Mar 15

SBP directs banks to maintain depositor-wise database

KARACHI: State Bank of Pakistan (SBP) on Friday directed banks to maintain depositor-wise database in order to ensure reimbursement to genuine protected depositors. The SBP in a circular invited the attention of banks on Deposit Protection Corporation Act, 2016 (the Act) and DPC Circular No. 04 dated June 22, 2018 on Deposit Protection Mechanism for […]

by Faisal Shahnawaz

FBR notifies transfers, postings of 21 IRS officers

Mar 15

Taxation

FBR notifies transfers, postings of 21 IRS officers

ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified transfers and postings of 21 officers of BS-17-21 Inland Revenue Service (IRS) with immediate effect and until further orders. Following IRS officers have transferred and posted: 01. Muhammad Ashfaq Ahmad (Inland Revenue Service/BS-21) has been transferred and posted as Director General, (International Taxes (Operations) Federal Board […]

by Faisal Shahnawaz

Foreign investment declines by 72.5 pc during July – February

Mar 15

Finance

Foreign investment declines by 72.5 pc during July – February

KARACHI: The inflows of total foreign investment into the country fell by 72.5 percent to $1.21 billion during first eight months (July – February) of current fiscal year as compared with $4.42 billion in the corresponding period of the last fiscal year. According to summary of foreign investment in Pakistan released by State Bank of […]

by Faisal Shahnawaz

Rupee falls by nine paisas against dollar

Mar 15

Money & Banking

Rupee falls by nine paisas against dollar

KARACHI: The Pak Rupee fell by another nine paisas against dollar on Friday amid foreign currency demand for import and corporate payments. The rupee ended at Rs139.28 to the dollar from previous day’s closing of Rs139.19 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs139.15 and Rs139.20. […]

by Faisal Shahnawaz

FBR extends last date for filing return up to March 31

Mar 15

Taxation

FBR extends last date for filing return up to March 31

ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing income tax returns and wealth statements up to March 31, 2019, which will enable the late filers to become part of active taxpayers list. FBR issued Circular 02/2019 on Friday and extended the last date for salary persons and final taxations which […]

by Faisal Shahnawaz

Banks may verifying goods for manual import payment

Mar 15

Money & Banking

Banks may verifying goods for manual import payment

KARACHI: Banks shall be required to verify valuation of goods before approving electronic or manual import payment in order to prevent incidents of money laundering and terror financing. According to draft “Framework for Managing Risks of Trade Based Money Laundering, Terrorist Financing and Proliferation Financing” issued by State Bank of Pakistan (SBP) banks shall make […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: advance tax on domestic, international air tickets

Mar 15

Exclusive, Taxation

Income Tax Ordinance 2001: advance tax on domestic, international air tickets

KARACHI: Passengers traveling through domestic or international airlines are required to pay certain amount of advance tax on purchase of air tickets. According to Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) passengers of domestic and international destinations are required to pay advance tax under Section 236B and Section 236L.Section 236B: Advance […]

by Faisal Shahnawaz

FBR transfers 53 BS-19 customs officers in major reshuffle

Mar 15

Pakistan Customs, Taxation

FBR transfers 53 BS-19 customs officers in major reshuffle

ISLAMABAD: Federal Board of Revenue (FBR) in a major reshuffle on Thursday transferred 53 BS-19 officers of Pakistan Customs Service (PCS) with immediate effect and until further orders. Following officers have been transferred and posted: 01. Shafqat Ali Khan Niazi (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate of Risk Management, […]

by Faisal Shahnawaz