KARACHI: The sales of Oil Marketing Companies (OMCs) massively declined by 25 percent during first ten months (July – April) of current fiscal year owing to slowdown in economic activities. The sales of OMCs fell to around 15.28 million tons during July – April 2018/2019 as compared with 20.4 million tons in the same period […]
ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs on Monday chaired a meeting to review progress on Financial Action Task Force (FATF) Action Plan. The Secretary Finance updated all the key stakeholders on the critical nature of the meeting, serious challenges at hand and top priority that is […]
KARACHI: The stock exchange fell by 518 points on Monday owing to upcoming MSCI review and reports of tax laden budget. The benchmark KSE-100 index of Pakistan Stock Exchange closed at 35,605 points as against 36,123 points showing a decline of 518 points. Market continued negative drive today amidst issues like MSCI review on May […]
The federal government has appointed Shabbar Zaidi as the Chairman of the Federal Board of Revenue (FBR). This significant announcement, made by Prime Minister Imran Khan during a media interaction on Monday, marks a departure from tradition as Zaidi becomes the first chairman selected from the private sector.
KARACHI: The rupee gained against dollar on Monday after sufficient inflows were available in the market. The rupee gained three paisas to end at Rs141.29 against dollar from last Friday closing of Rs141.32 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.20 and Rs141.25. The market recorded […]
KARACHI: Federal Board of Revenue (FBR) has updated withholding tax card for tax year 2019 amendment through Finance Supplementary (Second Amendment) Act, 2019. Following are the withholding tax rates applicable on payment for goods and services under Section 153 of Income Tax Ordinance, 2001. Under this section every withholding agent prescribed under the ordinance shall […]
KARACHI: The sales tax law had explained that no suit, prosecution or other legal proceeding shall lie against the federal government or against any public servant in respect of any order passed in good faith. The updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) explained the bar of suits, prosecution […]
KARACHI: Federal Board of Revenue (FBR) has provisionally revoked the suspension of sales tax registration of M/s. Hascol Petroleum Limited on directives issued by Sindh High Court. A communication sent to Pakistan Stock Exchange (PSX) said that the company had filed a constitution petition before the Sindh High Court against the FBR challenging the order […]
KARACHI: Dr. Reza Baqir assumed the charge of Governor State Bank of Pakistan (SBP) on Sunday after President of Pakistan appointed him as Governor State Bank of Pakistan for a period of three years. A statement issued by the SBP said that Dr. Reza Baqir has eighteen years of experience with the IMF and two […]
KARACHI: Pakistan Stock Exchange (PSX) has recommended the tax authorities to reduce the withholding tax to 2.5 percent from 10 percent to develop the market and increase tax collection. In its budget proposals for 2019/2020, the stock market said that the proposed reduction in the rate of tax on margin financing transactions would help develop […]