Mar 11

FBR imposes regulatory duty up to Rs18,500 per mobile phone

ISLAMABAD: The Federal Board of Revenue (FBR) has imposed regulatory duty up to Rs18,500 per set on import of mobile phones. The FBR issued SRO 327(I)/2019 on Monday to amend the SRO 1265(I)/2018 dated October 16, 2018, and imposed regulatory duty on six different categories of mobile phones imported under HS Code 8519.1219. The new […]

by Faisal Shahnawaz

Car sales drop by 4.5 percent in eight months

Mar 11

Corporate

Car sales drop by 4.5 percent in eight months

KARACHI: The sales of locally assembled cars have dropped by 4.5 percent to 162,692 units during July – January 2018/2019 as compared with 170,354 units in the same period of the last fiscal year. Analysts said that the decline car sales were due to jump in prices and restriction imposed on non-filers to register new […]

by Faisal Shahnawaz

FBR announces reward money for whistleblowers in benami properties

Mar 11

Taxation

FBR announces reward money for whistleblowers in benami properties

ISLAMABAD: Federal Board of Revenue (FBR) on Monday announced reward for whistleblowers for helping tax authorities in detection and confiscation of benami properties. The FBR issued SRO 326(I)/2019 to notify rules calling Benami Transactions (Prohibition) Rules, 2019 in order to implement the benami law, which was passed in February 2017. The FBR said that for […]

by Faisal Shahnawaz

Remittances surge by 12pc to $14.35 billion in eight months

Mar 11

Finance

Remittances surge by 12pc to $14.35 billion in eight months

KARACHI: The inflows of home remittances surged by 12 percent to $14.35 billion during first eight months (July – February) of current fiscal year, State Bank of Pakistan (SBP) said on Monday. Overseas Pakistani workers remitted $14.35 billion in the first eight months (July to February) of FY19, showing a growth of 11.82 percent compared […]

by Faisal Shahnawaz

Equity market sheds 26 points in range bound trading

Mar 11

Stock & Commodity

Equity market sheds 26 points in range bound trading

KARACHI: The equity market has lost 26 points on Monday in a range bound trading activities. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,924 points as against 38,950 points showing a decline of 26 points. Analysts at Arif Habib Limited the market remained range bound throughout the day and oscillated between […]

by Faisal Shahnawaz

Mar 11

Money & Banking

Rupee falls by 26 paisas against dollar

KARACHI: The Pak Rupee depreciated by 26 paisas against US dollar on Monday due to demand for import and corporate payments. The rupee ended Rs138.81 to the dollar from last Friday’s closing of Rs138.55 in interbank foreign exchange market. Dealers said that that the market was opened after two weekly holidays, which increased the demand […]

by Faisal Shahnawaz

FBR’s issues updated ATL, adds over 42,000 active taxpayers

Mar 11

Exclusive, Taxation

FBR’s issues updated ATL, adds over 42,000 active taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) updated Active Taxpayers List (ATL) on Monday and added around 42,000 taxpayers’ names since launch of new list.

by Faisal Shahnawaz

Income Tax Ordinance 2001: advance tax on electricity consumption

Mar 11

Exclusive, Taxation

Income Tax Ordinance 2001: advance tax on electricity consumption

KARACHI: Power supply companies are required to deduct and collect advance tax from industrial and commercial consumers at rates specified. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR), the Section 235 explained the rates of advance tax on consumption of electricity. Section 235: Electricity consumption Sub-Section (1): There shall […]

by Faisal Shahnawaz