Nov 4

Stock market gains 900 points on policy rate ease expectations

KARACHI: The stock market gained 900 points or 2.6 percent on Monday on expectations of ease in policy rate. The Index closed at 35,277 points as against 34,378 points showing an increase of 900 points. Analysts at Arif Habib Limited said expectation of volumetric increase in Cement dispatches fueled buying activity since Wednesday, and the […]

by Mrs. Anjum Shahnawaz

Rupee ends unchanged amid higher dollar demand

Nov 4

Money & Banking

Rupee ends unchanged amid higher dollar demand

KARACHI: The Pak Rupee ended unchanged against dollar on Monday despite higher demand for import and corporate payments. The rupee ended Rs155.65 to the dollar, the same closing level on last Friday, in Interbank Foreign Exchange Market. Currency dealers said that the market was initiated with higher demand for the dollar due to two weekly […]

by Mrs. Anjum Shahnawaz

Cement factory shuts down on financial challenges

Nov 4

Corporate

Cement factory shuts down on financial challenges

KARACHI: A cement factory has been closed down completely owing to financial difficulties making, according to a notices send to Pakistan Stock Exchange (PSX) on Monday. The board of directors of directors (BoD) of Dandot Cement Company Limited in its resolution on October 30, 2019 decided to close down the factory completely while complying with […]

by Mrs. Anjum Shahnawaz

Immovable property registrar requires to provide buyers, sellers information

Nov 3

Taxation

Immovable property registrar requires to provide buyers, sellers information

KARACHI: A registrar is required to provide information of buyers and sellers of immovable property in withholding tax statement to the Federal Board of Revenue (FBR).

by Mrs. Anjum Shahnawaz

Proposals for establishment of Pakistan Revenue Authority to be finalized by June 2020

Nov 3

Finance

Proposals for establishment of Pakistan Revenue Authority to be finalized by June 2020

ISLAMABAD: The ministry of finance has been directed to finalize proposals for establishment of Pakistan Revenue Authority (PRA) by June 30, 2020. The directives have been issued at a meeting chaired by the prime minister on restructuring of FBR held last month. It is decided that the ministry of finance (Revenue Division) to formulate comprehensive […]

by Mrs. Anjum Shahnawaz

FBR to get real-time data of financial transactions

Nov 3

Taxation

FBR to get real-time data of financial transactions

ISLAMABAD: Federal Board of Revenue (FBR) will get real-time data of financial transactions of the banking system by end of this year. According to the minutes of the meeting chaired by the prime minister last month, it is decided that Ministry of Law and Justice in consultation with State Bank of Pakistan (SBP) to propose […]

by Mrs. Anjum Shahnawaz

FBR to initiate criminal proceedings in tax evasion above Rs10 million

Nov 3

Taxation

FBR to initiate criminal proceedings in tax evasion above Rs10 million

ISLAMABAD: Federal Board of Revenue (FBR) will initiate criminal proceedings in those cases where tax evasion above Rs10 million is detected.

by Mrs. Anjum Shahnawaz

Implementing full-fledged VAT regime in next two to four years decided

Nov 3

Taxation

Implementing full-fledged VAT regime in next two to four years decided

ISLAMABAD: The government has decided to implement full-fledged Value Added Tax (VAT) by eliminating General Sales Tax (GST) in next two to four years. This has been decided at a meeting under the chairmanship of the prime minister held last month. According to the minutes of the meeting, it was considered that VAT regime instead […]

by Mrs. Anjum Shahnawaz

FBR to conduct nation-wide survey of immovable properties to assess wealth parked in real estate sector

Nov 3

Taxation

FBR to conduct nation-wide survey of immovable properties to assess wealth parked in real estate sector

ISLAMABAD: Federal Board of Revenue (FBR) will conduct nation-wide survey of immovable properties to assess and tap colossal wealth parked in the real estate sector. The decision has been taken and approved at a meeting under the chairmanship of the prime minister held last month. According to minutes of the meeting it has been decided […]

by Mrs. Anjum Shahnawaz

Tax authorities to determine values of immovable properties, motor cars on discovery of concealment

Nov 2

Taxation

Tax authorities to determine values of immovable properties, motor cars on discovery of concealment

ISLAMABAD: The tax authorities shall determine value of immovable properties and motor cars for tax purpose on discovery of concealment by a person or a company. Officials in Federal Board of Revenue (FBR) said that under Section 111 of Income Tax Ordinance, 2001 any disclosed income or assets will be taken as concealed income and […]

by Mrs. Anjum Shahnawaz