Careem signs agreement to provide logistic solution to Unilever

May 8

Corporate

Careem signs agreement to provide logistic solution to Unilever

KARACHI: Careem – the app based logistic service – has signed an agreement to provide solution to Unilever for its logistic business. A statement on Wednesday said that Careem and Unilever Pakistan have entered into a strategic partnership whereby Careem has agreed to provide an app based solution to Unilever for its logistics business. The […]

by Faisal Shahnawaz

FBR sets up committee to address complaints in contract bidding

May 8

Taxation

FBR sets up committee to address complaints in contract bidding

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday constituted a grievances redressal committee to resolve the complaints of bidders pertaining to contracts of the revenue body. In an office order issued by the FBR stated that in accordance with rule 48(1) of the Public Procurement Rules, 2004, it had constituted the grievances redressal committee comprising […]

by Faisal Shahnawaz

FBR field offices show resentment on appointment of chairman from private sector

May 8

Exclusive, Taxation

FBR field offices show resentment on appointment of chairman from private sector

KARACHI: A massive resentment has been shown by the employees of Federal Board of Revenue (FBR) on nomination of a chartered accountant for top post of the revenue body. The working at the FBR is at standstill following the nomination of Shabbar Zaidi as FBR chairman by the Prime Minister two days back. The officers […]

by Faisal Shahnawaz

May 8

Stock & Commodity

PSX issues list of 25 top performing companies

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday issued the list of 25 top performing companies for the year 2017. Every year, the Exchange acknowledges the performance of the top companies shortlisted on the basis of comprehensive criteria, which includes (i) Capital Efficiency, (ii) Profitability, (iii) Free-Float of Shares, (iv) Transparency, (v) Corporate Governance & Investors […]

by Faisal Shahnawaz

Rupee makes significant gains against dollar

May 8

Money & Banking

Rupee makes significant gains against dollar

KARACHI: The rupee made significant gain of 17 paisas against dollar on Wednesday after sufficient inflows of remittances and export receipts. The rupee ended 141.12 to the dollar from Monday’s closing of Rs141.29 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.28 and Rs141.35. The market recorded […]

by Faisal Shahnawaz

Equity market plunges by 596 points on expected tough budgetary measures

May 8

Stock & Commodity

Equity market plunges by 596 points on expected tough budgetary measures

KARACHI: The equity market plunged by 596 points on Wednesday owing to concerns over interest rate rise and tough measures in the budget. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,035 points as against 35,631 points showing a decline of 596 points. Analysts at Arif Habib Limited said that KSE-100 index […]

by Faisal Shahnawaz

Withholding tax rates on electricity consumption for tax year 2019

May 8

Taxation

Withholding tax rates on electricity consumption for tax year 2019

KARACHI: The electricity supply company shall collect advance tax from industrial and commercial consumer as per updated withholding tax card for tax year 2019 issued after amendments made to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Act, 2019. Federal Board of Revenue (FBR) issued following withholding tax rates under Section 235 of Income […]

by Faisal Shahnawaz

Sales Tax Act 1990: tax payment by company in liquidation

May 8

Exclusive, Taxation

Sales Tax Act 1990: tax payment by company in liquidation

KARACHI: The sales tax law has defined the procedure for liability for payment of tax in case of private company is in state of liquidation. The updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the Section 58 explained the payment method from the company is wound up. Section 58: Liability for […]

by Faisal Shahnawaz

Smuggling through ATT biggest threat to economic growth: PBC

May 8

2019-2020, Trade & Industry

Smuggling through ATT biggest threat to economic growth: PBC

KARACHI: Pakistan Business Council (PBC) in its budget proposals 2019/2020 has said that smuggling through Afghan Transit Trade is the biggest threat for economic growth of the country. “Smuggling through Afghan Transit Trade has always been the biggest threat for economic growth and hardly any sector has been left untouched by this menace,” the council […]

by Faisal Shahnawaz

DG Transit Trade announces auction of POL products on May 09

May 8

Pakistan Customs, Taxation

DG Transit Trade announces auction of POL products on May 09

KARACHI: Directorate General of Transit Trade, Karachi has announced auction of confiscated POL products to be held on May 09, 2019. In a notice issued on Tuesday, the directorate said that in order to dispose of auction able lots of petroleum, oil and lubricants (POL) products, lying at different container at terminals / wharves falling […]

by Faisal Shahnawaz