Dec 19

Law drafted to examine national saving schemes investments for money laundering, terror financing

ISLAMABAD: The government has draft law to examine involvement of money laundering and terror financing in investment made in national saving schemes. The ministry of finance on Thursday issued draft rules namely National Saving Schemes (AML and CFT) Rules, 2019. Under the draft rules, the Central Directorate of National Savings (CDNS) would conduct customers due […]

by Mrs. Anjum Shahnawaz

SRB extends sales tax return filing up to December 28

Dec 19

Taxation

SRB extends sales tax return filing up to December 28

KARACHI: Sindh Revenue Board (SRB) has extended the last date for filing sales tax return for the month of November 2019 up to December 28, 2019 in order to facilitate taxpayers. A circular issued by the SRB on Thursday extended the last date for e-filing of tax return for the tax period of November 2019. […]

by Mrs. Anjum Shahnawaz

Current account deficit narrows by 73% in five months

Dec 19

Finance

Current account deficit narrows by 73% in five months

KARACHI: Current account deficit has narrowed by 73 percent to $1.82 billion during first five months (July – November) of 2019/2020 owing to reduction in import bill and improved inflows. According to statistics of Balance of Payment (BoP) released by State Bank of Pakistan (SBP) on Thursday the current account deficit reduced to $1.82 billion […]

by Mrs. Anjum Shahnawaz

Pakistan’s forex reserves increase to $17.655 billion

Dec 19

Finance

Pakistan’s forex reserves increase to $17.655 billion

KARACHI: The liquid foreign exchange reserves of the country have increased by $1.607 billion, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves increased to $17.655 billion by week ended on December 13, 2019 as compared with $16.048 billion a week ago. The foreign exchange reserves of the central bank increased $1.659 […]

by Mrs. Anjum Shahnawaz

Equity market plunges by 948 points on detailed judgment in treason case

Dec 19

Stock & Commodity

Equity market plunges by 948 points on detailed judgment in treason case

KARACHI: The equity market plunged by 948 points on Thursday following detailed judgment release by a special court in high treason case. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,655 points as against 41,604 points showing a decline of 948 points. Analysts at Arif Habib Limited said that the market take […]

by Mrs. Anjum Shahnawaz

Rupee gains four paisas amid lackluster payment demand

Dec 19

Money & Banking

Rupee gains four paisas amid lackluster payment demand

KARACHI: The Pak Rupee made four paisas against dollar on Thursday owing to lackluster demand for import and corporate payments, dealers said. The rupee ended Rs154.90 to the dollar from previous day’s closing of Rs154.95 in interbank foreign exchange market. The dealers said that the foreign currency demand for import and corporate payments was remained […]

by Mrs. Anjum Shahnawaz

FBR launches sales tax invoice verification system

Dec 19

Taxation

FBR launches sales tax invoice verification system

ISLAMABAD: Federal Board of Revenue (FBR) has launched online system for verification of invoices, which issued against purchases from retail outlets. The FBR launched the integration of sales and purchases by Tier-1 retailers with aim to encourage 100 percent invoice submission to the revenue body. The FBR has given deadline of December 15, 2019 to […]

by Mrs. Anjum Shahnawaz

IR commissioners empowered to issue trial registration number

Dec 19

Taxation

IR commissioners empowered to issue trial registration number

KARACHI: Commissioners of Inland Revenue have been empowered to issue trial registration number to taxpayers, who failed to comply with notices issued in this regard. Officials in Federal Board of Revenue (FBR) said that tax laws empowered IR commissioners to enforce income tax registration. They said that a commissioner having jurisdiction over a case may […]

by Mrs. Anjum Shahnawaz