Apr 2

Rupee falls to Rs141.05 against dollar in interbank early trade

KARACHI: The Pak Rupee depreciates by 16 paisas against US dollar in early trade on Tuesday owing to reports of IMF conditionalities for new loan program. The dollar is being traded at Rs141.05in interbank foreign exchange market. The foreign currency market was closed yesterday at Rs140.89 to the dollar. The local currency was showing declining […]

by Faisal Shahnawaz

Sales Tax Act, 1990: collection of excess sales tax

Apr 2

Exclusive, Taxation

Sales Tax Act, 1990: collection of excess sales tax

KARACHI: A person is required to pay sales tax, which was collected under misapprehension of any provision of the act and was not collectable or in excess of tax. The FBR recently updated Sales Tax Act, 1990 and its Section 3B explained the collection of excess sales tax. Section 3B: Collection of excess sales tax […]

by Faisal Shahnawaz

FBR notifies Benami zones for initiating cases across country

Apr 2

Taxation

FBR notifies Benami zones for initiating cases across country

In a significant move to combat Benami transactions, the Federal Board of Revenue (FBR) has announced the establishment of three dedicated zones in major cities across the country.

by Faisal Shahnawaz

Prime Minister directs to ensure security, commodity availability during Ramzan

Apr 2

National

Prime Minister directs to ensure security, commodity availability during Ramzan

ISLAMABAD: Prime Minister Imran Khan on Monday directed interior ministry and all provincial governments to ensure security and availability of commodities during the holy month of Ramzan. In a letter addressed to Ministry of Interior and Chief Secretaries of all provincial governments including AJ&K and Gilgit Baltistan, the Prime Minister directed that coordination meetings with […]

by Faisal Shahnawaz

Pakistan Customs surpasses revenue target, collects Rs510.11bn in nine months

Apr 2

Pakistan Customs, Taxation

Pakistan Customs surpasses revenue target, collects Rs510.11bn in nine months

KARACHI: Pakistan Customs has surpassed the target by collecting Rs510.11 billion as duty during July – March 2018/2019, said a statement on Monday. The target for collection of customs duty for the first nine months was Rs509.3 billion. The duty collection during July – March 2018/2019 is higher 19.2 percent when compared with Rs482 billion […]

by Faisal Shahnawaz

Alvi praises FTO role in resolving taxpayers’ complaints

Apr 1

Taxation

Alvi praises FTO role in resolving taxpayers’ complaints

ISLAMABAD: President of Pakistan Dr. Arif Alvi has praised the role of Federal Tax Ombudsman (FTO) for resolution of aggrieved taxpayers’ complaints. The president said this while talking to Federal Tax Ombudsman, Mushtaq Ahmad Sukhera, who called on him at Aiwan-i-Sadr on Monday. FTO also presented the annual report (2018) to the President. The President […]

by Faisal Shahnawaz

Imran Khan welcomes investment from Qatar

Apr 1

National

Imran Khan welcomes investment from Qatar

ISLAMABAD: Prime Minister Imran Khan has welcomed investment from Qatar in various sectors of the economy. A delegation of Qatar Investment Authority (QIA) headed by H.E. Sheikh Faisal Bin Thani Al-Thani, Head of Regional Portfolios, called on Prime Minister Imran Khan at PM Office. Prime Minister welcomed QIA’s interest in making investments in various sectors […]

by Faisal Shahnawaz

FPCCI criticizes increase in POL product prices

Apr 1

Trade & Industry

FPCCI criticizes increase in POL product prices

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday criticized the increase in prices of petroleum products for the month of April 2019. In a statement issued by the FPCCI, its president Engr. Daroo Khan Achakzai had shown serious concern on exorbitant increase of Rs6 per litre in the prices of petrol […]

by Faisal Shahnawaz

Headline inflation increases by 9.4pc in March

Apr 1

Finance

Headline inflation increases by 9.4pc in March

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 9.4 percent on year-on-year basis in March, 2019 as compared to an increase of 8.2 percent in the previous month and 3.2 percent in March 2018. The Pakistan Bureau of Statistics (PBS) on Monday said that on month-on-month basis, it increased by […]

by Mrs. Anjum Shahnawaz

Equity market falls by 295 points on policy rate hike

Apr 1

Stock & Commodity

Equity market falls by 295 points on policy rate hike

KARACHI: The equity market fell by 295 points on Monday owing to hike in discount rate by 50 basis points. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,355 points as against 38,650 points showing a decline of 295 points. Analysts at Arif Habib Limited said that the market dipped today on […]

by Mrs. Anjum Shahnawaz