Pakistan’s foreign exchange reserves increase to $17.397 billion

Apr 4

Finance

Pakistan’s foreign exchange reserves increase to $17.397 billion

KARACHI: The foreign exchange reserves of the country increased by $1.924 billion to $17.397 billion by week ended March 29, 2019 as against $15.473 billion a week ago, State Bank of Pakistan (SBP) said on Thursday. The reserves held by State Bank increased by $1.931 billion to $10.492 billion by week ended under review as […]

by Faisal Shahnawaz

Equity market declines by 507 points on selling pressure

Apr 4

Stock & Commodity

Equity market declines by 507 points on selling pressure

KARACHI: The equity market declined by 507 points on Thursday due to selling pressure. The benchmark KSE-100 index closed at 37,516 points as against 38,023 points showing a decline of 507 points. Analysts at Arif Habib Limited said that the market took a nose-dive today with 100 index touching a low of 610 points and […]

by Faisal Shahnawaz

Apr 4

Money & Banking

Rupee ends stable against dollar

KARACHI: The rupee ended stable against dollar on Thursday after government assurance of no link of rupee value with IMF deal. The rupee ended at Rs141.40 to the dollar, the same previous day’s level, in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40. The market […]

by Faisal Shahnawaz

FBR selects 14,164 audit cases through computerized balloting

Apr 4

Taxation

FBR selects 14,164 audit cases through computerized balloting

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday selected total 14,164 audit cases through computerized balloting in income tax, sales tax and federal excise duty cases. The FBR selected 10,982 audit cases under Section 214C of Income Tax Ordinance, 2001. The revenue body selected around 3,126 sales tax cases under Section 72B of Sales Tax […]

by Faisal Shahnawaz

Apr 4

Money & Banking

Rupee maintains level in early trade

KARACHI – In the early hours of Wednesday, the Pakistani Rupee demonstrated resilience, maintaining its level against the US Dollar in the interbank foreign exchange market.

by Faisal Shahnawaz

Sales Tax Act 1990: zero rating on export, supply of goods

Apr 4

Exclusive, Taxation

Sales Tax Act 1990: zero rating on export, supply of goods

KARACHI: The sales tax laws have allowed zero rating of sales tax on exports or supply of goods. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 4 of the Act explained the zero rating. Section 4: Zero rating Notwithstanding the provisions of section 3 except those of […]

by Faisal Shahnawaz

Amnesty scheme will not for public office holder: Asad Umar

Apr 4

Finance

Amnesty scheme will not for public office holder: Asad Umar

ISLAMABAD: Finance Minister Asad Umar on Wednesday said that if the government introduces any tax amnesty scheme then it will not applicable for public office holders. While talking to media the finance minister attributed to negative revenue collection growth to low performance of Federal Board of Revenue (FBR) and many other factors. He said that […]

by Faisal Shahnawaz

FBR to conduct balloting for audit selection

Apr 3

Taxation

FBR to conduct balloting for audit selection

ISLAMABAD: Federal Board of Revenue (FBR) to conduct balloting for selection of audit cases on Thursday, April 04, 2019. The balloting will be conducting for audit selection of income tax returns filed for tax year 2017. Around 1.84 million tax returns were filed for the tax year 2017 by salary persons, business individuals, Association of […]

by Faisal Shahnawaz

SBP to raise Rs3,600 billion through sale of securities

Apr 3

Money & Banking

SBP to raise Rs3,600 billion through sale of securities

KARACHI: The State Bank of Pakistan (SBP) will raise Rs3,600 billion through sale of bonds during next three months for repayment against matured securities. According to auction target calendar issued by State Bank of Pakistan (SBP) on Wednesday, around Rs3,600 billion would be raised through auction of Market Treasury Bills (MTBs) and Pakistan Investment Bonds […]

by Faisal Shahnawaz

ECC approves import of 100,000 tons of urea

Apr 3

Finance

ECC approves import of 100,000 tons of urea

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved immediate import of 100,000 tons of urea to facilitate farmers.

by Faisal Shahnawaz