May 28

Important meeting on exchange rate situation to be held today

KARACHI: Dr. Abdul Hafeez Shaikh to chair an import meeting of a committee which will also be attended by members of exchange companies association today (Tuesday) to discuss the options for strengthening the local currency. Prime Minister Imran Khan had constituted the committee suggestions submitted by Exchange Companies Association of Pakistan (ECAP). The meeting will […]

by Faisal Shahnawaz

FBR withdraws zero-rate facility to textile unit for no business activity at declared address

May 28

Taxation

FBR withdraws zero-rate facility to textile unit for no business activity at declared address

KARACHI: Federal Board of Revenue (FBR) suspended zero-rated sales tax facility on supply of electricity and gas to a textile unit for not operational at declared place of business activity. The FBR issued Sales Tax General Order (STGO) No. 98 and 99 to withdraw the sales tax zero-rated facility on supply of electricity and gas […]

by Faisal Shahnawaz

FBR urged to extend tax credit to investment in infrastructure

May 28

2019-2020, Budget, Taxation

FBR urged to extend tax credit to investment in infrastructure

KARACHI: Federal Board of Revenue (FBR) has been urged to extend tax credit facility to investment in factory building and manufacturing related infrastructure. Pakistan Tax Bar Association (PTBA) in its tax proposals for budget 2019/2020 said that tax credit under section 65E of Income Tax Ordinance, 2001 is restricted to investment in plant and machinery. […]

by Faisal Shahnawaz

FBR asks refund claimants to open CDC account

May 27

Taxation

FBR asks refund claimants to open CDC account

KARACHI: Federal Board of Revenue (FBR) has asked taxpayers, who opted for a sales tax refund through bonds, to open their accounts with the Central Depository Company (CDC). In an advisory issued on Monday, the FBR said that refund claimants who have opted for sales tax payments through bonds should open investor account with the […]

by Faisal Shahnawaz

May 27

Stock & Commodity

KSE-100 earnings decline by 1.2pc in July – March

KARACHI: The earnings of benchmark KSE-100 index of Pakistan Stock Exchange witnessed a decline of 1.2 percent year on year during July – March 2018/2019. Analysts at Arif Habib Limited said on Monday that based on sectoral weight, this was led primarily by Cements (-7.8 percent YoY; 5.7 percent weight), Oil & Gas Marketing Companies […]

by Faisal Shahnawaz

FBR bans entry of unauthorized persons, Lappoos into custom houses

May 27

Pakistan Customs, Taxation

FBR bans entry of unauthorized persons, Lappoos into custom houses

KARACHI: Federal Board of Revenue (FBR) has restricted entry of unauthorized persons, including privately hired persons by customs officials (Lappoos), into custom houses with immediate effect. In a statement issued on Monday, Pakistan Customs said that FBR chairman Syed Muhammad Shabbar Zaidi ordered the ban on entry of unauthorized persons into customs station in order […]

by Faisal Shahnawaz

Stock market ends flat in range bound activity

May 27

Stock & Commodity

Stock market ends flat in range bound activity

KARACHI: The stock market ended flat on Monday in range bound trading activities. The Index closed at 35,697 points as against 35,704 points showing a slight decline of 6 points. Analysts at Arif Habib Limited said that market traded range bound between -93 points and +188 points. The volumes on Al Shares Index withered as […]

by Faisal Shahnawaz

Rupee makes significant gain against dollar

May 27

Money & Banking

Rupee makes significant gain against dollar

KARACHI: The rupee made gain of Rs1.40 paisas against dollar on Monday in interbank foreign exchange market. The rupee ended Rs149.80 to the dollar as compared with last Friday’s closing of Rs151.20 in interbank foreign exchange market. The interbank foreign exchange market on Monday initiated in the range between Rs 150.60 and 150.90. The market […]

by Faisal Shahnawaz

FBR suggested reduced corporate tax rate for job creation

May 27

2019-2020, Budget, Taxation

FBR suggested reduced corporate tax rate for job creation

KARACHI: Federal Board of Revenue (FBR) has been suggested to reduce corporate tax rate by one percent for companies creating 50 or more new jobs in a year. Pakistan Business Council (PBC) in its tax proposals for budget 2019/2020 suggested the government to reduce tax rate for companies creating more jobs during a year. “One […]

by Faisal Shahnawaz

Pakistan, China sign four CPEC agreements to boost bilateral cooperation

May 26

Finance, National

Pakistan, China sign four CPEC agreements to boost bilateral cooperation

ISLAMABAD: Pakistan and China on Sunday signed four agreements under China Pakistan Economic Corridor (CPEC) in order to further enhance bilateral cooperation. The signing ceremony was held here during the three-day visit of Chinese Vice President Wang Qishan, who arrived earlier in the day along with a high level delegation. Prime Minister Imran Khan and […]

by Faisal Shahnawaz