Pakistan: FBR issues notification imposing 40% windfall tax on banks

The Federal Constitutional Court of Pakistan has struck down Section 7E of the Income Tax Ordinance, 2001, ruling that the controversial tax on deemed rental income is unconstitutional and void from the beginning. In a Short Order issued on 7 May

Lithuania published Law No. XV-818 of 16 April 2026 in the Official Gazette on 29 April 2026, approving the ratification of the income tax treaty with Pakistan. The law represents the formal legislative step required to bring the agreement into

Pakistan's Federal Board of Revenue (FBR) has introduced a significant tax exemption for builders and developers through Circular No. 07 of 2025-26, addressing long-standing liquidity concerns in the construction industry on 31 March 2026. The

Pakistan’s Federal Board of Revenue (FBR) has issued the draft notification S.R.O. 288(I)/2026 on 18 February 2026, which proposes a comprehensive framework for the online integration of businesses. This framework requires "integrated

In a landmark judgement the federal constitutional court hearing the cases involving section 4B and 4C of the income tax ordinance 2001 (super tax cases), upholding super tax which is expected to fetch revenue to the tune of PKR 300 billion to the

Lithuania’s government approved the ratification of the income tax treaty with Pakistan on 21 January 2026. Signed on 23 September 2025, this tax treaty aims to prevent double taxation and strengthen measures against tax evasion and profit