The Karachi Chamber of Commerce and Industry (KCCI) and commercial importers are urgently calling on the Federal Board of Revenue (FBR) to resolve the backlog of goods stuck at ports. This backlog has created serious challenges for businesses in Pakistan, leading to delays and extra costs. Why the Backlog is a Problem Currently, thousands of…
Pakistan is seeing a major shift toward digital payments. The State Bank of Pakistan (SBP) has reported that digital payment methods now process the majority of retail transactions in the country. This is a big change, as more people are using mobile apps, online banking, and other digital tools to make payments. In this article,…
In 2025, the Federal Board of Revenue (FBR) will expand the Single Sales Tax Return (SSTR) system to include many new sectors. These include hotels, restaurants, ride-hailing services, IT services, and more. This initiative will simplify the process for businesses in these industries to file their taxes. Here’s everything you need to know about these…
Starting July 1, 2025, a new pension system will be introduced for new civilian employees, ensuring that they save for their retirement through a contributory pension scheme. This decision comes after approval from the General Headquarters (GHQ) of the army. Along with this change, a Non-Banking Finance Company (NBFC) will be created to manage the…
Pakistan’s risk of default has seen a significant decline, as the Credit Default Swap (CDS) spread has dropped to a low of 505 basis points (bps), which is just 5.05%. This is a big improvement compared to the previous high of 12,388 bps in November 2022. This 93% drop shows that Pakistan’s ability to repay…
On December 18, 2024, a crucial meeting of the Economic Coordination Committee (ECC) of the Cabinet took place, chaired by Federal Minister for Finance Senator Muhammad Aurangzeb. During this meeting, several important decisions were made regarding Pakistan’s economic and infrastructure development. These decisions focus on the restructuring of key organizations, financial support for various sectors,…
The government is planning to impose stricter rules on non-filers, which means people who are not registered with the tax authorities. The new rules will make it difficult for non-filers to buy cars, property, and even open bank accounts. Let’s break down these changes in simple terms. Key Restrictions for Non-Filers Here are the key…
Sui Northern Gas Pipelines Limited (SNGPL) has identified 20 government offices with unpaid gas bills totaling over Rs. 200 million. These public institutions include high-profile buildings like Aiwan-e-Sadr, Parliament House, and the Ministry of Finance. Despite increasing gas tariffs, many of these offices have failed to clear their outstanding dues, raising concerns about accountability and…
Pakistan has posted a current account surplus of $729 million in November 2024, according to the latest data from the State Bank of Pakistan (SBP). This is the highest surplus in nearly 10 years. What is a Current Account Surplus? A current account surplus means that the country is earning more money from exports, remittances,…
The Federal Board of Revenue (FBR) has taken strict action against several Inland Revenue officials who were involved in helping sugar mills evade taxes. These officials were working with sugar mills to avoid paying sales tax and federal excise duty. As a result, the FBR has suspended nine officials working in different Regional Tax Offices…
