every country’s economic system, including Pakistan. It is an integral part of the government’s revenue collection system, which helps the government to fund various public services and infrastructure projects. In Pakistan, taxes are imposed…
Once a business gets registered in Sales Tax, the responsibility of filing sales tax returns becomes obligatory on the business. The failure to comply with the regulations can result in penalties and surcharges on the taxpayer. In this article, we’ll…
Filing tax returns is an essential responsibility of every citizen in Pakistan. It is a legal obligation to report all sources of income to the Federal Board of Revenue (FBR) and pay the required taxes on time. However, many people…
Pakistan is a developing country that faces numerous challenges in its tax system. The taxation system in Pakistan is complex and often problematic. In this article, we will discuss the common taxation issues and challenges faced by Pakistan. Tax Evasion:…
Taxes are an essential part of any country’s economic system. They play a vital role in funding public services, such as education, healthcare, and infrastructure, which are essential for the well-being and development of society. In Pakistan, taxes are particularly…
Sales tax return is a monthly form that businesses in Pakistan are required to file in order to report their sales of goods and services. This is an important process to ensure proper compliance with the tax laws and regulations…
The State Bank of Pakistan has recently updated its policy on the limit for carrying foreign currency for travelers abroad. According to a circular issued by the State Bank, the new policy sets limits for both minors and adults. Under…
Small businesses are the backbone of Pakistan’s economy, providing employment opportunities and contributing to the country’s overall economic growth. However, managing finances and taxes can be a daunting task for small business owners, especially when they have limited resources and…
As a small business owner in Pakistan, you may find it challenging to navigate the complex world of taxation. However, understanding the various tax laws in Pakistan can help you save money on taxes and grow your business. In this…
Small businesses are the backbone of the Pakistani economy. According to the State Bank of Pakistan, small businesses constitute over 90% of all enterprises in the country and employ more than 80% of the non-agricultural labor force. However, small businesses…
As a small business owner in Pakistan, it’s important to be proactive when it comes to tax planning. By taking steps to minimize your tax liability, you can maximize your profits and keep your business on a path to success.…
Pakistan and Afghanistan have successfully concluded the third round of negotiations on the Convention for the Avoidance of Double Taxation between the two countries. The negotiations took place from 1st -3rd February, 2023 at the Federal Board of Revenue (FBR)…