SRB suspends sales tax registration of Burshane Petroleum

Nov 27

Energy, Taxation

SRB suspends sales tax registration of Burshane Petroleum

KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Burshane Petroleum Private Limited for defaulting payments for eight months and non-compliance of return filing for the same period. The SRB in a notice of suspension, said that short declaration of sales and non-payment of sales tax on services is contravention of Sales […]

by Mrs. Anjum Shahnawaz

Overseas Pakistanis to be allowed bring duty-free hybrid vehicles

Nov 27

National

Overseas Pakistanis to be allowed bring duty-free hybrid vehicles

ISLAMABAD: In order to recognize the services of overseas Pakistanis, the government is considering to allow bringing duty-free hybrid vehicles into the country. A statement said that the Ministry of Overseas Pakistan has proposed a major reward for Overseas Pakistanis in recognition of their services for the country and for their enduring convenience abroad. The […]

by Mrs. Anjum Shahnawaz

Inflation cannot be controlled through high policy rate: FPCCI

Nov 27

Trade & Industry

Inflation cannot be controlled through high policy rate: FPCCI

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Wednesday said that inflation in Pakistan is cost push and it cannot be controlled through tight monetary policy stance. FPCCI President Engr. Daroo Khan Achakzai in a statement said that the State Bank of Pakistan (SBP) had kept the high interest rate due to […]

by Mrs. Anjum Shahnawaz

Only return filers allowed to claim income tax refunds

Nov 27

Taxation

Only return filers allowed to claim income tax refunds

KARACHI: Only those taxpayers have been allowed to claim income tax refunds, who filed their income tax returns electronically, officials at Federal Board of Revenue (FBR) said. Refund can be only claimed if the person has filed their income tax return electronically. A manual Return does not entitle you to a refund, the officials said. […]

by Mrs. Anjum Shahnawaz

Stock market gains 328 points as court proceedings on extension continue

Nov 27

Stock & Commodity

Stock market gains 328 points as court proceedings on extension continue

KARACHI: The stock market gained 328 points on Wednesday despite ongoing court proceedings related to tenure extension of the army chief. The benchmark KSE-100 index closed at 38,123 points as against 37,795 points showing an increase of +328 points. Analysts at Arif Habib Limited said that the political uncertainty took center stage since yesterday, when […]

by Mrs. Anjum Shahnawaz

Rupee ends stable amid lower import payment demand

Nov 27

Money & Banking

Rupee ends stable amid lower import payment demand

KARACHI: The Pak Rupee ended stable against dollar on Wednesday amid lackluster trading activities. The rupee ended Rs155.33 to the dollar from previous day’s closing of Rs155.34 in interbank foreign exchange market. Currency dealers said that dollar demand was remained lower for import and corporate payments. The foreign currency market was initiated in the range […]

by Mrs. Anjum Shahnawaz

Properly filled stock statement to ensure refund in 72 hours: FBR

Nov 27

Taxation

Properly filled stock statement to ensure refund in 72 hours: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that property filled stock statement will ensure processing of sales tax refunds within 72 hours. The FBR said that properly filled Annex-H, which is form to provide details of stock statement, without objections and anomalies of data will ensure processing in 72 hours. The FBR said that […]

by Mrs. Anjum Shahnawaz

Tax return filing not mandatory for widow, orphan, disabled persons

Nov 27

Taxation

Tax return filing not mandatory for widow, orphan, disabled persons

KARACHI: Filing of income tax return is not mandatory for persons including widow, orphan and disabled persons for sole reasons mentioned in the Income Tax Ordinance, 2001. Officials of Federal Board of Revenue (FBR) on Tuesday said that the Section 115 of Income Tax Ordinance, 2001 categorized persons, who are not required to file income […]

by Mrs. Anjum Shahnawaz