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

FBR may get trade details of past five years from customs clearing agents

Oct 27

Taxation

FBR may get trade details of past five years from customs clearing agents

In a bid to strengthen efforts against money laundering and enhance transparency in trade transactions, the Federal Board of Revenue (FBR) is reportedly considering a directive to customs clearing agents to furnish details of importers and goods declarations filed over the past five years.

by Mrs. Anjum Shahnawaz

Purchase of assets made must through banking instruments

Oct 27

Taxation

Purchase of assets made must through banking instruments

KARACHI: Federal Board of Revenue (FBR) has made mandatory purchase of assets of certain amounts through banking instruments, including crossed cheque or crossed pay order. FBR sources said that in order to discourage undocumented economy the government had made changes in Income Tax Ordinance, 2001 through Finance Act, 2019. A new Section 75A to the […]

by Mrs. Anjum Shahnawaz

Tourists allowed temporary import of vehicles

Oct 27

Pakistan Customs

Tourists allowed temporary import of vehicles

KARACHI: Tourists visiting Pakistan are allowed to import vehicles temporarily with certain conditions under Customs Rules 2001. According to the customs rules, a tourist who imports a vehicle against carnet-de-passage or a bank guarantee may be given delivery thereof by the officer-in-charge of the Customs station of entry without payment of customs-duties for its retention […]

by Mrs. Anjum Shahnawaz

Business community resents detaining export containers ahead of political dharna

Oct 26

Trade & Industry

Business community resents detaining export containers ahead of political dharna

KARACHI: Business community has resented the government move to detain export containers ahead of political rally and Dharna (sit-in) and said it will result in massive trade loss. Muhammad Jawed Bilwani, Chairman Pakistan Apparel Forum stated that the country’s politics must not affect the trade and exports of Pakistan all the exports and cargo containers […]

by Mrs. Anjum Shahnawaz