Dec 5

Rupee makes gain for third consecutive day against dollar

KARACHI: The Pak Rupee made gain against dollar for the third consecutive day on Thursday owing to improved inflows of export receipts and workers’ remittances. The rupee ended at Rs155.10 to the dollar from previous day’s closing of Rs155.14 in interbank foreign exchange market. Currency experts said that the improved inflows of export receipts and […]

by Mrs. Anjum Shahnawaz

FBR attaches shareholding of Golden Globe Holding in Benami properties case

Dec 5

Corporate, Taxation

FBR attaches shareholding of Golden Globe Holding in Benami properties case

KARACHI: Federal Board of Revenue (FBR) has attached shareholding of Golden Globe Holding in Thatta Cement in Benami properties case, according to a notice issued on Thursday. Thatta Cement Company Limited in a notice sent to Pakistan Stock Exchange (PSX) informed that in order issued by deputy commissioner/initiating officer, Inland Revenue Division of FBR (Anti […]

by Mrs. Anjum Shahnawaz

Salary persons having income above Rs400,000 require to file return for tax year 2019

Dec 5

Taxation

Salary persons having income above Rs400,000 require to file return for tax year 2019

KARACHI: Persons driving salary income above Rs400,000 are remained liable to file annual income tax returns for tax year 2019. Through Finance Act, 2019 the threshold income for salary persons for the purpose of income tax deduction has been increased to Rs600,000. However, this threshold is applicable for the tax year 2020. The last date […]

by Mrs. Anjum Shahnawaz

Moody’s assigns stable outlook to top five Pakistani banks

Dec 5

Money & Banking

Moody’s assigns stable outlook to top five Pakistani banks

KARACHI: Following the improved outlook of Pakistan economy, Moody’s Investors Service on Thursday affirmed the B3 long-term local currency deposit ratings of five top Pakistani banks and changed the outlook to stable from negative. The rating agency in a statement said that affected banks include Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank […]

by Mrs. Anjum Shahnawaz

Import, export of gold prohibited under foreign exchange laws

Dec 5

Money & Banking

Import, export of gold prohibited under foreign exchange laws

KARACHI: The import and export of gold are prohibited, except with the general permission, under updated foreign exchange manual issued by State Bank of Pakistan (SBP). Under the Foreign Exchange Manual 2019 (i) The Federal Government by their Notification No.1(2) ECS/48 dated the 1st July, 1948 issued pursuant to sub-section (1) of Section 8 of […]

by Mrs. Anjum Shahnawaz

Bearer prize bonds of Rs40,000 worth Rs233 billion documented

Dec 5

Money & Banking

Bearer prize bonds of Rs40,000 worth Rs233 billion documented

KARACHI: People have documented an amount of Rs233 billion invested in bearer prize bonds of Rs40,000 denominations following the government announcement of discontinuation. According to statistics of Central Directorate of National Savings (CDNS) people have Rs323 billion bearer bonds of Rs40,000 denomination by October 2019, which is around 90 percent of the total invested amount […]

by Mrs. Anjum Shahnawaz

FBR extends date up to Dec 15 for online integration of large retail houses

Dec 4

Taxation

FBR extends date up to Dec 15 for online integration of large retail houses

ISLAMABAD: Federal Board of Revenue (FBR) has extended last date up to December 15, 2019 for large retail houses to integrate their systems for online sales reporting to the tax authorities. In an official memorandum circulated on Wednesday to all chief commissioners of Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs), saying that the […]

by Mrs. Anjum Shahnawaz

SBP directs banks to provide daily branch-level cash position

Dec 4

Money & Banking

SBP directs banks to provide daily branch-level cash position

KARACHI: State Bank of Pakistan (SBP) on Wednesday directed the banks to provide branch-wise cash position on daily basis. A circular issued by the central bank said that through a circular dated October 04, 2018 wherein SBP introduced daily branch-level reporting of cash receipts and payments, with a view to monitor and manage cash operations […]

by Mrs. Anjum Shahnawaz

FBR issues Rs5.5bn refunds through automated system: Shabbar Zaidi

Dec 4

Taxation

FBR issues Rs5.5bn refunds through automated system: Shabbar Zaidi

ISLAMABAD: Syed Shabbar Zaidi, Chairman, Federal Board of Revenue (FBR) on Wednesday said that around Rs5.5 billion sales tax refunds were issued through fully automated system. In a massage, he said that the FBR had released to this date around Rs 5.5 billion worth of refunds under fully automated FASTER system. “However the most important […]

by Mrs. Anjum Shahnawaz

Economic environment becomes stable, international community recognizes: Hafeez Shaikh

Dec 4

Finance

Economic environment becomes stable, international community recognizes: Hafeez Shaikh

ISLAMABAD: Dr Hafeez Shaikh Adviser to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh on Wednesday said that after 15 months efforts the economic environment of Pakistan becomes more stable as being recognized by international community. “We inherited a very grim economic situation with the debt levels and the fiscal and current account […]

by Mrs. Anjum Shahnawaz