Mar 4

Customs collects Rs444 billion, surpasses July – February target

ISLAMABAD: Pakistan Customs has surpassed its target by collecting Rs 444 billion in first eight months of the current financial year i.e. July-February 2018-19, Federal Board of Revenue (FBR) said on Monday. Target for collection of customs duty for first eight months was Rs 436 billion, 21 percent higher than the target for the same […]

by Faisal Shahnawaz

Prime Minister invites suggestions on new tax amnesty scheme: KCCI

Mar 4

Trade & Industry

Prime Minister invites suggestions on new tax amnesty scheme: KCCI

KARACHI: Prime Minister Imran Khan has asked business community to give their suggestions for a new tax amnesty scheme, said Junaid Makda, President, Karachi Chamber of Commerce and Industry (KCCI) on Monday. Makda said that the prime minister recently met representatives of chambers and associations of the country, including KCCI, to take feedback on the […]

by Faisal Shahnawaz

Equity market gains 211 pts as Pak-India tension eases

Mar 4

Stock & Commodity

Equity market gains 211 pts as Pak-India tension eases

KARACHI: The equity market ended with gain of 211 points as tension eases between Pakistan and India. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,750 points as against 39,539 points showing an increase of 211 points. Analysts at Arif Habib Limited said that the market seems to have taken the path […]

by Faisal Shahnawaz

Rupee ends down by 15 paisas against dollar

Mar 4

Money & Banking

Rupee ends down by 15 paisas against dollar

KARACHI: The Pak Rupee ended down by 15 paisas against dollar on Monday owing to demand for import and corporate payments. The foreign currency market ended at Rs138.68 to the dollar as compared with last Friday’s closing of Rs138.53. The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.85. The market […]

by Faisal Shahnawaz

PSO receives Rs60 billion from power companies

Mar 4

Corporate

PSO receives Rs60 billion from power companies

KARACHI: Pakistan State Oil (PSO) has said it received Rs60 billion as partial settlement of receivable from power sector companies. In a notice to Pakistan Stock Exchange (PSX) on Monday, the state run oil marketing company said that it had received an aggregate amount of Rs60 billion as partial settlement of receivables related to certain […]

by Faisal Shahnawaz

Philip Morris decides closing factory in Kotri

Mar 4

Corporate

Philip Morris decides closing factory in Kotri

KARACHI: Philip Morris (Pakistan) Limited, an American multinational cigarette and tobacco manufacturing company, has decided to close down its factory located in Kotri. In a notice to Pakistan Stock Exchange (PSX) on Monday, the company said that as part of a strategic review to optimize process efficiencies and operational effectiveness and to best position the […]

by Faisal Shahnawaz

Dollar increases by 12 paisas in early trade

Mar 4

Money & Banking

Dollar increases by 12 paisas in early trade

KARACHI: The Pak Rupee has lost 12 paisas against the US dollar in early trade on Monday owing to demand for import and corporate payments. The dollar is being traded at Rs138.65 in foreign currency market. The exchange rate was ended at Rs138.53 to the dollar in interbank foreign exchange market. Currency experts said that […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: default surcharge at 12 percent on failure to pay tax

Mar 4

Exclusive, Taxation

Income Tax Ordinance 2001: default surcharge at 12 percent on failure to pay tax

KARACHI: A person fails to pay taxes by due date shall be liable to pay default surcharge at 12 percent per annum. The Federal Board of Revenue (FBR) recently issued updated Income Tax Ordinance, 2001 explaining the default surcharge on failure to pay tax by due date. Section 205: Default surcharge Sub-Section (1): A person […]

by Faisal Shahnawaz