SECP registers 2,477 new companies in September
Foreign investment has been reported in 82 new companies The Securities and Exchange Commission of Pakistan registered 2,477 new companies in September 2023, bringing the total number of companies in Pakistan to 202,892. The total capitalization (paid up capital) of newly incorporated companies stood at Rs. 1.59 billion, said a press release issued. Private limited…
Adil Aziz
FBR extends for filing of income tax returns by October 31st
The Federal Board of Revenue has decided to extend the date of filing of income tax returns by October 31st, 2023, for tax year 2023. This decision for the person who is required to file their returns by September 30, 2023, is extended to October 31, 2023, in view of the request from various trade…
Pakistan, Germany sign convention for eliminating double taxation
Federal Board of Revenue has initiated re-negotiations on the agreement for the eliminating double taxation with respect to taxes on income and the prevention of Tax Evasion and Avoidance between Pakistan and Germany. In this connection, tax delegations of both the countries met here for the first round of negotiations from September 18. The first…
SECP registered 2,847 new companies in the month of August 2023
The Securities and Exchange Commission of Pakistan (SECP) registered 2,847 new companies in the month of August 2023, taking the total number of registered companies in the country to 200,629. The incorporations recorded 20.6% increase as compared to the same period last year and 99.7% were registered online. The total capitalization of these companies was…
FDI increases by 17.3% in August: Economic Outlook Report
Foreign Direct Investment in the country during first month of current financial year (2023-24) witnessed about 17.3 percent growth as compared to the investment of the corresponding month of last year. By the month of July 2023, the FDI reached $87.7 million against the investment of $ 74.8 million in same period of the last…
Commerce Ministry & FBR to introduce track, trace system for transparent cotton trade
The Ministry of Commerce and Federal Board of Revenue collaborated to introduce track and trace system for transparent cotton trade. The development took place in a meeting of Malik Amjad Zubair Tiwana, Chairman of the Federal Board of Revenue (FBR), with Dr. Gohar Ejaz, the Caretaker Federal Minister for Commerce, Industries and Production, said by…
KCCI Chief slams FBR’s discrimination towards Karachi, demands similar treatment towards Sindh for Section 7E
President Karachi Chamber of Commerce & Industry (KCCI) Mohammed Tariq Yousuf, while vociferously slamming the Federal Board of Revenue (FBR) for its discriminatory attitude towards the rest of the country other than Punjab, demanded similar treatment for Section 7E (tax on deemed income basis) of the Income Tax Ordinance 2001 at par with Punjab where…
SECP registers 2,220 companies in July
The Securities and Exchange Commission of Pakistan (SECP) registered 2,220 new companies in July 2023, a 25% increase from the previous year. The total capitalization for these companies was Rs. 3.3 billion. The total number of registered companies in the country rose to 197,828 About 57% of Pakistan’s companies are private limited companies, 41% are…
Pakistan and Iraq sign convention for elimination of double taxation
Federal Board of Revenue initiated negotiations on the Convention for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance with the Republic of Iraq. In this connection, tax delegations of both the countries met at Islamabad for the first round of negotiations…
PPMA delegation calls on Chairman FBR, discuss sale tax regime
A delegation of Pakistan Pharmaceutical Manufacturers Association (PPMA) called on the Chairman Federal Board of Revenue (FBR) Asim Ahmad and discussed issues related to sale tax regime governing the pharma sector. The delegation was led by Chairman PPMA Syed Farooq Bukhari including members as well as ex Chairman of the Association. The meeting was also attended…