ISLAMABAD: Federal Board of Revenue (FBR) on Monday said that refunds will be issued only on stock statement declared by sales tax registered persons. The FBR issued Sales Tax Circular No. 04 of 2019 to explain the issuance of refund payment under FASTER refund module. The FBR said that refund will be processed on the […]
KARACHI: State Bank of Pakistan (SBP) on Monday said that the asset quality of banking sector weakened owing to Rs88.3 billion or 13 percent increase in Non-Performing Loans (NPLs). In its Mid-Year Performance Review of the Banking Sector (January – June 2019), the SBP said that the asset quality of the banking sector weakened during […]
KARACHI: State Bank of Pakistan (SBP) on Monday directed banks to ensure compliance related to employment quota for persons with disabilities. In a notification, the SBP directed all banks, Microfinance banks and Development Finance Institutions to ensure compliance with the relevant law as amended from time to time. The SBP said that the Disable Persons’ […]
KARACHI: Prime Minister Imran Khan on Monday inaugurated CPHGC 1320MW Coal-fired Power Plant, Hub, Balochistan and said that more collaborations on the same pattern may be seen in future. The prime minister said that the government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors. Addressing inaugural ceremony of China Hub Power […]
KARACHI: The stock market fell 785 points on Monday owing to decision of Financial Action Task Force (FATF) an its warning on compliance by February 2020. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,085 points as against 33,870 points showing a decline of 785 points. Analysts at Arif Habib Limited said […]
KARACHI: The Pak Rupee ended stable against dollar on Monday despite higher demand for import and corporate payments. The rupee ended Rs155.91 to the dollar, the same level of last closing on last Friday’s, in interbank foreign exchange market. Currency dealers said that earlier in the day the demand for import and corporate payment was […]
KARACHI: The withholding tax collected on winning of prize bond shall be final tax liability either it is collected from person appeared on Active Taxpayers List (ATL) or not. Sources in Federal Board of Revenue (FBR) said that the withholding tax collected on winning of prize bonds may not be adjusted against the total tax […]
KARACHI: Federal Board of Revenue (FBR) said invoices issued by a person prior or after blacklisting for sales tax will not be entertained for refunds or input adjustment. The FBR issued Sales Tax Act, 1990 updated till June 30, 2019 incorporating amendments brought through Finance Act, 2019. Section 21 of the Act explained blacklisting and […]