Mobile handset levy increased up to Rs7,000 per set

Mar 12

Taxation

Mobile handset levy increased up to Rs7,000 per set

ISLAMABAD: The government has increased mobile handset levy up to Rs7,000 per set from the date of implementation of Finance Supplementary (Second Amendment) Act, 2019. The government through Finance Act, 2018 introduced mobile hand set levy at different rates as values of smart phones were determined in Pak Rupee value. However, through Finance Supplementary (Second […]

by Faisal Shahnawaz

ECC approves Rs2 billion for Ramazan Relief Package

Mar 12

Finance

ECC approves Rs2 billion for Ramazan Relief Package

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Tuesday approved Rs2 billion as Ramazan Relief Package. The ECC meeting, chaired by Finance Minister Asad Umar, was held on Tuesday. The Committee approved Rs.2 billion Ramazan Relief Package-2019 so as to provide relief to the low income groups in the Holy Month of Ramazan […]

by Faisal Shahnawaz

Trade deficit narrows by 11 percent in eight months

Mar 12

Finance

Trade deficit narrows by 11 percent in eight months

ISLAMABAD: The trade deficit has narrowed by 11 percent during first eight months of current fiscal year owing decline in import bill, Pakistan Bureau of Statistics (PBS) said on Tuesday. The trade deficit shrank to $21.52 billion during July – February 2018/2019 as compared with the deficit of $24.19 billion in the corresponding period of […]

by Faisal Shahnawaz

Mar 12

Money & Banking

Rupee ends flat against dollar

KARACHI: The Pak Rupee ended flat against dollar on Tuesday amid higher demand for import and corporate demand. The rupee ended Rs138.82 to the dollar from previous day’s close of Rs138.82 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs138.80 and Rs138.85. The market recorded day high […]

by Faisal Shahnawaz

Equity market witnesses lackluster trading activity

Mar 12

Stock & Commodity

Equity market witnesses lackluster trading activity

KARACHI: Trading at the equity market was remained lackluster as the taxation measures failed to attract investors. The benchmark KSE-100 index closed at 38,896 points as against 38,924 points showing a decline of 28 points. The government on the demand of stock market abolished the advance tax on sale and purchase of shares and also […]

by Faisal Shahnawaz

SBP allows exemptions, relaxations for housing finance

Mar 12

Money & Banking

SBP allows exemptions, relaxations for housing finance

KARACHI: The State Bank of Pakistan (SBP) has allowed certain exemptions and relaxations in prudential regulations for promoting low cost housing finance. A circular issued a day earlier, the SBP said that in order to promote low cost housing finance in the country, it has been decided to define the low cost housing as part […]

by Faisal Shahnawaz

Finance Supplementary (2nd Amendment) Act 2019: Directorate set up for tax recovery from undeclared offshore assets

Mar 12

Budget, Supplementary Budget 2019, Taxation

Finance Supplementary (2nd Amendment) Act 2019: Directorate set up for tax recovery from undeclared offshore assets

ISLAMABAD: The federal government has set up Directorate General of International Tax Operations for recovery of tax in undeclared off-shore assets and incomes. According to Finance Supplementary (Second Amendment) Act, 2019, the directorate has been established under new section 230E of Income Tax Ordinance, 2001. The new section is as follow: Section 230E: Directorate General […]

by Faisal Shahnawaz

Motor vehicle purchase restriction on non-filers withdrawn

Mar 12

Budget, Supplementary Budget 2019, Taxation

Motor vehicle purchase restriction on non-filers withdrawn

ISLAMABAD: The federal government has allowed non-filers of income tax returns to purchase locally manufactured motor vehicles. According to Finance Supplementary (Second Amendment) Act, 2019, the government lifted the mandatory condition of return filing for purchase of motor car. Further through the Act, non-resident Pakistani citizens holding international passport have also been allowed to registered […]

by Faisal Shahnawaz

FBR to issue sales, income tax refund bonds

Mar 12

Budget, Supplementary Budget 2019, Taxation

FBR to issue sales, income tax refund bonds

ISLAMABAD: Federal Board of Revenue (FBR) will issue sales tax and income tax refund bonds through its subsidiary company ‘FBR Refund Settlement Company (Private) Limited. According to Finance Supplementary (Second Amendment) Act, 2019 the FBR Refund Settlement Company (Private) Limited will be incorporated under the Companies Ordinance, 1984, for the purpose of settlement of sales […]

by Faisal Shahnawaz

SBP launches Islamic loan facility for low cost housing

Mar 12

Money & Banking

SBP launches Islamic loan facility for low cost housing

KARACHI: State Bank of Pakistan (SBP) on Monday launched Sharia compliant loans for low cost housing for special segments. In a circular issued by the central bank stated that in order to facilitate availability of long-term affordable funding to some of the selective low income segments, SBP had launched a “Financing Facility for Low Cost […]

by Faisal Shahnawaz