Jul 6

FBR extends application of locally manufactured goods list up to June 2020 for exemption, concessions

ISLAMABAD: Federal Board of Revenue (FBR) has extended the application the list of locally manufacturing goods up to June 30, 2020 for the purpose of allowing concession and exemption at customs clearance stage. The FBR issued Customs General Order (CGO) No. 09 dated July 02, 2019 to amend previous CGOs where the list was applicable […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 381 points on selling pressure

Jul 6

Stock & Commodity

Stock market ends down by 381 points on selling pressure

KARACHI: The stock market ended down by 381 points on Friday owing to selling pressure on the last trading of the week. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,190 points as against 34,571 points showing a decline of 381 points. Analysts at Arif Habib Limited said that the market was […]

by Mrs. Anjum Shahnawaz

Rupee weakens by 20 paisas on higher import payment demand

Jul 5

Money & Banking

Rupee weakens by 20 paisas on higher import payment demand

KARACHI: The Pak Rupee ended down by 20 paisas against dollar on Friday due to high demand for import and corporate payments. The rupee ended Rs156.95 to the dollar as compared with last day’s closing of Rs156.75 in nterbank foreign exchange market. During the week the local currency maintained recovery trend against the greenback after […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: FED imposed on all imported vehicles

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: FED imposed on all imported vehicles

KARACHI: The government has imposed federal excise duty on all imported vehicles through Finance Act, 2019, which is inline with the levy of excise duty on locally manufactured vehicles. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, previously, excise duty was leviable only on imported motor vehicles/SUVs having engine […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: CNIC condition for sales tax invoices applicable from August 01

KARACHI: The condition of obtaining CNIC number for unregistered persons at the time of supplies by registered person will be applicable from August 01, 2019. The condition has been proposed to be applicable from July 01, 2019 through Finance Bill 2019. However, through Finance Act, 2019 this condition now will be applicable from August 2019. […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: Capital gain tax on immovable properties exempted on holding period above 8 years

Jul 5

2019-2020, Budget, Taxation

Finance Act 2019: Capital gain tax on immovable properties exempted on holding period above 8 years

KARACHI: The government has exempted the capital gain tax on immovable property where holding period is above eight years. The amendment has been brought through Finance Act, 2019 as it was proposed 10 years through Finance Bill 2019. According to commentary on Finance Act, 2019 by PwC A F Ferguson Chartered Accountants, prior to finance […]

by Mrs. Anjum Shahnawaz

Jul 4

World

US approaches WTO against India’s additional duty measures

ISLAMABAD: The United States has approached the World Trade Organization (WTO) for dispute consultations regarding additional duties imposed by India on various imported goods from the US. A statement issued by the WTO said that the US had requested WTO dispute consultations with India concerning additional duties applied by India on certain imports of US […]

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves increase to $14.443 billion

Jul 4

Finance

Pakistan’s foreign exchange reserves increase to $14.443 billion

KARACHI: The total foreign exchange reserves of Pakistan increased by $92 million to $14.443 billion by week ended June 28, 2019 as compared with $14.351 billion in the previous week, the State Bank of Pakistan (SBP) said on Thursday. The SBP said that during the week ending June 28, 2019, it received inflow of $500 […]

by Mrs. Anjum Shahnawaz

Karachi Chamber demands restoration of sales tax zero rating for export industries

Jul 4

Trade & Industry

Karachi Chamber demands restoration of sales tax zero rating for export industries

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Thursday urged the government to restore sales tax zero-rating for export oriented industries as due to withdrawal of this scheme many industries have shut down their activities. KCCI President Junaid Esmail Makda in a statement expressed deep concerns over the worsening crises being faced by the […]

by Mrs. Anjum Shahnawaz

Share market plunges despite IMF loan approval

Jul 4

Stock & Commodity

Share market plunges despite IMF loan approval

KARACHI: The share market ended down on Thursday despite positive outcome of loan approval by IMF for Pakistan. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,570 points as against 34,897 points showing a decline of 326 points. Analysts at Arif Habib Limited said that ‘buy the rumor, sell the news’ proved […]

by Mrs. Anjum Shahnawaz