Tag: FBR

Pakistan’s push toward a cashless economy under Prime Minister Shehbaz Sharif is struggling to gain momentum, with fewer than 700,000 retailers adopting digital payment systems. Despite strong government efforts, resistance from traders and growing cash circulation remain major barriers to digital transformation.

Despite Prime Minister Shehbaz Sharif’s push for a cashless economy, fewer than 700,000 retailers in Pakistan have adopted digital payment systems. The government aims to link 2 million merchants by mid-2026, but resistance from traders and high cash circulation remain key challenges.

Continental Biscuits Limited has officially gone live on the Federal Board of Revenue’s digital invoicing system through Haball’s Wasl platform, marking a key milestone in advancing digital compliance, automation, and transparency within Pakistan’s corporate and financial ecosystem.

The Federal Board of Revenue (FBR) has begun consultations with experts to draft legislation for cryptocurrency regulation and taxation in Pakistan, following directives from the Federal Tax Ombudsman.

AliExpress has started adding high taxes at checkout for Pakistani customers—sometimes exceeding 70% of the product value—despite the government’s rollback of the 5% digital presence tax on foreign e-commerce platforms.

The government has ordered an independent audit of the Cashless Economy Initiative 2025 to evaluate its design, implementation, and impact. The review will assess adoption of Raast, QR payments, and government digitization while recommending improvements to strengthen Pakistan’s digital financial future.

Haball CEO Omer bin Ahsan emphasizes the growing role of B2B digital payments in Pakistan, highlighting instant settlement, contextualization, and regulatory support as key drivers of fintech-led economic growth.

House of Habib has partnered with Haball to adopt its digital invoicing solution, marking a major step toward digital transformation in Pakistan’s corporate sector. The collaboration will streamline financial processes, ensure compliance, and set a benchmark for business efficiency.

FBR is set to restructure PRAL into a cutting-edge digital tax entity, enhancing technological capacity and operational efficiency without disrupting services or support systems for taxpayers.

Temu, a Chinese e-commerce giant, faces investigation by Pakistan’s Competition Commission over alleged anti-competitive practices, raising concerns about tax evasion, regulatory non-compliance, and harm to local businesses.

The FBR has released a 25-page draft electronic income tax return form for individuals and companies, calling it “simplified.” Issued under new SROs, the draft is open for stakeholder feedback for seven days before final approval, marking a critical step in Pakistan’s digital tax overhaul.

Pakistan has enacted its first comprehensive cryptocurrency law, creating the Pakistan Virtual Asset Regulatory Authority to license and oversee digital assets. This landmark step sets a clear framework for crypto finance, innovation, and Shariah-compliant digital services.