Resident having foreign income above $10,000 required to file return, wealth statement

Sep 26

Taxation

Resident having foreign income above $10,000 required to file return, wealth statement

KARACHI: A resident person having foreign income of above $10,000 is required to income tax return and wealth statement from tax year 2019 and onwards. According to officials of Federal Board of Revenue (FBR) the income tax return and wealth statement filing had been made mandatory for a Pakistani individual having foreign income above $10,000 […]

by Mrs. Anjum Shahnawaz

FATC Cell established at FBR Chairman office

Sep 25

Taxation

FATC Cell established at FBR Chairman office

ISLAMABAD: A cell of Financial Action Task Force (FATF) has been established at the office of Chairman, Federal Board of Revenue (FBR) Headquarter, Islamabad to ensure timely completion of FATF related issues, a notification said on Wednesday. The FATF CELL will serve as focal point for all activities related to FBR’s compliance to FATF issues. […]

by Mrs. Anjum Shahnawaz

Customs Preventive announces auction of used cars on September 26

Sep 25

Pakistan Customs

Customs Preventive announces auction of used cars on September 26

KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has announced public auction of used vehicles on September 26, 2019 to be held at Anti-Smuggling Organization (ASO) Headquarters, NMB Wharf, Ghass Bandar, East Wharf, Karachi. Following used vehicles to be presented for auction: 01. Toyota Lexus Car, Reg No. US-868, Model 2006, Chassis No. JTHBG963905034702 02. Toyota […]

by Mrs. Anjum Shahnawaz

Stock market remains traded in narrow range; ends down by 264 points

Sep 25

Stock & Commodity

Stock market remains traded in narrow range; ends down by 264 points

KARACHI: The stock market ended down by 264 points on Wednesday as market continued trading in narrow range. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,565 points as against 31.829 points showing a decline of 264 points. Analysts at Arif Habib Limited said that the market continued trading in a narrow […]

by Mrs. Anjum Shahnawaz

Sep 25

Money & Banking

Rupee ends flat in range bound activity

KARACHI: The Pak Rupee ended flat against dollar on Wednesday in range bound trading activity. The rupee ended Rs156.17 to the dollar from previous day’s closing of Rs156.16 in interbank foreign exchange market. Currency experts said that the rupee was remained stable during the day as no significant demand was seen for the greenback by […]

by Mrs. Anjum Shahnawaz

Provinces collect Rs7.03 billion as property tax

Sep 25

Taxation

Provinces collect Rs7.03 billion as property tax

ISLAMABAD: The province have collected Rs7.03 billion as property tax during fiscal year 2018/2019 as compared with Rs5.55 billion in the preceding fiscal year, showing growth of 26.57 percent, according to details issued by the federal finance ministry. The collection of property tax is provincial jurisdiction and the provinces collected the tax on rental of […]

by Mrs. Anjum Shahnawaz

Hascol Petroleum gets license for lube oil blending plant operation

Sep 25

Corporate, Energy

Hascol Petroleum gets license for lube oil blending plant operation

KARACHI: The Oil and Gas Regulatory Authority (OGRA) has granted license to Hascol Lubricants (Private) Limited to start commercial operations of the lube oil blending plant located at Port Qasim Authority, company official said on Wednesday. Hascol Lubricants (Private) Limited is the wholly owned subsidiary of Hascol Petroleum Limited. The company said that the blending […]

by Mrs. Anjum Shahnawaz

FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

Sep 25

Taxation

FBR detects huge gap in indirect revenue collection; launches sales tax, federal excise monitoring

ISLAMABAD: Federal Board of Revenue (FBR) has launched monitoring of sales tax and federal excise duty following huge gap detected in indirect revenue collection. “There appear to be a big gap between actual collection of sales tax / federal excise and its true potential,” the FBR said in a communication sent to all Chief Commissioners […]

by Mrs. Anjum Shahnawaz

KCCI’s president, other office bearers elected unopposed

Sep 24

Trade & Industry

KCCI’s president, other office bearers elected unopposed

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) notified on Tuesday that all three candidates for the post of Office bearers from Businessmen Group (BMG) namely Agha Shahab Khan, Arshad Islam and Shahid Ismail have been elected unopposed as President, Senior Vice President and Vice President respectively for the year 2019-2020. Expressing gratitude to […]

by Mrs. Anjum Shahnawaz

Complete record of destruction of banknotes available: SBP

Sep 24

Money & Banking

Complete record of destruction of banknotes available: SBP

KARACHI: State Bank of Pakistan (SBP) on Tuesday said it has all the records related to destructed old design Rs500 banknotes. The central bank also denied media report about record missing of such banknotes. In a statement, the SBP said that apropos news item appearing in a section of media regarding unavailability of record pertaining […]

by Mrs. Anjum Shahnawaz