Jul 4

Rupee continues recovery against dollar on fourth consecutive trading sessions

KARACHI: The Pak Rupee continued its recovery against dollar on Thursday amid approval of IMF loan program for Pakistan. PublishJuly 4, 2019 6:10 pm The rupee gained another Rs1.08 to end at Rs156.57 the dollar as compared with previous day’s closing of Rs157.65 interbank foreign exchange market. The rupee made gains for the fourth consecutive […]

by Mrs. Anjum Shahnawaz

Largest share offering: Hubco raises Rs7 billion through right shares

Jul 4

Corporate, Stock & Commodity

Largest share offering: Hubco raises Rs7 billion through right shares

KARACHI: The largest independent power producer of Pakistan, Hub Power Company Limited (HUBCO) has issued right shares and raised an amount of Rs7 billion from Pakistan Stock Exchange (PSX), a statement said on Thursday. The Right Share is priced at Rs50 per share and the company has issued 140 million shares, as decided by the […]

by Mrs. Anjum Shahnawaz

FBR updates exchange rates for late payment by amnesty declarants

Jul 4

Taxation

FBR updates exchange rates for late payment by amnesty declarants

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday updated daily exchange rates at Rs158.13 to the dollar for payment of taxes under Asset Declaration Scheme 2019 for those persons, who filed their declarations but failed to pay by due date. The Asset Declaration Scheme 2019 was announced for around one month and it was expired […]

by Mrs. Anjum Shahnawaz

FBR to question source of foreign remittances above Rs5 million

Jul 4

2019-2020, Budget, Taxation

FBR to question source of foreign remittances above Rs5 million

ISLAMABAD: Federal Board of Revenue (FBR) will question the sources for all those foreign remittances exceeding Rs5 million in a year, which are transferred through normal banking channels. The government has tightened the unexplained inflows by making amendment to Income Tax Ordinance, 2001 through Finance Act, 2019. In the past the inflows of foreign remittances […]

by Mrs. Anjum Shahnawaz

Jul 4

Finance

IMF approves $6 billion loan for Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has approved a 39-month extended arrangement for Pakistan under which the country will get $6 billion to support the economic reform program, said a statement. After approval of the loan under Extended Fund Facility (EFF) by the Executive Board of IMF, Pakistan is now eligible to immediately receive first […]

by Mrs. Anjum Shahnawaz

Finance Act 2019: SBP to assist Customs against illegal fund transfers

Jul 3

2019-2020, Budget, Pakistan Customs, Taxation

Finance Act 2019: SBP to assist Customs against illegal fund transfers

ISLAMABAD: State Bank of Pakistan (SBP) will assist customs authorities in prevention of illegal inward or outward transfers of funds. According to Finance Act, 2019 a new Section 32C has been inserted to Customs Act, 1969, which stated: “32C. Mis-declaration of value for illegal transfer of funds into or out of Pakistan.- (1) Without prejudice […]

by Mrs. Anjum Shahnawaz

FBR warns officials of disciplinary action for working as private consultants

Jul 3

Taxation

FBR warns officials of disciplinary action for working as private consultants

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday warned officials against working as private tax consultant while in government service. The FBR has noticed that certain officials of FBR and its field formations were indulged in private practice including tax and legal consultancy. “This practice is against the rules as it compromises their official status […]

by Mrs. Anjum Shahnawaz

Stock market gains 589 points on successful IMF deal expectations

Jul 3

Stock & Commodity

Stock market gains 589 points on successful IMF deal expectations

KARACHI: The stock market gained 589 points on Wednesday on positive expectations of IMF deal conclusion. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,897 points as against 34,307 points showing an increase of 589 points. Analysts at Arif Habib Limited said that KSE-100 index increased again by around 631 points during […]

by Mrs. Anjum Shahnawaz

Rupee gains another 44 paisas against dollar

Jul 3

Money & Banking

Rupee gains another 44 paisas against dollar

KARACHI: The Pak Rupee gained another 44 paisas against dollar on Wednesday amid hope of successful IMF loan program. The rupee ended at Rs157.62 to the dollar from previous day’s close of Rs158.06 in interbank foreign exchange market. The rupee witnessed record low at Rs164.05 to the dollar on June 27. However, since then the […]

by Mrs. Anjum Shahnawaz

Token tax remains unchanged; non-ATL to pay double amount: FBR

Jul 3

2019-2020, Budget, Taxation

Token tax remains unchanged; non-ATL to pay double amount: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has clarified that it has not changed token payment and registration of cars in the budget 2019/2020. In a statement, the FBR strongly rebutted the perception that rate of tax has been changed in the Financial Budget-2019 for the token payment and registration of cars. After verification it was […]

by Mrs. Anjum Shahnawaz