FBR penalizes two BS-18 officers for inefficiency, misconduct

May 2

Taxation

FBR penalizes two BS-18 officers for inefficiency, misconduct

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday imposed penalty upon two officers of Inland Revenue Service (IRS) for inefficiency and misconduct. In two different notices issued by the FBR the penalty has been imposed on the officers of BS-18. Case 01: Disciplinary proceedings were initiated against Asad Munir Malik (IRS/BS-18), on recommendations of CCIR, […]

by Faisal Shahnawaz

FBR appoints 49 IR Inspectors to strengthen field force

May 2

Taxation

FBR appoints 49 IR Inspectors to strengthen field force

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday appointed 49 inspectors (BS-16) in Inland Revenue in order to strengthen the field force of tax offices. The FBR appointed the tax officials on the recommendations of Federal Public Service Commission (FPSC). The FBR also notified place of posting of those officials. Following is the list of […]

by Faisal Shahnawaz

forex reserves deplete by $251 million to $15.743 billion

May 2

Finance

forex reserves deplete by $251 million to $15.743 billion

KARACHI: The total liquid foreign exchange reserves of the country have depleted by $251 million to $15.743 billion by week ended April 26, 2019 as against $15.994 billion in the previous week, State Bank of Pakistan (SBP) said on Thursday. The official reserves of the central bank fell by $219 million to $8,805 billion for […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 237 points on IMF talks

May 2

Stock & Commodity

Stock market ends down by 237 points on IMF talks

KARACHI: The stock market ended down by 237 points on Thursday as bearish trend prevailed over IMF talks and forthcoming budget. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,548 points as against 36,784 points showing a decline of 237 points. Analysts at Arif Habib Limited said that the market remained under […]

by Faisal Shahnawaz

May 2

Money & Banking

Rupee gains 10 paisas in interbank

KARACHI: The Pak Rupee has gained 10 paisas against dollar on Thursday in interbank foreign exchange market owing to inflows of remittances and export receipts. The rupee ended Rs141.29 to the dollar from previous day’s close of Rs141.39 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.37 […]

by Faisal Shahnawaz

SBP extends IRFS 16 implementation to June 30

May 2

Money & Banking

SBP extends IRFS 16 implementation to June 30

KARACHI: State Bank of Pakistan (SBP) has extended the date for implementation of IRFS 16 for banks, development financial institutions (DFIs) and microfinance banks (MFBs) to June 30, 2019. A circular issued on Thursday, the SBP said that it had received representations from the financial institutions about the difficulties being faced by them in the […]

by Faisal Shahnawaz

Headline inflation increases by 8.8 percent in April 2019

May 2

Finance

Headline inflation increases by 8.8 percent in April 2019

ISLAMABAD: The headline inflation has surged by 8.8 percent on year on year (YoY) in April 2019 as compared to an increase of 9.4 percent in previous month and 3.7 percent in April 2018, said Pakistan Bureau of Statistics (PBS) on Thursday. The Consumer Price Index (CPI) based inflation on month-on-month basis, it increased by […]

by Faisal Shahnawaz

Sales Tax Act 1990: Vast recovery powers of IR officers

May 2

Exclusive, Taxation

Sales Tax Act 1990: Vast recovery powers of IR officers

KARACHI: The officers of Inland Revenue have vast powers under sales tax laws to recover outstanding amount from taxpayers. Section 48 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of outstanding amount from taxpayers. Section 48: Recovery of arrears of tax. Sub-Section […]

by Faisal Shahnawaz

FBR may proceed for sales tax blacklisting of M/s. Hascol Petroleum Limited

May 2

Exclusive, Taxation

FBR may proceed for sales tax blacklisting of M/s. Hascol Petroleum Limited

KARACHI: Federal Board of Revenue (FBR) will start proceeding to blacklist a major oil marketing company after suspending this week for non-compliance and suppressing sales to evade taxes. The FBR suspended the sales tax registration of M/s. Hascol Petroleum Limited earlier this week for evading sales tax to the tune of Rs3.9 billion by concealing […]

by Faisal Shahnawaz

MCC Gwadar announces auction of confiscated vehicles on May 04

May 2

Pakistan Customs, Taxation

MCC Gwadar announces auction of confiscated vehicles on May 04

KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of confiscated vehicles to be held on May 04, 2019 at Custom House Gwadar. The collectorate announced the auction of following vehicles: 01. Toyota Axio Luxel 1800CC, Model 2007, Chassis No.ZRE142-6007330 02. Toyota Hilux Surf SSR-X 2700CC, Model 2000, Chassis No. VZN185-9041829 03. Suzuki Jimmy Jeep […]

by Faisal Shahnawaz