Mar 17

Yarn merchants reject new customs valuation ruling

KARACHI: Pakistan Yarn Merchants Association (PYMA) has rejected the new valuation ruling for polyester filament yarn and urged the authorities to review the decision. The association challenged the valuation ruling under section 25-D Custom Act – 1969 and requested the relevant department to review the unjust decision. According to a statement issued on Sunday, PYMA, […]

by Faisal Shahnawaz

Filing annual return: large number to benefit from date extension

Mar 17

Exclusive, Taxation

Filing annual return: large number to benefit from date extension

KARACHI: A large number of taxpayers may file their annual income tax returns while taking advantage of date extension up to March 31, 2019, tax manager said. The Federal Board of Revenue (FBR) recently extended the last date for filing income tax return for tax year 2018 up to March 31, 2018, which was December […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: advance tax on sale, purchase of immovable properties

Mar 17

Exclusive, Taxation

Income Tax Ordinance 2001: advance tax on sale, purchase of immovable properties

KARACHI: Adjustable advance tax is applicable for filers and non-filers of income tax return on sales and purchase of immovable properties to be collected at the time of transaction. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) the tax shall be collected under Section 236C and Section 236K of […]

by Faisal Shahnawaz

Banks require to provide monthly report of foreign exchange transactions

Mar 17

Money & Banking

Banks require to provide monthly report of foreign exchange transactions

KARACHI: Banks have been required to provide foreign exchange transactions in each currency to State Bank of Pakistan (SBP) on monthly basis. According to updated Foreign Exchange Manual – 2019, the SBP said that the banks should report to the central bank particulars of foreign exchange transactions effected by them i.e. all outward and inward […]

by Mrs. Anjum Shahnawaz

Mobile phones import down by 22.15 percent on mandatory registration

Mar 17

Finance

Mobile phones import down by 22.15 percent on mandatory registration

KARACHI: The import of mobile phones has declined by 22.15 percent in February 2019 following imposition of mandatory registration with regulatory authority, said Pakistan Bureau of Statistics (PBS) on Saturday. The import of cellular phones reduced to $54.32 million in February 2019 when compared with $69.78 million in the same month of the last year. […]

by Mrs. Anjum Shahnawaz