Pakistan: SECP publishes requirements for companies to maintain record of all related party transactions

16 October, 2018

On 2 October 2018, the Securities and Exchange Commission of Pakistan (SECP) has issued SRO 1194(I)/2018 to introduce Companies (Related Party Transactions and Maintenance of Related Records) Regulations, 2018. These Regulations are applicable on

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Pakistan: FBR extends tax amnesty scheme period to 31 July 2018

10 July, 2018

On 7 July 2018, the Federal Board of Revenue (FBR) approved an extension in tax amnesty scheme till 31 July 2018. Previously an ordinance was sent to the president of Pakistan for approval of the extension. The deadline for filing amnesty

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Pakistan enacts Finance Bill 2018

25 June, 2018

The Finance Bill, 2018 was passed by the government on 22 May 2018, with some amendments. The Bill provides for the implementation of the measures proposed as part of the 2018-2019 Budget. The main measures are summarized as follows: Corporate

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Pakistan: Finance Minister presents the budget for 2017/2018

07 May, 2018

On 27 April 2018, the newly-appointed Finance Minister Miftah Ismail presented the 2018/2019 Budget to parliament. The following corporate tax measures are proposed in the Budget: Reduction in corporate tax rates: Reduce the corporate tax rates

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Pakistan issues more draft amendments to CbC reporting requirements

26 February, 2018

On 9 February 2018, the Federal Board of Revenue (FBR) in Pakistan has published SRO no. 144(I)/2018, which provides more amendments to draft rules that establish transfer pricing documentation and country-by-country reporting rules for large

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Pakistan: FBR publishes amendments to CbC reporting requirements

07 February, 2018

On 31 January 2018, the Federal Board of Revenue (FBR) in Pakistan has published SRO no. 99(I)/2018, which provides amendments to draft rules that establish transfer pricing documentation and country-by-country (CbC) reporting requirements for large

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Pakistan: Government has withdrawn sales tax and customs duty on cotton imports

22 January, 2018

On 5 January 2018, the Economic Coordination Committee (ECC) of the Cabinet approved withdrawal of sales tax and customs duty on import of cotton effective from 8 January 2018. The ECC also granted approval for issuance of GoP Sovereign Guarantee

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Double tax treaty between Hong Kong and Pakistan enters in to force

29 November, 2017

On 24 November 2017, the Double Taxation Agreement (DTA) between Hong Kong and Pakistan was entered into force after the completion of ratification procedures on both sides. The agreement was signed on 17 February 2017 with providing the

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Pakistan: FBR publishes rules for documentation and CbC reporting requirements

26 November, 2017

On 16 November 2017, the Federal Board of Revenue (FBR) in Pakistan has published SRO 1191(1)/2017, which includes chapter VIA to the Income Tax Rules of 2002. The new Chapter (VIA) identifies the reporting entities, clarifies the reporting

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Pakistan: Ministry orders compliance with tobacco control laws

16 November, 2017

On 10 November 2017, the Ministry of National Health Services has requested to all federal secretaries and provincial chief secretaries to take steps for ensuring compliance of tobacco control laws in best public interest. The Secretary Health

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Latvia and Pakistan sign an agreement on avoidance of double taxation

07 November, 2017

Pakistan and Latvia on October 25, 2017, after the second round of negotiations, concluded an agreement on the Avoidance of Double Taxation with regard to income tax and prevention of tax evasion and avoidance (ADTA). Avoiding the double taxation

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Pakistan: FBR extends last date for filing tax returns up to November 15

01 November, 2017

The Federal Board of Revenue (FBR) has issued Circular No. 08 for extension in date of filing of income tax returns to 15 November 2017 from 31 October 2017 for salary persons and business individuals. Similarly, the date of filing of income tax

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Pakistan: SME and export sectors are exempted from regulatory duty

24 October, 2017

On 16 October 2017, the Federal Board of Revenue (FBR) has said that Small and Medium Enterprises (SMEs) and export-oriented units are exempted from paying regulatory duty levied through SRO 1035(I)/2017 on the import of raw material and

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Pakistan: Ministries of the NHS directs government to make cigarettes inaccessible to the citizens

23 October, 2017

Recently, the ministries of national health services (NHS) and the finance department have been asked to implement the World Health Organization (WHO) Framework Agreement on Tobacco Control (FCTC) to make cigarettes inaccessible to citizens by

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Pakistan approves updating tax treaties with Sri Lanka, Nepal, France, Tunisia, Morocco, and Portugal

12 October, 2017

On 10 October 2017, the federal cabinet has granted approval to amend existing conventions on avoidance of double taxation treaties with Sri Lanka, Nepal, France, Portugal, Tunisia and Morocco for avoiding double taxation and the prevention of

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Pakistan: Cabinet approves signature of protocol to tax treaty with Bahrain

13 September, 2017

The federal cabinet on 7 September 2017, has approved the signing of an amending protocol to the 2005 income tax treaty with Bahrain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on

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Pakistan: Cabinet approves amending taxation treaties with Finland, Italy, and Turkey

13 September, 2017

The federal cabinet on 7 September 2017, approved amending the existing conventions of avoidance of double taxation treaties with Finland, Italy, and Turkey. The cabinet, which chaired by Prime Minister Shahid Khaqan Abbasi, given approval to amend

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Pakistan: FBR publishes explanatory notes to the Finance Act 2017

11 September, 2017

The Federal Board of Revenue (FBR) has published Circular No. 04 dated September 06, 2017 to explain the important changes made to Income Tax Ordinance, 2001 through Finance Act, 2017. The main changes include: A new concept of ‘Startup

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