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. Read more »

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. Read more »

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. Read more »

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. Read more »

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. Read more »

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. Read more »

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. Read more »

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. Read more »

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. Read more »

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. Read more »