KARACHI: Sales tax rules have defined method for determination of input tax claimed by registered persons. According to rule 25 of Sales Tax Rules 2006, input tax paid on raw materials relating wholly to the taxable supplies shall be admissible under the law. Input tax paid on raw materials relating wholly to exempt supplies shall […]
KARACHI: State Bank of Pakistan (SBP) on Wednesday directed banks to implement International Financial Reporting Standard on Financial Instruments i.e. IFRS 9 from January 01, 2021. The International Accounting Standards Board (IASB) issued International Financial Reporting Standard on Financial Instruments i.e. IFRS 9 effective from January 1, 2018. IFRS 9 has introduced an expected credit […]
KARACHI: Consul General of Iran Ahmad Mohammadi has said that there is a huge potential to enhance bilateral trade and economic relations between Iran and Pakistan in a variety of subjects but there are also some difficulties hindering smooth trade between the two brotherly countries that need to be addressed, of which the lack of […]
KARACHI: The stock market gained 241 points on Wednesday after ease in tension on political front. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,440 points as against 33,199 points showing an increase of 241 points. Analysts at Arif Habib Limited said that the market responded positively to an earlier rumor of […]
KARACHI: The Pak Rupee ended flat against dollar on Wednesday in range bound trading activity. The rupee ended Rs155.89 to the dollar from previous day’s closing of Rs155.88 in interbank foreign exchange market. The foreign currency market was initiated in the range of Rs155.88 and Rs155.90. The market recorded day high of Rs155.93 and low […]
KARACHI: The Pakistan Stock Exchange (PSX) has announced 15.76 percent growth in net profit for the three month period ended September 30, 2019. According to financial result announced by the PSX, the profit after taxation of the stock market grew to Rs31.46 million for the quarter ended September 30, 2019 as compared with Rs27.178 million […]
KARACHI: Model Customs Collectorate (Preventive) Quetta has announced auction of huge number of confiscated vehicles mostly impounded during current year to be held on October 17, 22 & 28, 2019. The collectorate has scheduled to auction of 88 vehicles at various places. Following is the list of vehicles: 1 Toyota Fielder car Chassis No.NZE121-0293306 Engine […]
ISLAMABAD: Federal Board of Revenue (FBR) has decided to audit sales tax refunds by establishing ‘refund division’ at all Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs). According to amended Sales Tax Rules, 2006 issued by the FBR the Rule 27 has been amended to establish Centralized Sales Tax Refund Office (CSTRO), Refund Division […]
KARACHI: Pakistan Customs has issued travel guide for persons departing to or arriving from abroad regarding clearance of goods under prevailing laws. GREEN CHANNEL Green Channel, as the color signifies, means freely passing without any Customs formalities. This is for the passengers who do not posses articles or goods that are restricted or in excess […]