Dec 27

Bank holiday announced on January 01

KARACHI: The State Bank of Pakistan (SBP) on Friday declared bank holiday on January 01, 2020 on account of financial close of banking companies. In a circular issued to presidents and chief executives of all banks, development financial institutions and microfinance banks, the SBP informed that the central bank will remain closed for public dealing […]

by Mrs. Anjum Shahnawaz

Stock market sheds 279 points on selling pressure

Dec 27

Stock & Commodity

Stock market sheds 279 points on selling pressure

KARACHI: The stock exchange fell by 279 points on Friday owing to selling pressure during trading sessions. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,849 points as against 41,128 points showing a decline of 279 points. Analysts at Arif Habib Limited said that the market moved both ways during the day […]

by Mrs. Anjum Shahnawaz

Rupee gains four paisas amid demand for import, corporate payments

Dec 27

Money & Banking

Rupee gains four paisas amid demand for import, corporate payments

KARACHI: The Pak Rupee gained four paisas against dollar on Friday amid higher demand of greenback for import and corporate payments. The rupee ended Rs155.03 to the dollar from previous day’s closing of Rs155.07 in interbank foreign exchange market. Currency dealers said that the rupee was under pressure during the day due to upcoming weekly […]

by Mrs. Anjum Shahnawaz

Banks to observe extended working hours on Dec 31 to facilitate taxpayers

Dec 27

Money & Banking, Taxation

Banks to observe extended working hours on Dec 31 to facilitate taxpayers

KARACHI: State Bank of Pakistan (SBP) on Friday announced that banks will observed extended working hours to facilitate taxpayers in payment of duty and taxes on December 31, 2019. In order to facilitate the collection of government receipts / duties / taxes, it has been decided that authorized branches of National Bank of Pakistan (NBP) […]

by Mrs. Anjum Shahnawaz

FBR issues procedure for verification of sales tax invoice

Dec 27

Taxation

FBR issues procedure for verification of sales tax invoice

KARACHI: Federal Board of Revenue (FBR) has issued procedure for verification of sales tax invoices prepared by Tier-1 retailers. According to FBR officials the following procedure shall be adopted for the verification of sales tax invoices. — Customer visits the counter to pay for his/her shopping. — Counter Boy Prepares the Invoice. — Invoice is […]

by Mrs. Anjum Shahnawaz

Return filed on CNIC basis to be treated as registered

Dec 27

Taxation

Return filed on CNIC basis to be treated as registered

KARACHI: A person files income tax return on the basis of Computerized National Identity Card (CNIC) shall be treated as registered taxpayer on the day the person files income tax return. The following will be treated as registered person under Income Tax Rules, 2002: (1) An individual having CNIC required to file return of total […]

by Mrs. Anjum Shahnawaz

FBR notifies transfer, postings of 26 IRS officers in BS-17-20

Dec 27

Taxation

FBR notifies transfer, postings of 26 IRS officers in BS-17-20

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified transfers and postings of 26 officers of Inland Revenue Service (IRS) from BS-17 to BS-20 with immediate effect until further orders. The FBR notified transfers and postings of following officers: 01. Mehmood Hussain Jafari (Inland Revenue Service/BS-20) on return from NMC, has been transferred Commissioner Inland […]

by Mrs. Anjum Shahnawaz

FBR urged to resolve input adjustment on payment made through BOAD

Dec 26

Taxation

FBR urged to resolve input adjustment on payment made through BOAD

KARACHI: Karachi Tax Bar Association (KTBA) on Thursday urged Federal Board of Revenue (FBR) to resolve the input adjustment issue on payment made through Bill of Additional Duty (BOAD). The KTBA in a letter informed the FBR that it had highlighted the matter through communications dated November 27, 2013 and June 23, 2014, respectively whereby […]

by Mrs. Anjum Shahnawaz

Sindh Excise impounds 250 vehicles in campaign against tax defaulters

Dec 26

Taxation

Sindh Excise impounds 250 vehicles in campaign against tax defaulters

KARACHI: Sindh Excise and Taxation Department has impounded 250 vehicles in its ongoing campaign against tax defaulting motor vehicles, a statement said on Thursday. Documents of around 450 vehicles have also been confiscated for various reasons. The department also recovered Rs4.4 million as provincial tax in this exercise, which will continue till January 02, 2020. […]

by Mrs. Anjum Shahnawaz

FBR pays Rs11 billion refunds through FASTER system

Dec 26

Taxation

FBR pays Rs11 billion refunds through FASTER system

ISLAMABAD: Federal Board of Revenue (FBR) has paid sales tax refunds worth Rs11 billion through its newly introduced online system since July 01, 2019. In a statement issued on Thursday, the FBR said that it had issued refunds through Fully Automated Sales Tax e-Refund (FASTER) system without human intervention worth Rs11 billion against claims of […]

by Mrs. Anjum Shahnawaz