Blog & News

FBR’s New Banking Rules – Strengthening Transparency, Tax Compliance & Financial Accountability in Pakistan

The Federal Board of Revenue (FBR) has introduced enhanced banking compliance measures aimed at improving financial transparency, strengthening tax documentation, and discouraging undocumented economic activity in Pakistan. These measures focus on better monitoring of financial transactions, verification of funds, and improved record-keeping to support a transparent and accountable financial system.

FBR Issues SRO 1081(I)/2026 – Additional Electric Vehicles and Parts Added to Tax Exemption List

The Federal Board of Revenue (FBR) has issued SRO 1081(I)/2026 dated 06 July 2026, introducing amendments to the Income Tax (Exemption) Order, 2001. The notification updates the list of eligible items enjoying tax exemptions by adding additional categories related to electric vehicles (EVs) and their components. The amendment reflects Pakistan’s continued efforts to promote clean energy, encourage electric mobility, and support investment in environmentally friendly transportation solutions.

IASB Finalises Amendments to the Fair Value Option for Investments in Associates and Joint Ventures

The International Accounting Standards Board (IASB) has issued “Amendments to the Fair Value Option for Investments in Associates and Joint Ventures (Amendments to IAS 28)”, providing important clarification on the application of the fair value option under IAS 28 Investments in Associates and Joint Ventures. The amendments address existing diversity in practice and support a smoother implementation of IFRS 18 Presentation and Disclosure in Financial Statements.

ATIR Islamabad Annuls Super Tax Default Surcharge for Court-Protected Period | Major Relief for Taxpayers

The Appellate Tribunal Inland Revenue (ATIR) Islamabad has delivered an important ruling providing relief to taxpayers regarding the imposition of default surcharge on Super Tax payments during a court-protected period. According to the order issued in ITA No. 773/IB/2026, a two-member bench of ATIR Islamabad ruled that although the taxpayer was legally required to pay Super Tax under Section 4C of the Income Tax Ordinance, 2001, the imposition of default surcharge under Section 205 for the period covered by judicial protection was not legally sustainable.

News

Record Company Registrations in Pakistan: AOPA.pk Highlights SECP’s Growth Report

Record Company Registrations in Pakistan: AOPA.pk Highlights SECP’s Growth Report According to the Securities and Exchange Commission of Pakistan (SECP), a record 43,559 new companies were registered during the fiscal year 2025–26, marking a major milestone in Pakistan’s corporate landscape. This surge brings the total number of registered companies to 301,615, showcasing the country’s accelerating business momentum.

Tax & Regulatory

PBC Urges FBR to Withdraw Default Surcharge Notices on Super Tax

The Pakistan Business Council (PBC) has urged the Federal Board of Revenue to withdraw default surcharge notices issued on super tax, calling them contrary to legal principles.

Tax & Regulatory

SECP Directs Companies to File UBO Information via Form-19

The Securities and Exchange Commission of Pakistan (SECP) has directed companies to file Ultimate Beneficial Ownership (UBO) information through Form-19.

Tax & Regulatory

Substitution of Sec 11B of Sales Tax law: ATIR flags consequences of legislative errors

The Appellate Tribunal Inland Revenue (ATIR) has clarified jurisdiction under amended Section 11B of the Sales Tax Act.

Tax & Regulatory

Bank granted relief by ATIR Lahore: Minimum tax cannot be imposed without 'actual tax payable'

The Appellate Tribunal Inland Revenue (ATIR), Lahore has held that minimum tax under section 113 cannot be imposed in the absence of actual tax payable.

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