FBR has initiated intensive tax audits nationwide to uncover undeclared income and hidden assets, emphasizing increased enforcement activity on compliance and reporting.
FBR is finalizing audit plans and is expected to hold a ballot/selection process for audit cases next week, indicating enhanced regulatory scrutiny on selected taxpayers.
Pakistan is moving forward with broader tax digitization initiatives (such as digital invoicing and expanded e-filing requirements under FBR policies) to enhance compliance and simplify taxpayers’ processes.
SECP continues efforts to streamline corporate compliance and registration by advancing its LEAP Project and improving digital company incorporation processes in order to reinforce the ease of doing business.
Recent joint meetings with state digital agencies indicate cooperative initiatives to foster regulatory efficiency and digital transformation across financial and corporate sectors.
Although not an official release this week, recent engagements between SECP, ICAP, and ICMAP focuses on revamping cost audit frameworks to align reporting and reduce duplication expected to be formalized soon.
ICAP remains active in supporting technical knowledge and professional development, particularly through ongoing interactions with regulators and participation in dialogues on audit and compliance frameworks.
ICAP continues organizing induction fairs and training forums for members and trainees, helping bridge professional training and market needs.
ICAP maintains collaborative oversight engagement with SECP and the Financial Monitoring Unit (FMU), especially relating to compliance concerns like AML/CFT, although no fresh official guidelines were announced this week.
Pakistan has recently secured a key IMF review and approval of ~$1.2B tranche under the Extended Fund Facility, recognizing reform progress including tax system improvements and fiscal discipline, which indirectly affects compliance priorities for FBR and sector regulators.
Pakistan now has an operational regulator, the Pakistan Virtual Assets Regulatory Authority
(PVARA), intended to oversee digital assets and virtual asset services under the 2025 ordinance, marking an important step for blockchain/crypto frameworks.