World Bank projects Pakistan’s growth to decelerate in FY19, FY20

Apr 7

Finance

World Bank projects Pakistan’s growth to decelerate in FY19, FY20

KARACHI: World Bank has projected lower GDP growth for Pakistan during two fiscal years i.e. 2018/2019 and 2019/2020 to 3.4 percent and 2.7 percent, respectively. The World Bank in a report released on Sunday, said that growth for Pakistan is projected to decelerate to 3.4 percent in FY19 and to 2.7 percent in FY20, as […]

by Faisal Shahnawaz

Sales Tax Act 1990: tax credit not allowed under various conditions

Apr 7

Exclusive, Taxation

Sales Tax Act 1990: tax credit not allowed under various conditions

KARACHI: A registered sales tax person is not allowed to entitle to reclaim or deduct input tax paid on various activities of manufacturing / supplies. The Section 8 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained where tax credit is not allowed. Section 8: Tax credit not allowed Sub-Section […]

by Mrs. Anjum Shahnawaz

FBR issues notices to 350 Sindh bureaucrats for non-filing

Apr 7

Exclusive, Taxation

FBR issues notices to 350 Sindh bureaucrats for non-filing

KARACHI: Federal Board of Revenue (FBR) has issued notices to 350 senior bureaucrats of Sindh government for non-filing of income tax returns. The notices have been issued by Regional Tax Office (RTO) –II Karachi on identification of expenditures through various sources by those provincial government officers. The FBR sources said that these government officers had […]

by Faisal Shahnawaz

Apr 6

Money & Banking

Rupee gains 20 paisas in open market

KARACHI: The Pak Rupee gained 20 paisas in open market on Saturday owing to monitoring launched by exchange companies after meeting with State Bank of Pakistan. The buying and selling of dollar was recorded at Rs142.30/Rs142.80 from previous day’s ending of Rs142.50/Rs142.50 in cash ready market. The representatives of Forex Association of Pakistan (FAP) held […]

by Mrs. Anjum Shahnawaz

DRAP warns pharma industry against increasing drug prices

Apr 6

National

DRAP warns pharma industry against increasing drug prices

ISLAMABAD: Drug Regulatory Authority of Pakistan (DRAP) has taken notice of unauthorized increase in prices of medicines. In this regard the authority issued directives to pharmaceutical industries asking them to ensure maximum retail price (MRP). “Your are advised to monitor MRPs in the market and ensure that MRPs of drugs are not higher than the […]

by Faisal Shahnawaz

Apr 6

Stock & Commodity

Weekly Review: Market to positively respond to IMF talks

KARACHI: The equity market likely to stay positive in coming weeks as the expected staff level meeting of IMF is scheduled in April 2019. Analysts at Arif Habib Limited said that this will revive the market sentiment. Moreover, interest rate is expected to peak following another 50 basis points hike in May 2019; which will […]

by Faisal Shahnawaz

Sales Tax Act 1990: deduction of input tax by registered persons

Apr 6

Exclusive, Taxation

Sales Tax Act 1990: deduction of input tax by registered persons

KARACHI: A sales tax registered person is allowed to deduct input tax against output tax for determination of taxable supplies made during a period. According to updated Sales Tax Act 1990 issued by Federal Board of Revenue (FBR), Section 7 explained the procedure of deduction of input tax by sales tax registered persons. Section 7: […]

by Faisal Shahnawaz

Increase in refund claims by registered persons selected for audit

Apr 6

Taxation

Increase in refund claims by registered persons selected for audit

KARACHI: Federal Board of Revenue (FBR) has selected sales tax audit of those sales tax registered persons whose refund claims increased in a month over the corresponding month last year. According to risk parameters for selection of audit under Audit Policy 2018, the FBR selected audit cases through computerized balloting of those registered persons whose […]

by Faisal Shahnawaz

KTBA asks FBR to clarify filing withholding statements after amendment

Apr 5

Taxation

KTBA asks FBR to clarify filing withholding statements after amendment

KARACHI: Karachi Tax Bar Association (KTBA) has asked Federal Board of Revenue (FBR) to issue clarification regarding filing withholding tax statement following amendment made through Finance Supplementary (Second Amendment) Act, 2019. In a letter to FBR Member Inland Revenue Operations Ms. Seema Shakil, the KTBA said that the Finance Supplementary (Second Amendment) Act, 2019, which […]

by Faisal Shahnawaz

Exchange companies stop dollar selling except for needy customers

Apr 5

Money & Banking

Exchange companies stop dollar selling except for needy customers

KARACHI: Foreign exchange companies have decided to stop sale of dollars except for needy customers for education, health and Hajj, said Malik Bostan, President, Forex Association of Pakistan (FAP) on Friday. The representatives of FAP today again held a meeting with Syed Irfan Ali Shah, Executive Director of State Bank of Pakistan (SBP) to discuss […]

by Faisal Shahnawaz