Draft MoU for sharing taxation data sent to China

ISLAMABAD: Pakistan has sent draft Memorandum of Understanding (MoU) to China for sharing taxation data between the two countries. Federal Board of Revenue (FBR) Chairman Syed Muhammad Shabbar Zaidi on Monday sent the draft Memorandum of Understanding (MoU) on cooperation between FBR and China’s State Administration of Taxation in order to share taxation data between […]

by Mrs. Anjum Shahnawaz

FBR notifies revision in exemption regime under sales tax laws

Jul 29

Taxation

FBR notifies revision in exemption regime under sales tax laws

ISLAMABAD: Federal Board of Revenue (FBR) has issued changes brought through Finance Act, 2019 in exemption regime under Sixth Schedule of the Sales Tax Act, 1990. Following changes have been made in Table-1 of the Schedule: i. Exemptions at the existing serial numbers 2,3, and 72, relating to meat, fish, poultry meat etc. have been […]

by Mrs. Anjum Shahnawaz

SBP advises public not to share banking information

Jul 29

Money & Banking

SBP advises public not to share banking information

KARACHI: State Bank of Pakistan (SBP) has advised the public not to share their banking information to fake calls. In a statement issued on Monday, the SBP said that it had come to the central bank’s knowledge that fraudsters were attempting to defraud the banking customers by seeking bank account details on the pretext of […]

by Mrs. Anjum Shahnawaz

Share market sheds 369 points on disappointing financial results of major scrips

Jul 29

Stock & Commodity

Share market sheds 369 points on disappointing financial results of major scrips

KARACHI: The share market ended down by 369 points on Monday following disappointing financial results by many major scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,734 points as against 32,103 points showing a decline of 369 points. Analysts at Arif Habib Limited said that the market continued trimming down, where […]

by Mrs. Anjum Shahnawaz

Rupee gains 14 paisas in interbank market

Jul 29

Money & Banking

Rupee gains 14 paisas in interbank market

KARACHI: The Pak Rupee 14 paisas against dollar on Monday owing to improved sentiments following approval of the US support. The rupee ended Rs160.45 to the dollar from last Friday’s closing of Rs160.59 in interbank foreign exchange market. The foreign currency market was initiated in the range of Rs160.45 and Rs160.60. The market recorded day […]

by Mrs. Anjum Shahnawaz

Non-ATL person to pay 10pc withholding tax for offshore digital service

Jul 29

Taxation

Non-ATL person to pay 10pc withholding tax for offshore digital service

ISLAMABAD: Persons not appearing in the Active Taxpayers’ List (ATL) shall pay 10 percent as withholding tax on payment of fee for offshore digital service to non-resident person under Section 152(1C) of Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) issued withholding tax card for tax year 2020 effective from July 01, 2019. […]

by Mrs. Anjum Shahnawaz