Nov 11

Stock market surges by 825 points on policy rate cut hope

KARACHI: The stock market surged by 825 points on Monday owing to expected policy rate cut, MSCI review and reports of deal of the government with PML (N). The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,803 points as against 35,978 points showing an increase of +825 points. Analysts at Arif Habib […]

by Mrs. Anjum Shahnawaz

Karachi Chamber urges PM to honor genuine taxpayers

Nov 11

Trade & Industry

Karachi Chamber urges PM to honor genuine taxpayers

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Monday urged Prime Minister Imran Khan to honor genuine taxpayers instead saying all the countrymen as tax thieves. Chairman Businessmen Group & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli and President KCCI Agha Shahab Ahmed Khan, while disagreeing to PM Imran […]

by Mrs. Anjum Shahnawaz

Rupee gains three paisas amid higher import payment demand

Nov 11

Money & Banking

Rupee gains three paisas amid higher import payment demand

KARACHI: The Pak Rupee gained three paisas against dollar on Monday despite higher demand for import and corporate payments. The rupee ended Rs155.44 to the dollar from last Friday’s closing of Rs155.47 in interbank foreign exchange market. Currency dealers said the market witnessed higher dollar demand earlier in the day because the market opened after […]

by Mrs. Anjum Shahnawaz

Tax rules for computation of profits, gains of insurance business

Nov 11

Taxation

Tax rules for computation of profits, gains of insurance business

KARACHI: Federal Board of Revenue (FBR) has issued updated rules for the computation of profits and gains of the insurance business under Income Tax Ordinance, 2001. The FBR recently updated Income Tax Ordinance, 2001 up to June 30, 2019 for the tax year 2020. Profits on Life Insurance to be Computed Separately 1. The profits […]

by Mrs. Anjum Shahnawaz

FBR receives information of car buyers from withholding agents

Nov 10

Taxation

FBR receives information of car buyers from withholding agents

ISLAMABAD: Federal Board of Revenue (FBR) has received information of persons who purchased motor vehicles during tax year 2019. The tax authorities will cross check the sale or purchase of motor vehicles through income tax returns for tax year 2019, which can be filed by November 30, 2019. The FBR sources said that the tax […]

by Mrs. Anjum Shahnawaz

EOBI pension to increase Rs15,000 per month

Nov 10

National

EOBI pension to increase Rs15,000 per month

KARACHI: The government is aiming to increase the pension amount to Rs15,000 per month from existing Rs6,500 in order to provide relief to elder pensioners and their survivors, a statement said on Sunday. Addressing at the first ever Annual Pension Day organized by Employees Old-Age Benefits Institution (EOBI) has organized, Syed Zulfiqar Abbas Bukhari, Special […]

by Mrs. Anjum Shahnawaz

Policy recommends import of used electric vehicles

Nov 10

Automotive

Policy recommends import of used electric vehicles

KARACHI: The import of used electric vehicles has been proposed under ‘National Electric Policy’ for at least two years for giving time to local auto manufacturers to prepare development plans. According to recently introduced ‘National Electric Policy’ it is proposed: For the first two years i.e. 2019-2021 up to 3 years old ‘used’ all-electric vehicles […]

by Mrs. Anjum Shahnawaz

Nov 9

Auction

MCC Gwadar announces auction of vehicles on Nov 12

KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of used vehicles on November 12, 2019 to be held at Custom House Gaddani. Following is the list of vehicles of auction: 01. BMW Car 4320CC, Model 2002, Chassis No. WBAGL42020DD-78677 02. Scrap of dismantled Toyota Hilux Surf (SSR) 3000CC, Model 1992, Chassis No. LN13072026160 03. […]

by Mrs. Anjum Shahnawaz

FBR issues guidelines to facilitate issuance of sales tax refunds in 72 hours

Nov 9

Taxation

FBR issues guidelines to facilitate issuance of sales tax refunds in 72 hours

ISLAMABAD: Federal Board of Revenue (FBR) has issued guidelines to facilitate taxpayers in issuance of sales tax refunds within 72 hours. The FBR issued user guidelines for filing Annexure – H i.e. details of stock position of sales tax registered persons. This annexure is mandatory for refund claimants and they may submit statement within 120 […]

by Mrs. Anjum Shahnawaz

FBR starts consultation with IR field formation on proposed restructuring

Nov 9

Taxation

FBR starts consultation with IR field formation on proposed restructuring

ISLAMABAD: Federal Board of Revenue (FBR) has started consultation with tax officials on proposed reform program following resentment of senior officers on proposed plan of setting up Pakistan Revenue Authority (PRA) and other reforms. The FBR through an official memorandum invited proposals from all field formation of Inland Revenue on the restructuring of FBR. In […]

by Mrs. Anjum Shahnawaz