Feb 28

World Bank surveys customs clearance in Pakistan

KARACHI: World Bank Group is conducting a survey regarding traders’ and customs agents’ views about the customs clearance process in Pakistan. Karachi Customs Agents Association (KCAA) is facilitating the World Bank in this survey, said a circular issued by the association. This survey will be used to understand the relations between companies and Pakistan customs […]

by Faisal Shahnawaz

FBR discontinues zero rating facility to two textile units

Feb 27

Taxation

FBR discontinues zero rating facility to two textile units

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn sales tax zero rating to two textile units in Karachi for misusing facility on consumption of gas and electricity. According to Sales Tax General Order (STGO) issued on Wednesday, the FBR withdrew the facility of zero rating that was granted on consumption of electricity and gas to […]

by Faisal Shahnawaz

SBP sells T-Bills worth Rs461.37 billion in auction

Feb 27

Money & Banking

SBP sells T-Bills worth Rs461.37 billion in auction

KARACHI: The government has raised Rs461.37 billion for budget financing through auction of market treasury bills in an auction held on Wednesday. State Bank of Pakistan (SBP) said that it had offered treasury bills in three-, six- and 12 months maturities. However, the central bank only received bids in only three months securities. The central […]

by Faisal Shahnawaz

Equity market makes sharp recovery on Pakistan response to India

Feb 27

Stock & Commodity

Equity market makes sharp recovery on Pakistan response to India

KARACHI: In a dramatic turn of events, the Pakistani equity market showcased remarkable resilience, recovering swiftly on Wednesday after a sharp plunge of over 1,400 points attributed to escalating tensions at the Pak-India borders.

by Faisal Shahnawaz

Rupee ends down by 38 paisas against dollar

Feb 27

Money & Banking

Rupee ends down by 38 paisas against dollar

KARACHI: The Pak Rupee ended down by 38 paisas against the US dollar on Wednesday owing to growing border tension. The rupee was ended at Rs139.26 to the dollar as compared with Rs138.88 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs138.95 and Rs139.05. The market recorded […]

by Faisal Shahnawaz

Business community applauds Pakistan response to India

Feb 27

Trade & Industry

Business community applauds Pakistan response to India

KARACHI: The business community has applauded the professional approach of Pakistan air force for downing two India jets, which intruding into Pakistani soil. Dr. Mirza Ikhtiar Baig, Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), business community leaders S.M. Muneer, Iftikhar Ali Malik, Zubair Tufail, Shaikh Khalid Tawab, have vehemently condemned […]

by Faisal Shahnawaz

List of 1,208 banned tariff lines for import from India

Feb 27

Pakistan Customs, Taxation

List of 1,208 banned tariff lines for import from India

KARACHI: Following is the list of items not importable from India under Import Policy Order 2016 as issued by minister of commerce. The items cannot be imported under Appendix-G of Import Policy Order 2016. Following is the list including Serial Number, PCT Code and Description See Appendix G of Import Policy Order 2016

by Faisal Shahnawaz

Equity market recovers earlier losses on shooting down two India aircraft

Feb 27

Stock & Commodity

Equity market recovers earlier losses on shooting down two India aircraft

KARACHI: The equity market has recovered early day losses following the news of retaliation by Pakistan and shot down two Indian aircrafts inside Pakistan. The KSE-100 index is being traded at 37,723 points dwon 1,098 points or 2.83 percent at 12:16PM. In response to PAF strikes this morning as released by MoFA, IAF crossed LOC. […]

by Faisal Shahnawaz

Rupee falls 23 paisas in mid-day trade on border tension

Feb 27

Money & Banking

Rupee falls 23 paisas in mid-day trade on border tension

KARACHI: The Pak Rupee declined further against the US dollar in mid-day trade on Wednesday owing to growing border tension. The dollar is being traded at Rs 139.11 in interbank foreign exchange market. The rupee went down by 23 paisas so far when compared with Rs 138.88 to the dollar in foreign currency market Indian […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: No commercial, industrial gas or electricity connection without NTN

Feb 27

Exclusive, Taxation

Income Tax Ordinance 2001: No commercial, industrial gas or electricity connection without NTN

KARACHI: The National Tax Number (NTN) is mandatory for a person applying by commercial or industrial connection for electricity or natural gas. The Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 which explained about taxpayer’s registration.Section 181: Taxpayer’s registration.— Sub-Section (1): Every taxpayer shall apply in the prescribed form and in the prescribed […]

by Faisal Shahnawaz