Threshold amount to purchase immovable properties removed for withholding tax collection: FBR

Jul 31

2019-2020, Budget, Taxation

Threshold amount to purchase immovable properties removed for withholding tax collection: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has removed threshold amount to purchase of immovable properties for collection of withholding tax. The FBR issued Income Tax Circular No. 09 dated July 30, 2019 and said that through the Finance Act, 2019, the rate of tax on purchase of immovable property under Section 236K of Income Tax […]

by Mrs. Anjum Shahnawaz

Meezan Bank, Indus Motors sign MoU for priority vehicle delivery

Jul 31

Money & Banking

Meezan Bank, Indus Motors sign MoU for priority vehicle delivery

KARACHI: Meezan Bank – Pakistan’s leading Islamic bank – has recently signed a Memorandum of Understanding with Indus Motor Company Ltd (IMC) – one of the largest automotive manufacturers and distributors in Pakistan, to provide priority delivery of all Toyota variants to Meezan Bank’s customers. The signing ceremony took place in Karachi and was attended […]

by Mrs. Anjum Shahnawaz

ECC approves 10 percent regulatory duty on cotton import

Jul 31

Finance

ECC approves 10 percent regulatory duty on cotton import

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved imposition of 10 percent regulatory duty on import of cotton. The decision has been taken on a summary moved by the Ministry of National Food Security and Research. The ECC which met with Dr Abdul Hafeez Shaikh, Advisor to the Prime Minister on […]

by Mrs. Anjum Shahnawaz

FBR streamlines anti-benami regime to stop white collar crimes

Jul 31

Exclusive, Taxation

FBR streamlines anti-benami regime to stop white collar crimes

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued official note to streamline Anti-Benami Regime to stop white collar crimes. The FBR said that Benami Transactions, entailing the phenomenon of Benami moveable and immoveable properties, Bank A/Cs, Luxury Vehicles, off shore investments and stocks & shares is one of the biggest economic and financial threats, […]

by Mrs. Anjum Shahnawaz

Stock market rebounds to gain 280 points on positive sentiments

Jul 31

Stock & Commodity

Stock market rebounds to gain 280 points on positive sentiments

KARACHI: The stock market rebounded to gain 280 points on Wednesday owing to positive sentiments prevailed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,938 points as against 31,658ts showing an increase of 280 points. Analysts at Arif Habib Limited said that the market rebounded finally on the last […]

by Mrs. Anjum Shahnawaz

Rupee gains 46 paisas in interbank market

Jul 31

Money & Banking

Rupee gains 46 paisas in interbank market

KARACHI: The Pak Rupee made another gain of 46 paisas against dollar on Wednesday on improved inflows of remittances sent home by overseas Pakistanis. The rupee closed at Rs159.60 to the dollar from last day’s closing of Rs160.06 in interbank foreign exchange market. The foreign exchange market was initiated in the range of Rs159.75 and […]

by Mrs. Anjum Shahnawaz

FBR extends date for filing withholding statements to August 20

Jul 31

Taxation

FBR extends date for filing withholding statements to August 20

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday extended the date for filing withholding statements by 20 days to August 20, 2019 from July 31, 2019. In this regard the FBR issued Income Tax Circular No. 10 to allow extension for filing withholding statements under Section 165 of Income Tax Ordinance, 2001.

by Mrs. Anjum Shahnawaz

FBR promotes 30 appraising officers of customs department

Jul 31

Exclusive, Pakistan Customs, Taxation

FBR promotes 30 appraising officers of customs department

ISLAMABAD: Federal Board of Revenue (FBR) has promoted 30 appraising officers to the post of principal appraisers (BS-16) with immediate effect and until further orders, a notification said on Wednesday. According to notification made available to PkRevenue.com, the following Appraising Officer of Pakistan Customs Department are promoted to the post of Principal Appraiser (BS-16)with immediate […]

by Mrs. Anjum Shahnawaz

Persons not appearing in ATL will pay 100 percent increased withholding tax rate: FBR

Jul 31

2019-2020, Budget, Taxation

Persons not appearing in ATL will pay 100 percent increased withholding tax rate: FBR

KARACHI: Persons whose names are not appearing in the Active Taxpayers List (ATL) will be subjected to hundred percent increased rate of withholding tax, Federal Board of Revenue (FBR) said in a circular issued to explain changes made in Income Tax Ordinance, 2001 through Finance Act, 2019. The FBR issued Circular No. 19 of 2019 […]

by Mrs. Anjum Shahnawaz