FBR says file income tax return before expiry date to avoid three-year jail term

Sep 26

Taxation

FBR says file income tax return before expiry date to avoid three-year jail term

ISLAMABAD: Federal Board of Revenue (FBR) has said that non-filers of income tax returns may face jail term up to three years. The FBR in its ongoing campaign for return filing for tax year 2019, said on Thursday that non-filing of income tax return is an offence and besides other fine and penalties the non-compliant […]

by Mrs. Anjum Shahnawaz

Peshawar customs announces auction of confiscated mobile phones on Sept 27

Sep 26

IT & Telecom, Pakistan Customs

Peshawar customs announces auction of confiscated mobile phones on Sept 27

ISLAMABAD: Model Customs Collectorate (MCC) Peshawar has announced public auction of confiscated mobile phones to be held on September 27, 2019 at State Warehouse. Following mobile phones will be offered for the auction: 01. 55 pieces of SAMSUNG GALAXY CORE 2 DUOS (22 pieces) and SAMSUNG GALAXY J1 (33 pieces) 02. 53 pieces SAMSUNG GALAXY […]

by Mrs. Anjum Shahnawaz

Pakistan’s forex reserves decrease by $125 million

Sep 26

Finance

Pakistan’s forex reserves decrease by $125 million

KARACHI: The liquid foreign exchange reserves of the country fell by $125 million to $15.773 billion by week ended September 20, 2019, State Bank of Pakistan (SBP) said on Thursday. The total foreign exchange reserves of the country a week ago were at $15.898 billion. The foreign exchange reserves held by the SBP declined by […]

by Mrs. Anjum Shahnawaz

Inland Revenue offices to remain open till midnight on Sept 30 for tax collection

Sep 26

Taxation

Inland Revenue offices to remain open till midnight on Sept 30 for tax collection

ISLAMABAD: All the offices of Inland Revenue will remain open till 12:00 midnight on September 30, 2019 for the collection of duty and taxes and facilitate income tax return filing. The Federal Board of Revenue (FBR) on Thursday issued an office order directing all the chief commissioners of Large Taxpayers Units (LTUs)/Regional Tax Offices (RTOs) […]

by Mrs. Anjum Shahnawaz

Stock markets ends down 131 points on adjustments

Sep 26

Stock & Commodity

Stock markets ends down 131 points on adjustments

KARACHI: The stock market ended down by 131 points due to adjustments in blue chip scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,434 points as against 31,565 points showing a decline of 131 points. Analysts at Arif Habib Limited said that the market has been trading in a narrow range […]

by Mrs. Anjum Shahnawaz

Rupee eases by two paisas on higher corporate payments

Sep 26

Money & Banking

Rupee eases by two paisas on higher corporate payments

KARACHI: The Pak Rupee eased by two paisas against dollar on Thursday owing to higher demand for import and corporate payments. The rupee ended Rs156.19 to the dollar from previous day’s closing of Rs156.17 in interbank foreign exchange market. Currency experts said that due the quarter ending the foreign companies were repatriating profits to their […]

by Mrs. Anjum Shahnawaz

Banks to observe extended working hours on Sept 30 for tax collection: SBP

Sep 26

Money & Banking

Banks to observe extended working hours on Sept 30 for tax collection: SBP

KARACHI: The State Bank of Pakistan (SBP) on Thursday said the banks will observe extended working hours on September 30, 2019 to facilitate collection of duty and taxes on the last day of first quarter of current fiscal year In order to facilitate the collection of Government receipts / duties / taxes, it has been […]

by Mrs. Anjum Shahnawaz

FBR urges taxpayers for return filing by due date to get ATL status

Sep 26

Taxation

FBR urges taxpayers for return filing by due date to get ATL status

KARACHI: Federal Board of Revenue (FBR) on Thursday urged individuals/companies to file their annual returns by due date in order to get their names into Active Taxpayers List (ATL). According to recent changes to Income Tax Ordinance, 2001 only return filers by due date are eligible to get their names into the ATL. The last […]

by Mrs. Anjum Shahnawaz

K-Electric awards contract to set up 900MW power plant

Sep 26

Corporate, Energy, Stock & Commodity

K-Electric awards contract to set up 900MW power plant

KARACHI: K-Electric – power generation, transmission and distribution company – has awarded a contract to establish 900MW power plant with estimated cost of around $425 million, an announcement said on Thursday. According to information shared with Pakistan Stock Exchange (PSX) the power company said that the board of directors at its emergent meeting held on […]

by Mrs. Anjum Shahnawaz

Transfer of funds through misdeclaration included into punishable offences

Sep 26

Pakistan Customs

Transfer of funds through misdeclaration included into punishable offences

KARACHI: Federal Board of Revenue (FBR) has included illegal transfer of funds through mis-declaration into the list of punishable offences. The FBR issued Customs Act, 1969 updated June 30, 2019 incorporating changes brought through Finance Act, 2019. The customs officials said that a new section 32C was introduced to Customs Act, 1969 through Finance Act, […]

by Mrs. Anjum Shahnawaz