Withholding tax rate on telephone cards

KARACHI: The decision of Supreme Court of Pakistan has paved way for Federal Board of Revenue (FBR) to collect withholding tax on telephone usages under Section 236 of Income Tax Ordinance, 2001. Read more »

Korea extends $500 million concessional loan to Pakistan

ISLAMABAD: Pakistan and Korea signed a framework arrangement amounting to $500 million on Wednesday. The ceremony was witnessed by Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and... Read more »

FBR starts collecting withholding tax on cell phones after apex court decision

ISLAMABAD: Federal Board of Revenue (FBR) and provincial revenue authorities will start collecting withholding tax on use of mobile phone top-ups after decision of Supreme Court of Pakistan (SCP) on Wednesday. Read more »

Stock market ends in green on banks earning

KARACHI: The stock market ended in green mainly on positive earning declared by banks on Wednesday. Read more »

Rupee remains unchanged for eighth consecutive trading day

KARACHI: The Pak Rupee remained unchanged against dollar for eighth consecutive trading day on Wednesday amid lackluster demand for import and corporate payments. Read more »

HBL declares 32 percent decline in net profit for first quarter

KARACHI: Habib Bank Limited (HBL) has announced 32 percent decline in profit after tax to Rs3.177 billion for first quarter of year 2019 as compared with Rs4.68 billion in the same quarter... Read more »

FBR suspends two customs intelligence officers

KARACHI: Federal Board of Revenue (FBR) on Wednesday suspended two officers of Customs Intelligence with immediate effect. Read more »

Amnesty scheme may be introduced for two months; may conclude before IMF program

ISLAMABAD: The government may launch much debated tax amnesty scheme for the last two months of current fiscal year and conclude it before beginning of IMF loan program. Read more »

Sales Tax Act 1990: 5-year jail for obstructing IR officers to business premises

KARACHI: A person may be penalized up to five year imprisonment for obstructing or denying access any officer of Inland Revenue to the business premises or records. Read more »

Procedure to claim income tax refund

KARACHI: Federal Board of Revenue (FBR) has issued procedure to claim income tax refund. Read more »