Arif & Associates

Arif & Associates Chartered Accountants and Advocates The Firm stands high on the shoulders of it competitive team.

Arif & Associates, a firm of Charted Accountants, Financial Analysts and Tax & Legal Advisers, has been in profession for the last 40 Years.

🇵🇰 79th Independence Day of Pakistan — 14 August 2026Today, we celebrate the freedom of our nation and renew our commitm...
13/08/2026

🇵🇰 79th Independence Day of Pakistan — 14 August 2026

Today, we celebrate the freedom of our nation and renew our commitment to justice, integrity, accountability, and progress.

May we contribute towards a Pakistan that is stronger, fairer, and more prosperous for generations to come.

Pakistan Zindabad! 🇵🇰

Arif & Associates
Advocates & Chartered Accountants

Tax Myths vs RealityTax compliance becomes difficult when we rely on assumptions instead of checking the actual position...
08/08/2026

Tax Myths vs Reality

Tax compliance becomes difficult when we rely on assumptions instead of checking the actual position.

Here are five common assumptions worth reconsidering:

MYTH 1: “My tax has already been deducted, so I don't need to file.”

REALITY: Tax deduction and return filing are separate questions. A deduction at source does not automatically settle your filing obligation.

MYTH 2: “I'm salaried, so tax matters are only for businesses.”

REALITY: Salaried individuals may also have other income, investments, property, capital gains and wealth-related reporting requirements.

MYTH 3: “I'm a filer, so I don't need to worry anymore.”

REALITY: Filer status is not a substitute for accurate and complete compliance.

MYTH 4: “If something isn't taxable, I don't need to mention it.”

REALITY: Income, assets, liabilities and financial transactions are not necessarily the same thing. Your overall financial position can matter when preparing your return and wealth statement.

MYTH 5: “I had no income this year, so I definitely don't need to file.”

REALITY: Not necessarily. Filing requirements depend on the applicable law and your circumstances—not simply on whether you think you have taxable income.

The lesson?

Don't determine your tax obligations based on assumptions. Determine them based on the law and your actual circumstances.

Tax rules can be fact-specific. When in doubt, seek professional advice.

What is the most common tax myth you've heard?

Tell us in the comments.

🚨 FBR Introduces New Reporting Requirement for High-Value Bank AccountsThe Federal Board of Revenue (FBR) has inserted S...
22/07/2026

🚨 FBR Introduces New Reporting Requirement for High-Value Bank Accounts

The Federal Board of Revenue (FBR) has inserted Section 165AB into the Income Tax Ordinance, 2001, introducing a new electronic reporting obligation for banks.

Under this provision, banks are required to electronically furnish information to the FBR where the cumulative cash deposits or cumulative cash withdrawals in a bank account exceed PKR 100 million within any six-month period.

Key Highlights:

➡️ Reporting responsibility lies with banks, not account holders.
➡️ Applies where cash deposits or cash withdrawals exceed PKR 100 million during a six-month period.
➡️ Information will be submitted electronically to the FBR.
➡️ The objective is to strengthen tax documentation, transparency, and regulatory compliance.

This amendment reflects FBR's continued move towards greater digitization and enhanced use of financial data in tax administration.

Taxpayers, particularly businesses and individuals dealing with significant cash transactions, should ensure that their banking records and tax disclosures are consistent and properly documented.

Arif & Associates
Advocates • Chartered Accountants • Tax Consultants

FBR Enables Tax Year 2026 Income Tax Return for PreparationThe Federal Board of Revenue (FBR) has enabled the Income Tax...
13/07/2026

FBR Enables Tax Year 2026 Income Tax Return for Preparation

The Federal Board of Revenue (FBR) has enabled the Income Tax Return for Tax Year 2026 on the IRIS portal for working and preparation.

Taxpayers should organise their records and prepare their returns well in advance. Early preparation ensures a smoother filing process and reduces the likelihood of errors, omissions, or last-minute complications.

Now is the time to:

Gather income and financial records.
Reconcile bank accounts, investments, and business transactions.
Verify taxes deducted at source and withholding tax credits.
Review deductions, tax credits, and other relevant claims.
Identify and resolve any compliance gaps before filing opens.

A timely and well-prepared tax return is more than a compliance requirement. It is an important financial document that:

→ Preserves your Active Taxpayer List (ATL) status.
→ Helps avoid higher withholding tax rates.
→ Strengthens your financial credibility with banks and business partners.
→ Supports effective tax planning and future financial decisions.

The filing facility is expected to be enabled shortly. Taxpayers are encouraged to complete the preparation phase now so that their returns can be submitted promptly once filing officially opens.

For professional assistance with the preparation and filing of your Tax Year 2026 Income Tax Return, feel free to contact Arif & Associates.

📢 FBR Issues STGO No. 08 of 2026 – Mandatory Display of Retail Price, Sales Tax & Total Consumer Price on Third Schedule...
06/07/2026

📢 FBR Issues STGO No. 08 of 2026 – Mandatory Display of Retail Price, Sales Tax & Total Consumer Price on Third Schedule Goods

The Federal Board of Revenue (FBR) has issued Sales Tax General Order (STGO) No. 08 of 2026, effective 2 July 2026, prescribing mandatory requirements for the display of Retail Price (RP), Sales Tax (ST), and Total Consumer Price on retail packages of goods specified in the Third Schedule to the Sales Tax Act, 1990.

Issued under Section 3(2)(a) of the Sales Tax Act, 1990, the General Order aims to promote greater price transparency, uniformity in packaging, and stronger sales tax compliance by standardizing how retail price information is displayed on consumer products.

Key Requirements

Manufacturers and importers of Third Schedule goods must ensure that:

✅ Retail Price, Sales Tax Amount, and Total Consumer Price are prominently displayed on every retail package.

✅ The declaration is clear, legible, permanent, and forms part of the packaging artwork, rather than being affixed through removable stickers or labels.

✅ The information is not concealed by graphics, wrappers, folds, seams, caps, or other packaging elements.

✅ The prescribed printing specifications relating to font style, colour contrast, placement, and permanence are fully complied with.

Products Covered

The requirements apply to a wide range of Third Schedule goods, including, among others:

• Beverages and mineral water
• Tea and coffee
• Cosmetics, shampoos and toiletries
• Detergents and toilet soap
• Cement
• Household electrical appliances
• Lubricants
• Tyres and batteries
• Footwear
• Plastic household articles
• Bathroom accessories
• Milk products
• Household utensils
• Tiles and ceramic products
• Motorcycles

Consequences of Non-Compliance

The General Order provides that any violation may attract action under the relevant provisions of the Sales Tax Act, 1990 and the rules made thereunder. Businesses should therefore review their packaging processes and ensure that all retail products comply with the newly prescribed standards.

Our Recommendation

Manufacturers, importers, brand owners, packaging companies, and distributors should conduct a Packaging & Sales Tax Compliance Review covering:

✔ Applicability of the Third Schedule
✔ Retail price determination
✔ Packaging artwork and label approvals
✔ Printing specifications
✔ Consistency between packaging, invoicing, and POS systems
✔ Internal compliance and quality control procedures

Early compliance will help businesses avoid regulatory issues while ensuring smooth operations under the revised requirements.

If your business deals in Third Schedule goods and requires assistance in reviewing packaging or sales tax compliance, Arif & Associates would be pleased to assist.

Tax Card 2026 &. 2027 with Side-by-Side Rate Comparison:The Tax rates for Tax Year 2027 have seen significant changes ac...
03/07/2026

Tax Card 2026 &. 2027 with Side-by-Side Rate Comparison:

The Tax rates for Tax Year 2027 have seen significant changes across various categories of taxpayers as per Finance Act, 2026. To help professionals, businesses, and taxpayers quickly understand these amendments, we have prepared a comparative Tax Card featuring the rates for Tax Years 2026 and 2027 side by side.

Whether you're a tax practitioner, lawyer, accountant, finance professional, business owner, or simply interested in Pakistan's tax landscape, we hope this resource proves useful.

Access it here: https://www.linkedin.com/feed/update/urn:li:activity:7478702294025310208

📌 Feel free to save it for future reference and share it with colleagues who may benefit from it.

We would also appreciate your feedback and suggestions for future editions.

Saad-uz-zaman Arif

📢 Punjab Budget 2026–27: Reduced Sales Tax Increased from 5% to 8% for Multiple Service SectorsThe Punjab Finance Act 20...
02/07/2026

📢 Punjab Budget 2026–27: Reduced Sales Tax Increased from 5% to 8% for Multiple Service Sectors

The Punjab Finance Act 2026 has increased the reduced sales tax rate from 5% to 8% for several service categories with effect from 1 July 2026.

Services affected include: • Restaurants, cafés & food outlets

• Marriage halls & lawns
• Tour operators & travel agents
• Property dealers & realtors
• Architects & interior designers
• Rent-a-car services
• Gyms, health clubs & recreation facilities
• Laundries & dry cleaners
• Accountants, auditors & tax consultants
• Warehouses & cold storage facilities
• Construction equipment rental services
• Apartment & real estate management services

What should businesses do? Businesses operating in these sectors should promptly update their POS systems, invoicing software, pricing, and accounting records to ensure the revised 8% sales tax is correctly charged and reported from the effective date.

If your business requires assistance with Punjab Sales Tax registration, return filing, compliance, tax advisory, audits, or notices, the professionals at Arif & Associates are here to help.

📢 Punjab Increases Restaurant Sales Tax on Digital PaymentsEffective 1 July 2026, the Punjab Government has revised the ...
02/07/2026

📢 Punjab Increases Restaurant Sales Tax on Digital Payments

Effective 1 July 2026, the Punjab Government has revised the sales tax applicable to restaurant payments made through digital channels.

What's Changed?

✅ Digital Payments (Debit/Credit Cards, Mobile Wallets & QR Codes): 5% ➜ 8%

✅ Cash & Other Non-Digital Payments: 16% (No Change)

Although the tax on digital payments has increased, it remains lower than the rate applicable to cash payments, continuing to encourage documented transactions and digital payment methods.

Restaurant owners should ensure that their POS systems and billing software are updated to apply the correct tax rates. Customers should also expect the revised sales tax to be reflected on their restaurant bills from 1 July 2026.

For professional assistance regarding Sales Tax, Income Tax, Corporate Compliance, Company Registration, Tax Notices, Appeals, and FBR/PRA matters, feel free to contact Arif & Associates.

Write to us : [email protected]
WhatsApp : 0333-8895686

📢 Important Regulatory Notice: Annual Sales Tax Biometric VerificationAs per Sales Tax SRO 350(I)/2024, the Federal Boar...
01/07/2026

📢 Important Regulatory Notice: Annual Sales Tax Biometric Verification

As per Sales Tax SRO 350(I)/2024, the Federal Board of Revenue (FBR) has mandated the annual biometric verification process for all Sales Tax Registered Individuals, AOPs, and Single-Member Companies.

Action Required:

Verification Window: The process must be completed between July 1st and July 31st, 2026.

Where to Go: Please visit your nearest E-Sahulat Centre to complete your biometric registration.

Required Documentation: Ensure you carry your original CNIC and your original NTN document.

Why Compliance Matters:

Failure to complete this verification by the July 31st deadline may result in your case being flagged for the Commissioner’s approval. Such a status can cause unnecessary delays in your compliance standing and create avoidable hurdles in your tax affairs.

🎉 Happy New Tax Year 2026–27 😃!As we step into the new tax year, may it bring better returns, fresh opportunities, stron...
01/07/2026

🎉 Happy New Tax Year 2026–27 😃!

As we step into the new tax year, may it bring better returns, fresh opportunities, stronger partnerships, and continued professional growth for all of us.

Wishing all our colleagues in the tax fraternity including our valued clients, and the wider business & taxpayer community a successful, compliant, and prosperous fiscal year ahead.

Let's continue working together to strengthen Pakistan's tax culture through integrity, professionalism, and excellence.

Here's to a productive and rewarding Tax Year 2026–27! 🇵🇰

Address

Arif And Associates Arif Building, 13-Fane Road Lahore
Lahore
54000

Opening Hours

Monday 09:00 - 21:00
Tuesday 09:00 - 21:00
Wednesday 09:00 - 21:00
Thursday 09:00 - 21:00
Friday 09:00 - 21:00
Saturday 09:00 - 21:00

Telephone

+924237355798

Website

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