Nov 9

Weekly Review: Stabilizing macro-economic continue to fuel bullish trend

KARACHI: The upswing in the market may be met with some profit-taking next week. The continuation of the sit-in in the federal capital may create some apprehensions which we expect to create some short-lived jitters in the market, analysts said. “We expect the stabilizing macro-economy to continue fueling the bullish trend over the medium to […]

by Mrs. Anjum Shahnawaz

Jewelers, real estate agents to maintain register, report suspicious transactions: draft rules issued

Nov 9

Taxation

Jewelers, real estate agents to maintain register, report suspicious transactions: draft rules issued

ISLAMABAD: Federal Board of Revenue (FBR) has proposed to make mandatory for jewelers and real estate agents to report suspicious transactions. In this regard the FBR issued draft rules through SRO 1320(I)/2019 to make amendments in Income Tax Rules, 2002. As per the draft rules, the designated persons as jewelers and real estate agents […]

by Mrs. Anjum Shahnawaz

Stock market gains 220 points amid mixed impact of MSCI review

Nov 9

Stock & Commodity

Stock market gains 220 points amid mixed impact of MSCI review

KARACHI: The stock market gained 220 points on Friday after mixed trading activities to respond MSCI review. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,978 points as against 35,759 points showing an increase of +220 points. Analysts at Arif Habib Limited said that the market on a positive note today with […]

by Mrs. Anjum Shahnawaz

PM directs eradication of corruption in Utility Stores, ensure availability of essential items at lower prices

Nov 9

National

PM directs eradication of corruption in Utility Stores, ensure availability of essential items at lower prices

ISLAMABAD: Prime Minister Imran Khan has directed administration of Utility Stores Corporation (USC) to ensure eradication of corruption in the organization and ensure availability of essential foods items at subsidized rates following release of Rs6 billion. Prime Minister Imran Khan on Friday chaired a meeting to reduce prices of essential commodities which will provide immediate […]

by Mrs. Anjum Shahnawaz

FBR withdraws 3pc value addition tax on imported consumer items

Nov 9

Taxation

FBR withdraws 3pc value addition tax on imported consumer items

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn three percent minimum value addition tax on import of consumer items on which sales tax is paid on retail basis. The FBR on Friday issued SRO 1321(I)/2019 and amended the Twelfth Schedule of Sales Tax Act, 1990 under which three percent minimum value addition sales tax has […]

by Mrs. Anjum Shahnawaz

FBR officials display banners against proposed layoff plan

Nov 8

Taxation

FBR officials display banners against proposed layoff plan

KARACHI: The officials of Federal Board of Revenue (FBR) have protested against new reform program planned by the government, which may result in layoff in the revenue body. The officials at the Income Tax Building Karachi on Friday displayed protest banners around the building to express their resentment against the reform plan, which can cause […]

by Mrs. Anjum Shahnawaz

Rupee gains eight paisas on increase in forex reserves

Nov 8

Money & Banking

Rupee gains eight paisas on increase in forex reserves

KARACHI: The Pak Rupee gained another eight paisas against dollar on Friday owing to increase in foreign exchange reserves. The rupee ended at Rs155.47 to the dollar from previous day’s closing of Rs155.55 in interbank foreign exchange market. Currency experts said that increase in foreign exchange reserves had helped the rupee to appreciate. The liquid […]

by Mrs. Anjum Shahnawaz

FBR proposed to collect sales tax on services

Nov 8

Taxation

FBR proposed to collect sales tax on services

ISLAMABAD: The federal government is planning to takeover right to collect sales tax on services from the provinces as it was felt the true potential of collection was not realized. According to minutes of the meeting chaired by the prime minister to review proposed restructuring of Federal Board of Revenue (FBR) and domestic resource mobilization, […]

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves increase to $15.518 billion

Nov 7

Finance

Pakistan’s foreign exchange reserves increase to $15.518 billion

KARACHI: The liquid foreign exchange reserves of Pakistan have increased by $428 million to $15.518 billion by week ended November 01, 2019, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves were at $15.089 billion by week ended October 25, 2019. The reserves held by SBP increased by $443 million to $8.357 […]

by Mrs. Anjum Shahnawaz

IR officers oppose proposed setup of Pakistan Revenue Authority

Nov 7

Taxation

IR officers oppose proposed setup of Pakistan Revenue Authority

KARACHI: Senior officers of Inland Revenue Service (IRS) has strongly opposed the formation of planned Pakistan Revenue Authority (PRA) and said it will have negative effect on revenue collection. The concerns were raised at a meeting of IRS Officers Association held on Thursday, which was attended by more than 120 IRS officers. It was unanimously […]

by Mrs. Anjum Shahnawaz