Pakistan assures IMF of strengthening taxation on real estate, agriculture income

KARACHI: Pakistan has assured International Monetary Fund (IMF) of removing distortion in taxation system and strengthening taxation on real estate and agriculture income. The IMF on Monday issued country report on Pakistan after successful $6 billion loan program. The report said that a large deficit would require aggressive revenue collection. A multi-year effort will aim […]

by Mrs. Anjum Shahnawaz

FBR urged to allow filing amnesty scheme declarations

Jul 8

Taxation

FBR urged to allow filing amnesty scheme declarations

KARACHI: Federal Board of Revenue (FBR) has been urged to allow those persons to file their declarations who have paid duty and taxes under amnesty scheme 2019 by due date. Karachi Tax Bar Association (KTBA) on Monday wrote another letter to the chairman of FBR. Earlier, the bar sent letter on July 04, 2019 on […]

by Mrs. Anjum Shahnawaz

FBR rescinds 42 non-operational sales tax general orders

Jul 8

Taxation

FBR rescinds 42 non-operational sales tax general orders

ISLAMABAD: Federal Board of Revenue (FBR) on Monday rescinded 42 non-operational Sales Tax General Orders (STGOs). The FBR issued STGO 101/2019 and rescinded the following STGOs being non-operational, transposed to Sales tax Act, 1990 or Sales Tax Rules, 2006, with immediate effect: 01. STGO No. 03/2004, Dated 12th June, 2004 related to consolidation of STGOs; […]

by Mrs. Anjum Shahnawaz

Share market plunges by 447 points on massive selling in energy scrips

Jul 8

Stock & Commodity

Share market plunges by 447 points on massive selling in energy scrips

KARACHI: The share market plunged by 447 points on Monday owing to massive selling in energy scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,742 points as against 34,190 points showing a decline of 447 points. Analysts at Arif Habib Limited said that the market shed points heavily again, after a […]

by Mrs. Anjum Shahnawaz

Jul 8

Money & Banking

Rupee falls by 37 paisas against dollar

KARACHI: The Pak Rupee fell by 37 paisas against dollar on Monday owing to higher demand for import and corporate payments. The rupee ended Rs157.32 to the dollar from last Friday’s closing of Rs156.95 in interbank foreign exchange market. The foreign currency market was initiated in the range of Rs157.00 and Rs157.50. The market recorded […]

by Mrs. Anjum Shahnawaz

Reduced sales tax rates on supply of gold, jewelry imposed

Jul 8

2019-2020, Budget, Taxation

Reduced sales tax rates on supply of gold, jewelry imposed

KARACHI: Federal Board of Revenue (FBR) has brought gold, jewelry and other precious articles into sales tax ambit by introducing reduced rates on supplies. Through Finance Act, 2019, the amendment has been introduced to Eight Schedule of Sales Tax Act, 1990 to bring gold, jewelry and other precious articles into sales tax net. According to […]

by Mrs. Anjum Shahnawaz