Aug 5

Disbursement of agriculture loans grows by 21 percent: SBP

KARACHI: The disbursement of agriculture loan has registered 21 percent growth to Rs1,174 billion in 2018/2019 as compared with Rs972.6 billion in the preceding fiscal year, State Bank of Pakistan (SBP) said on Monday. However, banks have missed the disbursement target of Rs1,250 billion set by Agricultural Credit Advisory Committee for 2018-2019, the central bank […]

by Mrs. Anjum Shahnawaz

KCCI seeks 90-day extension for clearance relaxation in printing retail price

Aug 5

Trade & Industry

KCCI seeks 90-day extension for clearance relaxation in printing retail price

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has urged Federal Board of Revenue (FBR) to extend the relaxation for further 90 days that was given for clearance of imported items without printing of retail price. Junaid Esmail Makda, President, KCCI has requested the FBR to extend the relaxation given for clearance of imported items […]

by Mrs. Anjum Shahnawaz

Share market plunges 1.53 percent on border tension

Aug 5

Stock & Commodity

Share market plunges 1.53 percent on border tension

KARACHI: The share market plunged by 1.53 percent on Monday due to spike in tension between Pakistan and India at Line of Control (LoC). The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,181 points as against 31,666 points showing a decline of 486 points. Analysts at Topline Securities said that KSE-100 index […]

by Mrs. Anjum Shahnawaz

Rupee continues to make recovery against dollar

Aug 5

Money & Banking

Rupee continues to make recovery against dollar

KARACHI: The Pak Rupee continued to make recovery and gained 18 paisas against dollar on Monday owing to inflows under home remittances for Eid related expenses. The rupee ended Rs158.94 to the dollar as compared with Rs159.12 in interbank foreign exchange market. The rupee started recovery against the dollar during the last week and continued […]

by Mrs. Anjum Shahnawaz

2019/2020: Withholding tax rates issued on payment for goods and services

Aug 5

2019-2020, Budget, Taxation

2019/2020: Withholding tax rates issued on payment for goods and services

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates on payment for goods and services during tax year 2019/2020 under Section 153 of Income Tax Ordinance, 2001. The FBR said that every prescribed person shall collect withholding tax under Section 153 of Income Tax Ordinance, 2001 from resident persons and permanent establishment in […]

by Mrs. Anjum Shahnawaz

FBR issues withholding tax rates on cash, online banking transactions

Aug 4

2019-2020, Budget, Taxation

FBR issues withholding tax rates on cash, online banking transactions

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 and prescribed the rate of withholding income tax to be deducted/collected on transactions made through banking system either by cash or online transfers.

by Mrs. Anjum Shahnawaz

RTO Karachi launches crackdown against tax evaders in car sale, purchase business

Aug 3

Taxation

RTO Karachi launches crackdown against tax evaders in car sale, purchase business

KARACHI: Regional Tax Office (RTO)-II Karachi has launched crackdown against tax evaders engaged in business of car sale, purchase and service. The Broadening of Tax Base (BTB) Zone of RTO-II Karachi has launched action against tax evaders in automobile industry including persons own automobile showrooms, auto parts dealers, sellers, automobile workshops, car service center, sources […]

by Mrs. Anjum Shahnawaz

FBR explains federal excise duty on edible oils

Aug 3

2019-2020, Budget, Taxation

FBR explains federal excise duty on edible oils

ISLAMABAD: Federal Board of Revenue (FBR) has issued explanation to implementation of federal excise duty on edible oils. The FBR issued change in regime of FED on ghee and cooking / edible oils introduced through Finance Act, 2019 and applicable from July 01, 2019: FED on ghee and edible oils was payable at 16 percent […]

by Mrs. Anjum Shahnawaz

Aug 3

Stock & Commodity

Weekly Review: Rupee gain to boost investors confidence

KARACHI: The recent gain in rupee value may boost the confidence of investors at the stock market. However, they said that the market to remain range bound due to lack of positive triggers in upcoming week followed by feeble results of cyclical sectors. Analysts at Arif Habib Limited said that recent appreciation of PKR against […]

by Mrs. Anjum Shahnawaz

Aug 3

Taxation

SRB extends date for payment, e-filing

KARACHI: Sindh Revenue Board (SRB) on Friday extended last date for payment of sales tax on services and filing of tax return for tax period of July 2019. The SRB issued Circular No. 03/2019 to extend the last date for e-deposit of Sindh sales tax and for e-filing of tax return for the tax period […]

by Mrs. Anjum Shahnawaz