FBR sets up DGBTB for taking action against tax evaders

Mar 29

Taxation

FBR sets up DGBTB for taking action against tax evaders

ISLAMABAD: Federal Board of Revenue (FBR) on Friday established a new directorate for taking action against tax evaders. The FBR notified to create Directorate General of Broadening of Tax Base (DGBTB) to bring potential taxpayers into tax net. The new directorate, which was already made part of the statute, will work on the available data […]

by Faisal Shahnawaz

Mar 29

Finance

Asad Umar chairs NFC meeting

ISLAMABAD: Finance Minister Asad Umar on Friday chaired the 5th meeting of the 9th National Finance Commission (NFC) that was held in at Lahore. The six sub-groups, formulated during the first meeting in February, gave presentation on various aspects of resources distribution as per the terms of reference assigned to the groups. The main focus […]

by Faisal Shahnawaz

SBP increases policy rate by 50bps to 10.75 percent

Mar 29

Money & Banking

SBP increases policy rate by 50bps to 10.75 percent

KARACHI: State Bank of Pakistan (SBP) on Friday increased key policy rate by 50 basis points to 10.75 percent for next two months effective from April 01, 2019. The policy rate has been increased while taking into account the above developments and the evolving macroeconomic situation, the MPC noted that sustainable growth and overall macroeconomic […]

by Faisal Shahnawaz

Equity market gains 96 points in range bound trading

Mar 29

Stock & Commodity

Equity market gains 96 points in range bound trading

KARACHI: The equity market ended with 96 points gain on Friday in a range bound trading activity. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,649 points as against 38,553 points showing an increase of 96 points. Analysts at Arif Habib Limited said the market performed range bound between -69 points and […]

by Faisal Shahnawaz

Mar 29

Money & Banking

Rupee sheds 49 paisas against dollar

KARACHI: The Pak Rupee fell sharply by 49 against the US dollar on Friday owing to higher demand for import and corporate payments. The rupee ended Rs140.78 to the dollar from previous day’s close of Rs140.29 in interbank foreign exchange market. The interbank foreign market was initiated in the range of Rs140.60 and Rs140.80. The […]

by Faisal Shahnawaz

Rupee falls by 41 paisas against dollar in early trade

Mar 29

Money & Banking

Rupee falls by 41 paisas against dollar in early trade

KARACHI: The Pak Rupee witnessed massive fall of 41 paisas against US dollar in early trade on Friday. The dollar is being traded at Rs140.70 in Interbank Foreign Exchange Market. The foreign currency market ended yesterday at Rs140.29 to the dollar. Currency experts said the higher demand for import and corporate demand escalated the rupee […]

by Faisal Shahnawaz

Income Tax Ordinance 2001: Income from pension funds tax exempted

Mar 29

Exclusive, Taxation

Income Tax Ordinance 2001: Income from pension funds tax exempted

KARACHI: The government has allowed tax exemption to the income derived by pensioners invested in various schemes, including pension funds. The Second Schedule of Income Tax Ordinance, 2001 allowed tax exemption to the income derived by pensioners. The following exemptions are available to the pensioners: Any payment from a provident fund to which the Provident […]

by Faisal Shahnawaz

KTBA elects Rehan Siddiqui as president for 2019-2020

Mar 29

Taxation

KTBA elects Rehan Siddiqui as president for 2019-2020

KARACHI: Karachi Tax Bar Association (KTBA) in the 62nd Annual General Meeting held on Thursday announced Muhammad Rehan Siddiqui as president of the association of the term 2019-2020. The AGM announced following office bearers and executive committee after the election 2019: Office Bearers: Muhammad Rehan Siddiqui, President Syed Hassan Naeem, Vice President Syed Zafar Ahmed, […]

by Faisal Shahnawaz

FBR temporarily halts raids on tax evaders

Mar 29

Taxation

FBR temporarily halts raids on tax evaders

ISLAMABAD: Federal Board of Revenue (FBR) has temporarily halted raids on tax evaders on assurance of business community. The FBR has given an opportunity to non-compliant taxpayers to declare their income and assets by filing annual returns up to March 31. At a media briefing on Thursday, Member Inland Revenue (Poilcy) Doctor Hamid Ateeq Sarwar […]

by Faisal Shahnawaz