FBR issues draft rules to implement tax amnesty scheme 2019

ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified draft rules to implement tax amnesty scheme 2019. The FBR invited comments or objections on the rules by May 22, 2019. According to the draft rules, the FBR notified following conditions for making declaration for foreign and domestic declaration: (1) For the purpose of incorporation of […]

by Faisal Shahnawaz

Stock market gains 84 points after early day losses

May 20

Stock & Commodity

Stock market gains 84 points after early day losses

KARACHI: The stock market ended with gain of 84 points after recovery from massive loss earlier in the day on Monday. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,250 points as against 33,166 points showing an increase of +84 points Analysts at Arif Habib Limited said that KSE-100 index showed first […]

by Faisal Shahnawaz

SBP increases policy rate by 150 basis points in line with IMF directives

May 20

Money & Banking

SBP increases policy rate by 150 basis points in line with IMF directives

KARACHI: State Bank of Pakistan (SBP) on Monday increased key policy rate by 150 basis points to 12.25 percent, which is inline with the direction of newly agreed loan program with the IMF. The SBP in a statement said that there have been three notable developments since the last Monetary Policy Committee (MPC) meeting in […]

by Faisal Shahnawaz

Customs Intelligence Lahore to auction vehicles on May 23

May 20

Pakistan Customs, Taxation

Customs Intelligence Lahore to auction vehicles on May 23

LAHORE: Directorate of Intelligence and Investigation, Customs, Lahore has announced auction of vehicles to be held on May 23 at State Warehouse of the directorate. Following vehicles would be presented for the auction: 1. Toyota progress car, 2927cc, 1999, JCJ11-0005820. 2. BMW car 745I, 2003, WBAGL22000DP38322. 3. Honda Civic Hybrid car, 1339cc, 2006, FD3-1006468. 4. […]

by Faisal Shahnawaz

Rupee falls further against dollar in mid-day trading

May 20

Money & Banking

Rupee falls further against dollar in mid-day trading

KARACHI: The Pak Rupee fell further 80 paisas against dollar in mid-day trading on Monday. The dollar is being traded at Rs148.80 as compared with the closing of last Saturday at Rs148 in Interbank Foreign Exchange Market. The dollar is being traded all time high against rupee in both Interbank Foreign Exchange Market and cash […]

by Faisal Shahnawaz

ICAP suggests reviewing extra tax on electricity, gas consumption by industrial, commercial consumers

May 20

2019-2020, Budget, Taxation

ICAP suggests reviewing extra tax on electricity, gas consumption by industrial, commercial consumers

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has suggested the tax authorities to review imposition of extra sales tax on electricity and gas as this levy is passed unnecessarily to consumers by utility companies. The ICAP in its tax proposals for budget 2019/2020 submitted to Federal Board of Revenue (FBR) said that in terms […]

by Faisal Shahnawaz

Additional advance tax proposed on all type of motor vehicles to discourage premium

May 20

2019-2020, Budget, Taxation

Additional advance tax proposed on all type of motor vehicles to discourage premium

The Overseas Chamber of Commerce and Industry (OICCI), representing foreign investors and multinational companies in Pakistan, has proposed the imposition of an additional advance tax of Rs100,000 on all types of motor vehicles sold before registration.

by Faisal Shahnawaz