Inflation increases by 17.15pc for higher income group

KARACHI: The prices of essential items has increased by 17.15 percent for higher income group above Rs35,000, according to weekly Sensitive Price Indicator (SPI) issued by Pakistan Bureau of Statistics (PBS). The PBS said that the inflation of the income group above Rs35,000 was increased by 17.15 percent by week ended April 25, 2019 as […]

by Faisal Shahnawaz

Cash withdrawal tax card: updated for Tax Year 2019

Apr 27

Taxation

Cash withdrawal tax card: updated for Tax Year 2019

KARACHI: Federal Board of Revenue (FBR) has issued updated up to March 09, 2019 for withholding tax rate on cash withdrawal from banking system. The rate card has been updated after amendment to Income Tax Ordinance, 2001 introduced through Finance Supplementary (Second Amendment) Act, 2019. The financial institutions are required to collect/deduct withholding tax under […]

by Faisal Shahnawaz

Apr 27

Stock & Commodity

Weekly Review: positive sentiments to prevail in stock market

KARACHI: Positive sentiments likely prevail in the stock market during next week owing to visit of Prime Minister Imran Khan to China and arrival of IMF team to Pakistan. Analysts at Arif Habib Limited said that with Prime Minister Imran Khan currently on a four day visit to China, several agreements are expected to be […]

by Faisal Shahnawaz

Sales Tax Act 1990: IR officers empowered to summon persons

Apr 27

Exclusive, Taxation

Sales Tax Act 1990: IR officers empowered to summon persons

KARACHI: The sales tax laws have empowered officers of Inland Revenue to summon person in legal proceedings for evidence and produce documents. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), Section 37 explains power of IR officers to summon persons. Section 37: Power to summon persons to give evidence […]

by Faisal Shahnawaz

MCC Preventive announces auction of vehicles on April 30

Apr 27

Pakistan Customs, Taxation

MCC Preventive announces auction of vehicles on April 30

KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced public auction of confiscated vehicles to be held on April 30, 2019 at NMB WHARF, Ghasbandar, East Wharf, Karachi. Following vehicles will be presented for the auction: 01. Mitsubishi Pajero Jeep, Reg. No. GS-2000, Model 1994, Chassis No. V46-4034791 02. Toyota Lexus Car, Model 2006, Reg. […]

by Faisal Shahnawaz

Imran Khan discusses IMF program with Christine Lagarde

Apr 27

Finance

Imran Khan discusses IMF program with Christine Lagarde

ISLAMABAD: Prime Minister lmran Khan met Ms. Christine Lagarde, Managing Director of International Monetary fund (IMF) on the sidelines of the belt and Road Forum, a statement received here on Friday from Beijing, China. The prime minister was assisted by Foreign Minister Makhdoom Shah Mahmood Qureshi, Adviser on Finance Dr. Abdul Hafeez Shaikh and Adviser […]

by Faisal Shahnawaz

Deduction of withholding tax on phone cards begins

Apr 27

IT & Telecom, Taxation

Deduction of withholding tax on phone cards begins

ISLAMABAD: Federal Board of Revenue (FBR) has started collecting withholding tax on phone cards on Friday following the judgment of the Supreme Court of Pakistan (SCP). The apex court a day earlier in its judgment said that it would not interfere the taxation matter. The superior court itself suspended the taxation on phone cards in […]

by Faisal Shahnawaz