Salary persons should obtain withholding income tax deduction certificates to get refund/adjustment

KARACHI: Salary persons having above threshold income for tax year 2019 should obtain certificates of withholding tax in order to get refund / adjustment after filing annual income tax returns. There are many provisions of withholding taxes under Income Tax Ordinance, 2001 where withholding agents deduct tax, which are adjustable against tax liability of taxpayers. […]

by Mrs. Anjum Shahnawaz

Sep 14

Stock & Commodity

Weekly Review: market to move on policy rate decision, IMF visit

KARACHI: The stock market will move with the outcome of monetary policy announcement scheduled for Monday September 16, 2019 and expected visit of a delegation of International Monetary Fund (IMF) next week. Analysts at Arif Habib Limited said that the monetary policy committee is scheduled to convene on Monday September 16, 2019 and it is […]

by Mrs. Anjum Shahnawaz

FBR to retest shorthand, typing speed of officials; gives 60 days deadline

Sep 14

Taxation

FBR to retest shorthand, typing speed of officials; gives 60 days deadline

ISLAMABAD: Federal Board of Revenue (FBR) has observed that lethargy of officials working as assistant private secretaries and steno typists is causing problems in speedy and efficient disposal of work. The FBR said that during a drive to check the efficiency of Assistant Private Secretaries (BS-16) and Steno typists (BS-14), working in Inland Revenue field […]

by Mrs. Anjum Shahnawaz

Deposits of Islamic banks grow by 18.8 percent to Rs2,415 billion

Sep 14

Money & Banking

Deposits of Islamic banks grow by 18.8 percent to Rs2,415 billion

KARACHI: Deposits of Islamic banking system has increased by 18.8 percent to Rs2,415 billion by end-June 2019 as compared with Rs2,033 billion a year ago, State Bank of Pakistan (SBP) said on Friday. The SBP in its Islamic Banking Bulletin said that the market share of Islamic banking systems in terms of deposits in overall […]

by Mrs. Anjum Shahnawaz

FBR allows refund, adjustment under abolished sales tax special procedure

Sep 14

Taxation

FBR allows refund, adjustment under abolished sales tax special procedure

ISLAMABAD: Federal Board of Revenue (FBR) has allowed refund and adjustment that are stuck up as sales tax special procedure was abolished through Finance Act, 2019. The FBR on Friday issued Sales Tax General Order (STGO) No. 105 for allowing adjustment / refund of sales tax paid under special procedures. The FBR said that through […]

by Mrs. Anjum Shahnawaz