Apr 8

SBP to be given independence for money market discipline

ISLAMABAD: The State Bank of Pakistan (SBP) to be given operation and institutional independence for bringing discipline in money market. According to ‘Medium-Term Economic Framework’ launched by Finance Minister Asad Umar on Monday, the government is considering giving the SBP greater operation and institutional independence to bring greater discipline in money market and exchange rate […]

by Faisal Shahnawaz

Apr 8

Stock & Commodity

Equity market plunges by 600 points

KARACHI: The equity market plunged by 600 points on Monday owing to reports of possible border confrontation between Pakistan and India. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,922 points as against 37,522 points showing a decline of 600 points. Analysts at Arif Habib Limited said that negative news flow over […]

by Faisal Shahnawaz

Apr 8

Money & Banking

Rupee ends down by nine paisas

KARACHI: The Pak Rupee ended down by nine paisas against dollar on Monday after gaining value earlier in the day. The rupee ended Rs141.39 to the dollar from last Friday’s closing of Rs141.30 in interbank foreign exchange market. The interbank foreign exchange was initiated in the range of Rs141.10 and Rs141.20. The market recorded day […]

by Faisal Shahnawaz

Amnesty Scheme 2019 likely be introduced on April 15

Apr 8

Exclusive, Taxation

Amnesty Scheme 2019 likely be introduced on April 15

ISLAMABAD: The government likely to introduce new tax amnesty scheme 2019 for undeclared foreign and local assets from next week. In this regard a briefing was give to Prime Minister Imran Khan on Monday. According to the sources the amnesty would be introduced from April 15, 2019 and will continue till June 30, 2019. The […]

by Faisal Shahnawaz

Active taxpayers list shows 1.88 million return filers

Apr 8

Taxation

Active taxpayers list shows 1.88 million return filers

KARACHI: The number of active taxpayers has increased to 1.88 million for tax year 2018 by April 07, 2019, revealed by official document on Monday. The weekly updated Active Taxpayers List (ATL) for tax year 2018 issued on Monday showed the number of return filers increased to 1,886,848 by week ended April 07, 2019. The […]

by Faisal Shahnawaz

Rupee gains five paisas against dollar in early trade

Apr 8

Money & Banking

Rupee gains five paisas against dollar in early trade

KARACHI: The Pak Rupee gained five paisas against dollar in early trade on Monday owing to monitoring by authorities for import payments. The dollar is being traded at Rs141.25 in interbank foreign exchange market. The foreign currency market was ended at Rs141.30 to the dollar on last Friday. Last week the State Bank of Pakistan […]

by Faisal Shahnawaz

Sales Tax Act 1990: buyer, seller jointly responsible for unpaid tax

Apr 8

Exclusive, Taxation

Sales Tax Act 1990: buyer, seller jointly responsible for unpaid tax

KARACHI: Where an amount of tax unpaid in supply chain then registered buyer and seller are both responsible for paying to national exchequer. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 8A explained joint and several liability regarding unpaid tax. Section 8A: Joint and several liability of […]

by Faisal Shahnawaz

Higher duties create anti-export bias: World Bank highlights constraints to Pakistan’s exporters

Apr 8

Finance

Higher duties create anti-export bias: World Bank highlights constraints to Pakistan’s exporters

KARACHI: World Bank has identified three main constraints that are directly affecting Pakistan exporters. These are the anti-export bias of its trade policy, the inadequate export promotion infrastructure, and an ambiguous regulatory framework around FDI. The World Bank said that many factors affect competitiveness in Pakistan. These include, among others, high costs of doing business, […]

by Faisal Shahnawaz

Customs to auction huge quantity of vehicles, motor bikes on April 09

Apr 8

Pakistan Customs, Taxation

Customs to auction huge quantity of vehicles, motor bikes on April 09

KARACHI: Pakistan Customs has announce public auction of used motor vehicles and heavy bikes to be held on April 09, 2019 at Bay West, West Wharf Road, Karachi. Auction of fresh vehicles under schedule No. 04/ 2019 to be held on April 09, 2019: 01. Nissan Moco Car, Chassis No. MG33S-1434760, year 2014 02. Honda-N […]

by Faisal Shahnawaz

Accountability framework for FBR officials suggested to make tax audit transparent

Apr 7

Exclusive, Taxation

Accountability framework for FBR officials suggested to make tax audit transparent

KARACHI: Pakistan Tax Bar Association (PTBA) has said that there should be accountability framework for tax officers in order to make audit transparent. Abdul Qadir Memon, President, PTBA in a message to PTBA Tax Journal outlined eight-point recommendations to tax authorities for making audit system more transparent in order to boost confidence of taxpayers on […]

by Faisal Shahnawaz