Apr 25

2019-2020, Budget, Exclusive, Stock & Commodity

PSX recommends CGT exemption to foreign investors

KARACHI: Pakistan Stock Exchange (PSX) has proposed to exempt capital gain tax (CGT) on disposal of securities by foreign investors. The PSX in its proposals for budget 2019/2020 on Thursday, recommended the exemption of CGT on disposal of securities by foreign investors. Giving rationale to its proposals, the PSX said that the exemption of CGT […]

by Faisal Shahnawaz

Stock market gains 292 points in volatile trading

Apr 25

Stock & Commodity

Stock market gains 292 points in volatile trading

KARACHI: The stock market gained 292 points on Thursday amid highly volatile trading sessions. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,796 points from previous day’s closing of 36,504 points with gain of 292 points. Analyst at Next Capital Limited said that the decline in international oil prices after the US […]

by Faisal Shahnawaz

SBP launches refinance, credit guarantee scheme for women entrepreneurs

Apr 25

Money & Banking

SBP launches refinance, credit guarantee scheme for women entrepreneurs

KARACHI: State Bank of Pakistan (SBP) on Thursday launched refinance and credit guarantee scheme for women entrepreneurs in order to support and revive economic activities in the country. The SBP said that the financing would be available to women entrepreneurs across the country for a period of up to 5 years, including maximum grace period […]

by Faisal Shahnawaz

FPCCI signs three MoUs at Belt and Road Conference

Apr 25

Trade & Industry

FPCCI signs three MoUs at Belt and Road Conference

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has signed three Memorandum of Understanding (MoUs) at Belt and Road CEO Conference held in Beijing China. A statement on Thursday said that Engr. Daroo Khan Achakzai, President, FPCCI signed three MoUs with China Council for the Promotion of International Trade (CCPIT) Chongging, CCPIT Tianjin […]

by Faisal Shahnawaz

Country’s foreign exchange reserves declines by $202 million

Apr 25

Finance

Country’s foreign exchange reserves declines by $202 million

Pakistan’s liquid foreign exchange reserves experienced a significant decline, falling by $202 million to $15.994 billion by the week ending April 19, 2019, compared to $16.196 billion just a week prior, according to a statement released by the State Bank of Pakistan (SBP) on Thursday.

by Faisal Shahnawaz

Rupee ends unchanged for ninth consecutive trading day

Apr 25

Money & Banking

Rupee ends unchanged for ninth consecutive trading day

KARACHI: The Pak Rupee ended without change against dollar for the ninth consecutive day on Thursday. The rupee ended Rs141.40 to the dollar, the same last day’s closing, in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40. The market recorded a high of Rs141.40 and […]

by Faisal Shahnawaz

Tax amnesty scheme to be introduced in three phases, to continue by December 2019

Apr 25

Taxation

Tax amnesty scheme to be introduced in three phases, to continue by December 2019

ISLAMABAD: Federal Board of Revenue (FBR) has recommended three phases for new tax amnesty scheme for undeclared assets. The FBR recommended three phases for the amnesty scheme for period ended June 30, 2019, September 30, 2019 and December 31, 2019. The rate of tax for undeclared assets (other than domestic real estate/undisclosed income has been […]

by Faisal Shahnawaz

Apr 25

Stock & Commodity

Trading restores at PSX after technical fault

The Pakistan Stock Exchange (PSX) experienced a temporary suspension in trading on April 25, 2019, lasting for over an hour due to a technical fault.

by Faisal Shahnawaz

Withholding tax rates on imports updated through Finance Supplementary (Second Amendment) Act 2019

Apr 25

Taxation

Withholding tax rates on imports updated through Finance Supplementary (Second Amendment) Act 2019

KARACHI: Federal Board of Revenue (FBR) issued withholding tax rates on imports for tax year 2019 updated as per Finance Supplementary (Second Amendment) Act, 2019. The withholding tax rates updated up to March 09, 2019 on import under Section 148 of Income Tax Ordinance, 2001 as follow: The collector of customs shall collect withholding tax […]

by Faisal Shahnawaz

Sales Tax Act 1990: One year jail for unauthorized access to FBR computerized system

Apr 25

Exclusive, Taxation

Sales Tax Act 1990: One year jail for unauthorized access to FBR computerized system

KARACHI: Any persons attempted to gain unauthorized access to computerized system of Federal Board of Revenue (FBR) is liable to penalty and imprisonment up to one year. According to updated Sales Tax Act, 1990 issued by the FBR, the person trying to get unlawful access to computerized system would face harsh action. The law explained: […]

by Faisal Shahnawaz