Tax, regulatory and professional updates for the accounting community.
Regulation
From 1 September 2026, the FBR requires all income tax assessments to be selected through its Compliance Risk Management System, eliminating discretionary case selection by field officers.
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Tax
The FBR introduced a simplified fixed tax scheme for small traders through SRO 1166(I)/2026, offering 1% tax on turnover with exemptions from audit and digital invoicing. Accountants must understand eligibility, voluntary election process, and advisory opportunities for small retail clients.
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Regulation
The FBR has expanded its electricity-linked sales tax regime for iron and steel manufacturers, adding four registered producers to the list under STGO No. 22 of 2026, marking the second phase of this proxy-based taxation policy.
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Tax
The Federal Board of Revenue is considering withdrawal of super tax and reduction in sales tax rates to address business flight and economic contraction in Pakistan.
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Regulation
On 18 August 2026, the FBR Domain Team demonstrated enhanced systems for tracking immovable property investments, recording multiple business capitals, declaring tax, and documenting inherited property to the Karachi Tax Bar Association.
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Regulation
The SECP has sent its draft Venture Capital Bill to the Board of Investment for consultation, creating new compliance and accounting obligations for practising accountants advising fund managers and startups.
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Profession
When chasing breaking tax news, headline availability doesn't always match detailed reporting. Here's what happened when searching for a recent Pakistani FBR story.
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Tax
The Federal Government has launched a mobile application for the fixed tax scheme aimed at bringing small traders and shopkeepers into the tax net. The Retailer Scheme app was unveiled on 19 August 2026, and practising accountants now face immediate advisory and compliance obligations.
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Regulation
Pakistan's FBR introduces an automated penalty system for overstayed cargo at ports effective 31 August 2026. Accountants and importers must understand the new mechanics to avoid penalties and navigate compliance requirements.
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