Apr 5

Second phase of Pak-China FTA not at cost of local industry: FPCCI

KARACHI: Federation of Chambers of Commerce and Industry (FPCCI) has advised the government that the second phase of Pak-China Free Trade Agreement (FTA) should not be at the cost of local industry. FPCCI President Engr. Daroo Khan Achakzai, while chairing session on Pak-China FTA, advised that Pakistan may enter into second phase of FTA with […]

by Faisal Shahnawaz

Apr 5

Pakistan Customs, Taxation

FBR promotes customs officers to BS-17

ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified promotions of Superintendents, Principal Appraiser, and Superintendent Preventive of Customs Department are promoted to the post of Assistant Collector (BS-17) in Pakistan Customs Service (PCS) with immediate effect and until further orders. The promotions of following officers of PCS have been notified: 01. Nadeem Ahmad, Superintendent, […]

by Faisal Shahnawaz

Stock market remains flat on lack of investors’ interest

Apr 5

Stock & Commodity

Stock market remains flat on lack of investors’ interest

The Pakistan stock market witnessed a subdued trading session on Friday as investors showed a lack of interest in blue-chip stocks.

by Mrs. Anjum Shahnawaz

Apr 5

Money & Banking

Rupee gains 10 paisas against dollar

KARACHI: The Pak Rupee gained 10 paisas against dollar on Friday following ease in demand for scheduled repayment for foreign loans. The rupee ended Rs141.30 to the dollar from previous day’s close of Rs141.40 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.35 and Rs141.40. The market […]

by Mrs. Anjum Shahnawaz

Sales Tax Act 1990: rate in force to apply at time of supply

Apr 5

Exclusive, Pakistan Customs

Sales Tax Act 1990: rate in force to apply at time of supply

KARACHI: If there is change in rate of sales tax then it shall apply at the time of supply. Section 5 of the updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained change of tax rate at the time of supply or at the time of clearance of imported goods. Section […]

by Faisal Shahnawaz

Past revenue-centric policies hurt exports: Prime Minister

Apr 5

Finance

Past revenue-centric policies hurt exports: Prime Minister

ISLAMABAD: Prime Minister Imran Khan has said that the revenue-centric economic policies of past governments have badly damaged the competitiveness of Pakistan’s exports. The past the revenue-centric economic policies with overemphasis on collection of revenues made the industry uncompetitive, the prime minister said while chairing 80th Meeting of the Board of Administrators of Export Development […]

by Mrs. Anjum Shahnawaz

Bill to amend foreign exchange regulations presented

Apr 5

Money & Banking

Bill to amend foreign exchange regulations presented

ISLAMABAD: The finance ministry has presented a bill in the parliament to amend foreign exchange regulations to stop illegal transactions. A statement on Thursday said that in order to prevent illegal foreign exchange transactions, The ministry of finance has proposed to amend the Foreign Exchange Regulations Act (FERA) 1947 by introducing a bill “FER (Amendment) […]

by Faisal Shahnawaz

Interloop IPO’s 43pc subscription made through CDC’s electronic system

Apr 5

Stock & Commodity

Interloop IPO’s 43pc subscription made through CDC’s electronic system

KARACHI: Stock market investors now prefer to use electronic IPO platforms to subscribe for new IPOs. In recent Interloop IPO, 43 percent of total subscriptions (both physical and electronic), or around 80 percent of all electronic subscriptions were made through CDC’s Centralized eIPO System (CES), said a statement issued on Thursday. Central Depository Company (CDC)’s […]

by Faisal Shahnawaz

Rupee value to strengthen in coming days, SBP tells FAP members

Apr 4

Money & Banking

Rupee value to strengthen in coming days, SBP tells FAP members

KARACHI: State Bank of Pakistan (SBP) has said that the rupee value to stabilize as large payment was made last week. Talking to representatives of Forex Association of Pakistan (FAP) on Thursday, Executive Director of SBP Syed Irfan Ali Shah said that last week large payments made last week and now the local currency would […]

by Faisal Shahnawaz

FBR excludes salary persons from audit selection

Apr 4

Taxation

FBR excludes salary persons from audit selection

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued Audit Policy 2018 and excluded salary persons from selection of audit. The following exclusions have been identified and approved by the Board under relevant rules where selection for audit by the Board is not required. Income Tax i. All cases already selected for audit by the […]

by Faisal Shahnawaz