FBR reminds banks of providing complete information of account holders

Oct 28

Taxation

FBR reminds banks of providing complete information of account holders

ISLAMABAD: Federal Board of Revenue (FBR) has issued reminder to banks for complying with the certain regulatory regime and provide complete information of account holders. Chairman Federal Board of Revenue (FBR) Syed Muhammad Shabbar Zaidi issued a letter to the Heads of all banks wherein reference to the earlier sent letter dated October 1, 2019 […]

by Mrs. Anjum Shahnawaz

SBP forecasts subdued growth with high inflation

Oct 28

Finance

SBP forecasts subdued growth with high inflation

KARACHI: State Bank of Pakistan (SBP) on Monday forecast subdued GDP growth with high inflation for the current fiscal year. The central bank in its Annual Report 2018/2019 (State of the Economy), said that macroeconomic stabilization will continue to be the cornerstone of economic policies during 2019/2020. Real GDP growth is likely to remain subdued, […]

by Mrs. Anjum Shahnawaz

FBR bars officials from interacting with taxpayers; notification issued

Oct 28

Taxation

FBR bars officials from interacting with taxpayers; notification issued

ISLAMABAD: As per the directives of Syed Shabbar Zaidi, chairman, Federal Board of Revenue (FBR), an official notification has been issued on Monday to bar tax officials from direct interaction with taxpayers. The official memorandum sent to offices of Inland Revenue and Pakistan Customs, the FBR said that the ban has been imposed keeping in […]

by Mrs. Anjum Shahnawaz

Stock market gains 204 points in mixed trading activities

Oct 28

Stock & Commodity

Stock market gains 204 points in mixed trading activities

KARACHI: The stock market gained 204 points on Monday in mixed trading activities during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,862 points as against 33,657 points showing an increase of 204 points. Analysts at Arif Habib Limited said that end of rollover week saw market activity picking pace […]

by Mrs. Anjum Shahnawaz

Rupee gains four paisas amid dollar demand

Oct 28

Money & Banking

Rupee gains four paisas amid dollar demand

KARACHI: The Pak Rupee gained four paisas against dollar on Monday amid higher demand for import and corporate payments. The rupee ended at Rs155.85 to the dollar from last Friday’s closing of Rs155.89 in interbank foreign exchange market. Currency experts said that the rupee was under pressure during the day owing to higher demand for […]

by Mrs. Anjum Shahnawaz

PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

Oct 28

Corporate, Energy

PPL announces highest-ever Rs61.6 billion after tax profit with record 11 discoveries

KARACHI: Pakistan Petroleum Limited (PPL) has posted the highest-ever Rs61.6 billion after tax profit with a record number of 11 discoveries during financial year ended June 30, 2019. This was disclosed at the 68th Annual General Meeting of PPL that was held on Monday. Members approved financial statement for the fiscal year ended June 30, […]

by Mrs. Anjum Shahnawaz

Income tax return filing rises to record high of 2.66 million

Oct 28

Exclusive, Taxation

Income tax return filing rises to record high of 2.66 million

ISLAMABAD: The income tax return filing has increased to record high of 2.66 million for tax year 2018, according to returns filed up to October 27, 2019 for the said tax year. Officials of Federal Board of Revenue (FBR) attributed the record high to 100 percent higher withholding tax imposed on persons not appearing on […]

by Mrs. Anjum Shahnawaz

SBP issues common red flag indicators for trade based money laundering

Oct 28

Money & Banking

SBP issues common red flag indicators for trade based money laundering

KARACHI: State Bank of Pakistan (SBP) has issued common red flag indicators for banks to take care in avoiding trade based money laundering and terrorist financing. Following are the common Red Flag indicators: i. Obvious over or under/over pricing of goods (significant discrepancies appear between the value of the goods reported on the invoice/EIF/MIF, EFE/MFE, […]

by Mrs. Anjum Shahnawaz