SECP notifies regulations to promote electronic trading of commodities

Aug 2

Finance

SECP notifies regulations to promote electronic trading of commodities

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has notified regulations to promote warehouse receipt financing and electronic trading of agricultural commodities. The SECP on Friday issued Collateral Management Companies (CMC) Regulations, 2019 under the Companies Act, 2017 to promote warehouse receipt financing and electronic trading of agricultural commodities. Under these Regulations, any public limited […]

by Mrs. Anjum Shahnawaz

FBR extends return filing date up to August 09

Aug 2

Taxation

FBR extends return filing date up to August 09

ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing income tax returns for tax year 218 up to August 09, 2019. The FBR on Friday issued Circular No. 09 for extension in date of filing of income tax returns/statements for tax year 2018. The FBR announced to further extend the last […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 173 on selling pressure

Aug 2

Stock & Commodity

Stock market ends down by 173 on selling pressure

KARACHI: The stock exchange fell by 173 points on Friday owing to selling pressure witnessed in major scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,666 points as against 31,839 points showing a decline of 173 points. Analysts at Arif Habib Limited said that following the trend of past 3 months, […]

by Mrs. Anjum Shahnawaz

FBR issues tax rates for income from immovable properties

Aug 2

Taxation

FBR issues tax rates for income from immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has issued withholding tax rate on rental income of immovable properties, which are applicable from July 01, 2019. The FBR issued withholding tax card for tax year starting July 01, 2019, and said that every prescribed persons (withholding agents) shall collect withholding tax under Section 155 of Income Tax […]

by Mrs. Anjum Shahnawaz

Aug 2

Money & Banking

Eid related inflow helps rupee to gain

KARACHI: The Pak Rupee gained 30 paisas against dollar on Friday as overseas Pakistanis were sending remittances to their relatives for Eid related expenses. The rupee closed at Rs159.12 to the dollar from previous day’s closing of Rs159.42 in interbank foreign exchange market. The local currency recovered around Rs1.47 against the dollar during past five […]

by Mrs. Anjum Shahnawaz

Headline inflation increases by 10.3pc in July 2019

Aug 2

Finance

Headline inflation increases by 10.3pc in July 2019

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 10.3 percent on year-on-year basis in July, 2019, said Pakistan Bureau of Statistics (PBS) on Thursday. The inflation has been increased as compared to an increase of 8.9 percent in the previous month and 5.8 percent in July 2018. On month-on-month basis, […]

by Mrs. Anjum Shahnawaz

FBR issues simplified draft return, wealth statement forms for traders

Aug 2

Taxation

FBR issues simplified draft return, wealth statement forms for traders

ISLAMABAD: Federal Board of Revenue (FBR) has issued simplified tax return and wealth statement forms for traders in order to resolve problems of traders regarding tax compliance. The FBR on Thursday issued draft simplified scheme for traders and stated that the scheme has been prepared after having practical research and discussion on the subject and […]

by Mrs. Anjum Shahnawaz

FBR issues draft income tax rules for small shopkeepers

Aug 1

Taxation

FBR issues draft income tax rules for small shopkeepers

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued draft rules for small shopkeepers to pay income tax and file annual returns. The FBR defined ‘Small Shopkeeper’ as an individual where the business is carried out at a premises having covered area less than 300 square feet but does not include a shopkeeper if he […]

by Mrs. Anjum Shahnawaz

Customers advised to pay sales tax only to registered suppliers

Aug 1

Taxation

Customers advised to pay sales tax only to registered suppliers

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that sales tax can only be recovered from customer if the supplier is registered for sales tax purpose. The FBR issued Sales Tax Circular No. 02 of 2019 and said that it was observed in many cases, suppliers of goods and services were charging sales tax […]

by Mrs. Anjum Shahnawaz

FBR issues draft rules for obtaining business license

Aug 1

Taxation

FBR issues draft rules for obtaining business license

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued draft rules for obtaining license which is mandatory for any business, profession or vocation to display. According to draft amendment, the FBR proposed new rules, after Chapter XIII, the following new Chapter to Income Tax Rules, 2002 shall be inserted, namely:— “Chapter XIIIA Obtaining and Issuance […]

by Mrs. Anjum Shahnawaz