Foreign suppliers allowed to register businesses in Pakistan

In a move for additional revenue in the national exchequer, the Federal Bureau of Revenue (FBR) allowed foreign suppliers to register businesses in Pakistan, ARY News reported on Monday.

After certain amendments in the Customs Rules 2001, the FBR issued a notification allowing foreign suppliers to register their businesses in the country.

As per the FBR’s notification, the foreign supplier will have the opportunity to establish their registered business and also have the option to set up a subsidiary company in Pakistan.

The suppliers will be authorized to import crude oil and other petroleum products as well for sale in both the local and international markets.

The authorities in Pakistan will also provide the services – including customs-bonded storage facilities, and warehouses for imported goods across the country – aiming to facilitate foreign suppliers and ensure the smooth flow of business operations.

The document further stipulated that the dues for warehouse rent, port fees, and other related services would be charged in dollars through official banking channels. It also instructed that Foreign Supplies Subsidiaries must adhere to the guidelines provided by the State Bank and Customs authorities.

Earlier in the day, the FBR has announced extension in deadline for filing income tax returns till April 22, 2024.

The FBR in a notification announced that April 18 deadline has been extended up to April 22, 2024 “in view of demands of trade bodies”.

The bureau urged citizens, who had not yet filed their income tax returns, to take advantage of this opportunity.

The extension aims to streamline the tax filing process and provide individuals and businesses with ample opportunity to fulfill their tax obligations without facing undue pressure.

The tax has completed preparations for action against tax evaders, it emerged earlier.

According to FBR sources, within a few days, final notices will be issued to tax evaders, traders, and industrialists, who will also be sent notices.