National Assembly passes bill to amend Foreign Exchange Regulation Act 1947. The bill was moved by Minister of State for Parliamentary Affairs Ali Muhammad Khan. National Assembly Monday passed a bill to amend Foreign Exchange Regulation Act 1947 to further regulate foreign exchange movement besides approving another bill to enhance punishment for money laundering. Minister of State for Parliamentary Affairs Ali Muhammad Khan moved the … Continue reading Forex Movement to regulate Money Laundry- NA passes Bill

FBR has completely changed the customs valuation system by issuing the Customs General Order 19 (CGO 19 of 2019) to ensure proper valuation of goods for tax collection. Chairman FBR Shabbar Zaidi on Tuesday tweeted: I am pleased to inform that FBR has completely changed the valuation system at Custom Stage (CGO 19 of 2019 has been issued). Now we are in line with international … Continue reading FBR Customs Valuation System now meeting International Standards

The Federal Board of Revenue (FBR) has moved a summary to the federal cabinet for excluding import of storage batteries, auto parts, tyres and tubes from purview of retail price taxation. This mean that tax would be imposed at import price, not at retail price. The tax machinery also proposed abolishing of 3 percent value addition tax on the goods specified in the Third Schedule … Continue reading Tax Imposed on Import Price, not Retail

Gear up! The day is here! Time to learn some FINANCE ! All participants must reach at 3:45 pm. Location: WeCreate, Above Gloria Jean’s Coffees, Shop No. 8 & 9, Select One Plaza، F-11 Markaz F 11 Markaz F-11, Islamabad, Islamabad Capital Territory, Pakistan Continue reading Ready?

Medieval Serfs: Time spent working 3 days on their Lord’s land.3 days on their own land.1 day off for Church.= 50% effective tax on their time Ancient Egypt: Customs Taxes — 10% of animals and goods they carried that crossed the seaAgricultural taxTax on cooking oil Greece: Wartime Tax on everyone –> rescinded in peace timePoll tax on foreigners without Athenian mother and father1 drachma … Continue reading Back When Taxes Really Hurt

Federal Board of Revenue Chairman Syed Shabbar Zaidi on Tuesday inaugurated a new software called ‘Centralized Sales Tax & FED Assessment & Processing (CSTAP)’ to effectively monitor the sales tax returns. The software, inaugurated at the FBR Headquarters, was developed by the IR-Operations Wing of FBR. The purpose of the software is to identify the tax gaps and to determine actual sales tax/ FED liabilities … Continue reading FBR inaugurates New Software