Nov 6

Finance

Profit rates on saving schemes reduced

KARACHI: The government has reduced the profit rates on saving certificates effect from November 01, 2019. According to notifications issued by Central Directorate of National Savings (CDNS) on Tuesday, the profit rate on Defence Saving Certificate reduced by 2.33 percent to 10.68 percent. The profit rate on Pension Behbood has been slashed by 2.28 percent […]

by Mrs. Anjum Shahnawaz

Market gains 81 points in buying activities

Nov 5

Stock & Commodity

Market gains 81 points in buying activities

KARACHI: The stock market gained 81 points on Tuesday in an aggressive buying session. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,358 points as against 35,277 points showing an increase of 81 points. Analysts at Arif Habib Limited said that the market showed vibrancy in the early hours of trading that […]

by Mrs. Anjum Shahnawaz

Nov 5

Money & Banking

Rupee ends firmer amid inflows

KARACHI: The Pak Rupee ended firmer against the dollar on Tuesday amid inflows of foreign currency into the interbank market. The rupee ended Rs155.64 to the dollar from previous day’s closing of Rs155.65 in interbank foreign exchange market. Currency dealers said that the market witnessed sufficient supply of dollar into the market. However, demand for […]

by Mrs. Anjum Shahnawaz

Sales tax refund promises annoy value added textile industry

Nov 5

Trade & Industry

Sales tax refund promises annoy value added textile industry

KARACHI: The value added textile industry has expressed its displeasure over government’s repeated promises of clearing sales tax refunds. The government made promises for the past several months to clearing pending sales tax refunds but failed to honor, said Jawed Bilwani, Chief Coordinator of the Value Added Textile Export Sector said on Tuesday in a […]

by Mrs. Anjum Shahnawaz

SBP prohibits outward remittance transfers through on-board merchant accounts

Nov 5

Money & Banking

SBP prohibits outward remittance transfers through on-board merchant accounts

KARACHI: State Bank of Pakistan (SBP) has prohibited transfer of outward remittances through newly introduced on-boarding merchant accounts. The central bank in its rules issued for ‘Digital On-boarding of Merchants’ directed the acquiring institutions – Electronic Money Institution (EMI), and any non-banking entity duly authorized by SBP to on-board merchants under these Rules –not to […]

by Mrs. Anjum Shahnawaz

FBR officials, taxpayers interaction restricted to Bar Code based communication

Nov 5

Taxation

FBR officials, taxpayers interaction restricted to Bar Code based communication

ISLAMABAD: Tax officials have been restricted taxpayers interaction to barcode-based communication only, officials said on Tuesday. The Federal Board of Revenue (FBR) has imposed a bar on officials of Inland Revenue and Pakistan Customs for direct communication with taxpayers effective from November 01, 2019. However, the FBR authorized the officials to communicate taxpayers in legal […]

by Mrs. Anjum Shahnawaz

Income tax return filing increases to record 2.667 million

Nov 4

Taxation

Income tax return filing increases to record 2.667 million

ISLAMABAD: The income tax return filing has increased to record level of 2.667 million, according to Active Taxpayers List (ATL) for tax year 2018 released on Monday.

by Mrs. Anjum Shahnawaz

FBR notifies transfers, postings of Customs officers in BS-17-19

Nov 4

Pakistan Customs

FBR notifies transfers, postings of Customs officers in BS-17-19

ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified transfers and postings of customs officers of BS-17-19 with immediate effect and until further orders. The FBR notified transfers and postings of following officers: 01. Ghulam Nabi Kamboh (Pakistan Customs Service/BS-19) on joining FBR (HQ), Islamabad has been posted as Additional Collector, Model Customs Collectorate of […]

by Mrs. Anjum Shahnawaz

UBL concludes asset sale transaction of Tanzania operation

Nov 4

Money & Banking

UBL concludes asset sale transaction of Tanzania operation

KARACHI: United Bank Limited (UBL) has said that it has concluded transactions related to Asset Liabilities Sale of its operation in Tanzania. The bank on Monday informed the Pakistan Stock Exchange (PSX) that the transactions related to Assets Liabilities Sale of UBL Bank (Tanzania) Limited (UBTL), a wholly owned subsidiary of United Bank Limited, had […]

by Mrs. Anjum Shahnawaz

FBR proposed imposing additional sales tax on failure to implement CNIC condition

Nov 4

Trade & Industry

FBR proposed imposing additional sales tax on failure to implement CNIC condition

KARACHI: SITE Association of Industry on Monday proposed the Federal Board of Revenue (FBR) to imposed additional sales tax as the government failed to implement condition of Computerized National Identity Card (CNIC). Instead of disallowing proportionate input tax for sales made without CNICs, alternate is recommended for sales made without submission of CNIC to increase […]

by Mrs. Anjum Shahnawaz