Pakistan Tax and Business Updates

The tax year in Pakistan begins on July 01 and ends on June 30 of the next year. Earlier, most of the tax changes and amendments were introduced in the annual budget through the finance bill and finance act. However, recently, due to uncertainty in the economic environment and the pressures of international funding institutions, the government of Pakistan is compelled to introduce tax changes even during the tax year. Therefore, I thought to create a blog post.

This post will have links to the latest changes introduced in the tax system of Pakistan. I will add links from famous newspapers and websites such as Business Recorder, Dawn, Jang, The News, Fbr, and PkRevenue. The links will be listed in descending order so that you see the latest ones first.

PM raises minimum wage to Rs25,000; pensions hiked by 10pc

https://www.brecorder.com/news/40166780/pm-raises-minimum-wage-to-rs25000-pensions-hiked-by-10pc

IT Services or IT Enabled Services – PSEB – Registration

https://www.youtube.com/watch?v=9R7jcZTH2jg
https://www.youtube.com/watch?v=mUgziUmW5pY

SBP holds rates, hints at early MPC meet if needed

https://www.thenews.com.pk/print/939913-sbp-holds-rates-hints-at-early-mpc-meet-if-needed

FBR jacks up property valuation rates by 25 to 250 pc

https://www.thenews.com.pk/print/938470-fbr-jacks-up-property-valuation-rates-by-25-to-250-pc
https://fbr.gov.pk/valuation-immovable-properties/131220

Whiten black money at 5pc: PM Imran Khan unveils yet another amnesty scheme

https://www.thenews.com.pk/print/937826-whiten-black-money-at-5pc-pm-unveils-yet-another-amnesty-scheme

PM Imran Khan cuts petrol, diesel prices by Rs10/litre, power tariff by Rs5/unit

https://www.thenews.com.pk/print/937557-pm-slashes-petrol-diesel-prices-by-rs10-litre-power-tariff-rs5-unit

Package approved for Freelancers

https://jang.com.pk/news/1053958

Pak officials, politicians, businessmen held accounts in Switzerland

https://www.thenews.com.pk/print/935757-pak-officials-politicians-businessmen-held-accounts-in-switzerland

New leaks unmask wealth parked at Swiss bank

https://www.thenews.com.pk/print/935450-new-leaks-unmask-wealth-parked-at-swiss-bank

Revised Profit Rates of National Savings Schemes

http://savings.gov.pk/wp-content/uploads/Revision-in-Rates-of-NSS.pdf

Rs160 bn tax to be slapped on salaried class

https://www.thenews.com.pk/print/930976-commitment-with-imf-rs160-bn-tax-to-be-slapped-on-salaried-class

IMF approves $1 bn loan tranche for Pakistan

https://www.thenews.com.pk/print/930342-lead

India to launch its own digital currency in 2022-2023

https://www.cnbc.com/2022/02/01/india-digital-currency-to-launch-in-2022-2023-finance-minster-says.html

Moderation in demand growth: SBP holds policy rate with inflation, CAD seen easing

https://www.thenews.com.pk/print/927843-growth-moderating-sbp-holds-policy-rate-points-to-easing-inflation-c-a-deficit

Corruption increased in 2021: TI

https://www.thenews.com.pk/print/928090-corruption-increased-in-2021-ti

Abstaining senators allow SBP bill to sail through

https://www.thenews.com.pk/print/928907-sbp-bill-sails-through-senate-opp-fails-despite-majority

PTA Clarification regarding ‘PTA Tax’

https://www.pta.gov.pk/en/media-center/single-media/pta-clarification-250122

Debit Cards will be issued to National Savings customers

https://jang.com.pk/news/1041134

Govt to connect 74 departments with Pakistan Single Window

https://www.thenews.com.pk/print/927695-govt-to-connect-74-departments-with-pakistan-single-window

Procedure to claim the prize money of FBR POS Invoice Scheme

https://twitter.com/FBRSpokesperson/status/1484183173479215105

Ishaq Dar’s Column on Pakistan’s Economy

https://jang.com.pk/news/1038392

FBR POS Prize Winners

https://www.fbr.gov.pk/pos-prize-winners/163085/173378

SBP Amendment Bill to land in senate next week

https://www.thenews.com.pk/print/925292-sbp-amend-bill-mini-budget-to-land-in-senate-next-week

13 other bills also approved in NA besides mini-budget

https://jang.com.pk/news/1037397

Opposition fails to stop passage of mini-budget

https://www.thenews.com.pk/print/924961-opp-fails-to-block-passage-of-mini-budget

FAQs – POS Integration

https://fbr.gov.pk/pos-faqs/163085/163092

FAQs – POS Prize Scheme

https://help.fbr.gov.pk/?p=8777

SBP’s committee for ban on cryptocurrency

https://www.thenews.com.pk/print/924769-sbp-s-committee-for-ban-on-cryptocurrency

SHC order on foreign assets statement suspended

https://www.dawn.com/news/1668756/shc-order-on-foreign-assets-statement-suspended

Rs258 bn aggregate profits: Pakistan stock market claims highest profit in 10 years

https://www.thenews.com.pk/print/923145-rs258-bn-aggregate-profits-pakistan-stock-market-claims-highest-profit-in-10-years

Pakistanis lose Rs17.7 billion to online cryptocurrency fraud

https://www.thenews.com.pk/print/923480-pakistanis-lose-rs17-7-billion-to-online-cryptocurrency-fraud

SBP announces a new era for banking with a Licensing & Regulatory Framework for Digital Banks

https://www.sbp.org.pk/press/2022/Pr-03-Jan-2022.pdf

FBR to launch National Sales Tax Return

https://www.thenews.com.pk/print/922902-fbr-to-launch-national-sales-tax-return

The tax directory of parliamentarians, issued by the FBR

https://www.thenews.com.pk/print/922288-parliament-big-names-minimal-tax

Strict IMF conditions: Interview with Shaukat Tarin

https://www.youtube.com/watch?v=e-4C0Yet4m8

National Savings Launches Debit Card Facility

https://propakistani.pk/2021/12/29/national-savings-launches-debit-card-facility

Rs343 bn mini-budget tabled: Computers, cell phones, bakery items go dearer

https://www.thenews.com.pk/print/921208-rs343b-mini-budget-tabled-slug-computers-mobile-bakery-items-go-dearer

More than 50 countries have introduced restrictions for cryptocurrencies

https://bctd.news/posts/more-than-50-countries-have-introduced-restrictions-for-cryptocurrencies

Govt mulls to bring mini budget through ordinance: Rabbani

https://www.thenews.com.pk/print/919076-govt-mulls-to-bring-mini-budget-through-ordinance-rabbani

Over 100 MPs not paying income tax

https://www.thenews.com.pk/print/919058-over-100-mps-not-paying-income-tax

Mini-budget withdrawn from cabinet after stiff opposition

https://www.thenews.com.pk/print/918813-mini-budget-withdrawn-from-cabinet-after-stiff-opposition

$1B in foreign exchange sold after Erdoğan’s announcement

https://www.dailysabah.com/business/economy/1b-in-foreign-exchange-sold-after-erdogans-announcement

Russian central bank to seek ban on investment in cryptocurrencies

https://www.reuters.com/markets/currencies/russian-cenbank-seek-ban-investment-cryptocurrencies-sources-say-2021-12-16

SBP tightens rules on buying foreign currency

https://www.dawn.com/news/1664735

16,000 sacked employees restored

https://www.thenews.com.pk/print/917616-16-000-sacked-employees-restored

Small and Medium Enterprises Policy: Rs10m collateral-free loans for new SMEs

https://www.thenews.com.pk/print/917044-rs10m-no-guarantees-loans-for-new-smes

FBR Rebuts Disinformation About POS Integration Drive on Social Media

https://www.fbr.gov.pk/fbr-rebuts-disinformation-about-pos-integration-drive-on-social-media/173273

NADRA may compute income, tax liability of non-filers

https://www.brecorder.com/news/40138843

SBP launches Asaan Mobile Account

https://www.thenews.com.pk/print/916547-sbp-launches-asaan-mobile-account

Mini budget next week: Many items to become pricier

https://www.thenews.com.pk/print/915724-mini-budget-next-week-many-items-to-get-pricier

Purchasing from POS-integrated retailers: FBR announces prize scheme for customers

https://www.thenews.com.pk/print/915847-purchasing-from-pos-integrated-retailers-fbr-announces-prize-scheme-for-customers
https://www.fbr.gov.pk/FBR-announces-prize-scheme-for-shoppers-of-POS-integrated-retailers/163085/163264

Profit Rates of National Savings Schemes (w.e.f. 10-Dec-2021)

http://savings.gov.pk/wp-content/uploads/NSS-Rates.pdf

FBR Holds in Abeyance New Property Valuation till January 16, 2022

https://fbr.gov.pk/fbr-holds-in-abeyance-new-property-valuation-till-january-16-2022-/163254

Valuation of Immovable Properties

https://fbr.gov.pk/valuation-of-immovable-properties/51147/131220
https://download1.fbr.gov.pk/SROs/202112210125043642Karachi.pdf

FBR Social Media Handles

https://www.fbr.gov.pk/fbr-socialmedia-handles/152832

Immovable property: FBR ups property valuation rates

https://www.thenews.com.pk/print/913349-immovable-property-valuation-rates-of-fbr-notified-rates-jacked-up

It’s a must for real estate agents to get registered with FBR

https://www.thenews.com.pk/print/912898-it-s-a-must-for-real-estate-agents-to-get-registered-with-fbr

Penalty for issuing unauthorized sales tax invoice

https://pkrevenue.com/penalty-for-issuing-unauthorized-sales-tax-invoice

SECP amends regulations to help start-ups, small firms

https://www.dawn.com/news/1659888

FBR develops Single Sales Tax Portal to facilitate taxpayers

https://www.fbr.gov.pk/fbr-develops-single-sales-tax-portal-to-facilitate-taxpayers/163195

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