Businessmen taken onboard to remove anomalies in Finance Bill 2019

Jun 18

2019-2020, Budget

Businessmen taken onboard to remove anomalies in Finance Bill 2019

ISLAMABAD: Federal Board of Revenue (FBR) has constituted an anomaly committee comprising members from business community to give their input in removing irritants in the Finance Bill, 2019. The FBR issued an office order in this regard on Tuesday to identify and remove the technical and legal anomalies in the Finance Bill 2019. The committee […]

by Mrs. Anjum Shahnawaz

Trade deficit narrows by 13.62 percent in eleven months

Jun 18

Finance

Trade deficit narrows by 13.62 percent in eleven months

ISLAMABAD: The trade deficit has narrowed by 13.62 percent in first eleven months owing to measures taken by the government to increase the cost of imported luxury and non-essential goods. According to trade data released by Pakistan Bureau of Statistics (PBS) on Tuesday, the trade deficit reduced to $29.2 billion during July – May 2018/2019 […]

by Mrs. Anjum Shahnawaz

Business community wants secrecy of information under assets declaration scheme

Jun 18

Trade & Industry

Business community wants secrecy of information under assets declaration scheme

KARACHI: Business community has urged Federal Board of Revenue (FBR) to keep information secret under assets declaration scheme in order to ensure confidence of declarants. Saleem Parekh, Chairman Site Association of Trade and Industry, urged that all the information disclosed must be kept in secret and should not be shared with any other department. “The […]

by Mrs. Anjum Shahnawaz

KSE-100 index down 487 points on delay in fund activation

Jun 18

Stock & Commodity

KSE-100 index down 487 points on delay in fund activation

KARACHI: The stock market ended down by 487 points on Tuesday owing to delay concerns over activation of state enterprise and market opportunity fund. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,682 points as against 35,169 points showing a decline of 487 points. Analysts at Arif Habib Limited said that the […]

by Mrs. Anjum Shahnawaz

Rupee recovers 15 paisas on SBP governor briefing

Jun 18

Money & Banking

Rupee recovers 15 paisas on SBP governor briefing

KARACHI: The Pak Rupee recovered 15 paisas against dollar on Tuesday day after the press conference of the governor of State Bank of Pakistan (SBP) for clarifying many issues about the economy. The rupee ended Rs156.81 to the dollar from previous day’s closing of Rs156.96 in interbank foreign exchange market. The foreign exchange market was […]

by Mrs. Anjum Shahnawaz

FBR sets up Finance Bill 2019 anamoly committee

Jun 18

2019-2020, Budget

FBR sets up Finance Bill 2019 anamoly committee

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted an anamoly committee comprising tax professionals to identify legal flaws in Finance Bill 2019. Ashfaq Tola has been nominated chairman of the committee. Hamid Atiq Sarwar, Member IR Policy, FBR has been nominated as vice chairman. Other members of the committee are included: Abid Shaban, Zia […]

by Faisal Shahnawaz

Import Policy Order 2016 amended: SRO 604 issued for solar panels, equipments

Jun 18

Exclusive, Pakistan Customs, Taxation

Import Policy Order 2016 amended: SRO 604 issued for solar panels, equipments

ISLAMABAD: The ministry of commerce on Monday amended Import Policy Order, 2016 to describe conditions for import of solar energy panels and related equipments into Pakistan, according to a notification made available to PkRevenue.com. The ministry issued SRO 604(I)/2019 to amend the import policy order. The SRO amended the Appendix-B related to procedural requirement of […]

by Mrs. Anjum Shahnawaz

Last date for asset declaration scheme not to be extended: Member IR

Jun 18

Taxation

Last date for asset declaration scheme not to be extended: Member IR

KARACHI: Ms. Seema Shakil, Member Inland Revenue (Operations), Federal Board of Revenue (FBR) on Monday said that date for asset declaration scheme will not be extended due to obligations under IMF loan program. “The last date for availing asset declaration scheme is June 30, 2019. There will be no further extension in the last date […]

by Mrs. Anjum Shahnawaz

Powers to form Customs tribunal shifted to Prime Minister

Jun 18

2019-2020, Budget, Pakistan Customs

Powers to form Customs tribunal shifted to Prime Minister

KARACHI: The Finance Bill 2019 has proposed to shift the powers to form Customs Appellate Tribunal from the federal government to the Prime Minister. According to interpretation by EY Ford Rhodes Chartered Accountants Firm, the Finance Bill 2019 sees to substitute Section 194 of Customs Act, 1969, which empowers the federal government to form, regulate […]

by Mrs. Anjum Shahnawaz