Importers of cocoa powder have been denied the ability to claim exemptions under two separate notifications simultaneously. The issue arose when importers claimed customs duty exemption under SRO 1261, a claim that was neither disputed nor denied by the department.

The Islamabad High Court (IHC) on Monday issued a detailed verdict regarding the deduction of Rs1.37 billion from the Pakistan Telecommunication Authority (PTA) bank account by the tax department.

The Punjab government has expanded the sales tax on services to include district Murree. A notification has been issued to activate the Murree office, following the previous establishment of offices in Bahawalpur, Sheikhupura, and Kasur.

Pakistan has reversed its decision to impose a new tax on banks’ income from government debt just days before a crucial deadline, following strong opposition from lenders.

President Asif Ali Zardari on Monday night issued the Income Tax (Amendment) Ordinance, 2024, introducing major changes to bank taxation by amending the First and Seventh Schedules of the Income Tax Ordinance, 2001.

Pakistan’s economy saw significant progress in 2024. The country’s default risk dropped by 93%, the current account balance reached a 10-year high, and inflation fell to 4.9% in November—the lowest since May 2018.

The Post Clearance Audit (PCA) South has uncovered a massive tax fraud of Rs. 2.4 billion by a major cement manufacturer, reportedly exploiting four export tax exemption schemes, according to BR.

The Executive Committee (EC) of the Special Investment Facilitation Council (SIFC) has set January 7, 2025, as the deadline to finalize upgradation agreements between the Oil and Gas Regulatory Authority (OGRA) and five refineries under the Brownfield Refinery Upgradation Policy.