FBR is set to freeze bank accounts of unregistered businesses in FY26! 🚨 Notices first, then freezes, but accounts restored in 48hrs on registration. Targets large manufacturers, not small traders. FBR offers 6-month sales tax exemption for new registrants!
Finance Minister announces major FY26 Budget relief! Income tax for Rs600k-1.2mn earners cut to just 1%, down from 5%! GST on imported solar panels slashed from 18% to 10%. Aims for compliance & warns against solar profiteering.
Tax experts warn of Finance Bill 2025-26 implementation woes! 🚨 Concerns arise over tricky digital taxes, expanded FBR powers allowing swift asset attachment, and altered pension exemptions.
Sindh expands sales tax net for FY26, bringing new services like real estate rentals, IT, broadcasting, and specialized manufacturing under tax! 💸 Rates vary, with some up to 15%. Aims to boost provincial revenue & compliance
Senate body approves easing property purchase limits for non-filers from 130% to 500% of declared assets! 🏡 Finance Minister eyes restoring tax trust. Active filers get a tax break on property sales (1.5%), but non-filers still face high rates.
FBR launches “Certificate of Eligibility” on IRIS! 🚗🏠 Required by Finance Bill 2025, only “eligible persons” (filers with declared resources) can now buy property/vehicles. Aims to curb tax evasion & formalize economy.
Punjab introduces hefty fines (up to Rs1M) for businesses refusing digital payments, even sealing premises for repeated violations! 💸 It’s also switching to a “negative list” for sales tax on services, broadening the tax base.
Sindh proposes SST revisions for FY26! 🚚 Freight services tax up to Rs1000, but many others like insurance (15% to 5%), wholesale, rentals, security & beauty see rate cuts. Aims to broaden tax base & support businesses.
FBR begins distributing 1,010 Honda City cars to officers despite public outcry over the Rs6B procurement! 🚗💨 Strict SOPs issued for allocation, use & monitoring to ensure transparency and accountability, amidst ongoing controversy.
New FY26 budget rule: Filers face a 10% penalty on purchases from unregistered (non-NTN) suppliers! 🚫 This shifts compliance burden to buyers. Direct agri produce purchases from farmers are exempt. Stay updated to avoid penalties!