SBP issues procedure for payment of tax against foreign assets declaration

KARACHI: State Bank of Pakistan (SBP) on Saturday issued procedure for deposit of tax against foreign assets under Assets Declaration Ordinance, 2019. In exercise of powers conferred under section 9 of the Assets Declaration Ordinance 2019, State Bank of Pakistan is pleased to notify the procedure for: a) conversion of foreign assets held outside Pakistan […]

by Faisal Shahnawaz

FBR notifies rules for applying amnesty scheme

May 25

Taxation

FBR notifies rules for applying amnesty scheme

KARACHI: Federal Board of Revenue (FBR) on Saturday issued rules for implementing tax amnesty scheme 2019. The FBR on May 20, 2019 issued draft rules for inviting comments of stakeholders till May 22 to finalize the rules. In this regard the FBR today (May 25) issued SRO 578(I)/2019 to issue the rules for Asset Declaration […]

by Faisal Shahnawaz

Pakistan needs to ensure direct import, exports: PSAA

May 25

Ports and Shipping

Pakistan needs to ensure direct import, exports: PSAA

KARACHI: Pakistan exports need to maximize selling on C&F basis and imports to maximize buying on FOB basis in order to increase revenue earning along with reducing cost of doing business. In a letter to Adviser Commerce, Textile, Industry, production and Investment, Abdul Razzak Dawood, Chairman PSAA said that this will ensure direct exports to […]

by Faisal Shahnawaz

May 25

Stock & Commodity

Weekly Review: PSX stabilization fund to keep positive sentiments

KARACHI: Stock market likely positive in the upcoming weeks amid activation of a PSX stabilization fund in the foreseeable future, analysts said. This sentiment with also continue along with contraction in the Current Account Deficit (CAD) by 27 percent in 10MFY19 which may improve investor sentiments, analysts at Arif Habib Limited said. However, they said, […]

by Faisal Shahnawaz

FBR advised to substantially reduce penalties on non-filing, late-filing of tax returns

May 25

2019-2020, Budget, Taxation

FBR advised to substantially reduce penalties on non-filing, late-filing of tax returns

The Pakistan Tax Bar Association (PTBA) has advised the Federal Board of Revenue (FBR) to significantly reduce penalties imposed on non-filers and late filers of income tax returns and wealth statements.

by Faisal Shahnawaz

Installing scanners at Pak-China borders suggested to prevent misuse clearance under CPEC

May 25

2019-2020, Budget, Pakistan Customs, Taxation

Installing scanners at Pak-China borders suggested to prevent misuse clearance under CPEC

KARACHI: Institute of Chartered Accountants of Pakistan (ICAP) has suggested to install scanners at Pak-China borders to stop misuse customs clearance of goods transported under China – Pakistan Economic Corridor(CPEC). The ICAP in its tax proposals for budget 2019/2020 said that CPEC is a journey towards economic regionalization in the globalized world. This will deepen […]

by Faisal Shahnawaz