Higher duty rates proposed for car, luxury items import

May 18

2019-2020, Budget, Taxation

Higher duty rates proposed for car, luxury items import

KARACHI: The Federal Board of Revenue (FBR) has been suggested to impose higher rates of duties on import of non-essential and luxury items in order to reduce current account deficit. Association of Chartered Certified Accountants (ACCA) in its tax proposals for budget 2019/2020 said that tangible measures should be taken to reduce the import burden. […]

by Faisal Shahnawaz

Tax amnesty scheme step in right direction: FPCCI

May 18

Trade & Industry

Tax amnesty scheme step in right direction: FPCCI

KARACHI: The members of Federation of Pakistan Chambers and Commerce of Industry (FPCCI) have unanimously declared the recently announced tax amnesty by the present government is step in right direction. The FPCCI held an emergent meeting of its members at its head office Karachi on Saturday under the chairmanship of Abdul Rauf Mukhtar, Acting President […]

by Faisal Shahnawaz

SBP may continue with monetary policy tightening; 100 basis points increase likely

May 18

Money & Banking

SBP may continue with monetary policy tightening; 100 basis points increase likely

KARACHI: The State Bank of Pakistan (SBP) likely to increase key policy rate by 100 basis points in the next monetary policy announcement scheduled for May 20, 2019, analysts said. Analysts at Arif Habib Limited forecast another rate hike of 100bps in policy rate from 10.75 percent to 11.75 percent in the upcoming monetary policy. […]

by Faisal Shahnawaz

FBR chairman agrees on abolishing withholding tax on raw materials

May 18

Taxation, Trade & Industry

FBR chairman agrees on abolishing withholding tax on raw materials

KARACHI: Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR) on Saturday asked business community to provide list of raw material for reducing tax rates on import stage. Addressing the business community at Karachi Chamber of Commerce and Industry (KCCI), Shabbar Zaidi agreed with the business community that there should not be withholding tax on import […]

by Faisal Shahnawaz

Rupee falls by 4.58 percent against dollar in a week

May 18

Money & Banking

Rupee falls by 4.58 percent against dollar in a week

KARACHI: The rupee fell by 4.58 percent against dollar during the last week in interbank foreign exchange market. The fall mainly attributed to IMF loan program which was recently agreed by Pakistan. The dollar reached to record high by end of last weekly trading day on Friday. The interbank foreign exchange market ended Rs148.00 to […]

by Faisal Shahnawaz

May 18

Stock & Commodity

Weekly Review: Monetary policy to set market trend

KARACHI: The change in key policy rate to be announced by the State Bank of Pakistan (SBP) on May 20 will set the market trend during the next week. “With monetary policy to be announced in the coming week investors are most likely to have a cautious approach and bearish sentiments may persist,” analysts at […]

by Faisal Shahnawaz

PTBA suggests 5-year policy for gradually reducing sales tax rate

May 18

2019-2020, Budget, Taxation

PTBA suggests 5-year policy for gradually reducing sales tax rate

KARACHI: Pakistan Tax Bar Association (PTBA) has suggested gradually reduction of sales tax rate under five-year policy and for first year the sales tax rate should be brought down to 15 percent from next fiscal year. In its budget proposals for 2019/2020, the PTBA said that present rate of Sales Tax at 17 percent with […]

by Mrs. Anjum Shahnawaz

Exemption on import of telecom equipment demanded to encourage investment

May 18

2019-2020, Budget, Taxation, Trade & Industry

Exemption on import of telecom equipment demanded to encourage investment

KARACHI: Foreign and multinational companies have demanded the Federal Board of Revenue (FBR) to exempt sales tax and customs duty on import of telecom equipment in order to encourage investment in this sector. The Overseas Chamber of Commerce and Industry (OICCI) in its proposals for budget 2019/2020 said that telecom was very investment intensive sector […]

by Mrs. Anjum Shahnawaz

Elimination of regulatory duty, additional customs duty on essential raw materials recommended

May 18

2019-2020, Budget, Trade & Industry

Elimination of regulatory duty, additional customs duty on essential raw materials recommended

KARACHI: Federal Board of Revenue (FBR) has been suggested to eliminate additional customs duty and regulatory duty on essential raw materials. The Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals recommended tariff rationalization in the forthcoming for budget 2019/2020. It recommended elimination of additional custom duty and regulatory duty on essential […]

by Faisal Shahnawaz