Pakistan Rupee demonstrated resilience in the foreign exchange market on Wednesday, gaining five paisas against the US dollar. This positive trend was attributed to improved sentiments fueled by the anticipation of foreign inflows.
(more…)Year: 2019
-
FBR starts receiving real-time sales information from 2,574 outlets of textile, leather sectors
ISLAMABAD: Around 2,574 outlets of 75 units of textile and leather sectors have started real-time information of their sales to Federal Board of Revenue (FBR), a statement said on Wednesday.
(more…) -
Domestic oil sales plunge by 28.45pc in seven months
KARACHI: The domestic oil sales have dropped by 28.45 percent to 10.74 million tons during July – January 2018/2019 as compared with 15.01 million tons in the same period of the last fiscal year.
(more…) -
FBR releases 24pc less refunds in seven months amid huge collection shortfall
ISLAMABAD: The issuance of refunds by Federal Board of Revenue (FBR) decline by 24 percent yet the net collection for the first seven months witnessed huge shortfall.
(more…) -
US dollar eases in early trading
On Wednesday, the US dollar exhibited a decline in the interbank foreign exchange market during early trading. The exchange rate for the greenback in the foreign currency market stood at Rs138.25 in the initial hours of trading.
(more…) -
Suppressed sales tax auditors and challenging revenue collection
KARACHI: Sales Tax / Value Added Tax (VAT) is the most significant source of tax collection in the world. Unlike direct tax it is known as tax on consumption and involves various ways and means to avoid/evade legitimate government revenue.
(more…) -
Income Tax Ordinance 2001: Tax recovery due by non-resident member of AOP
KARACHI: The Federal Board of Revenue (FBR) has been granted expanded authority to recover outstanding taxes from resident Associations of Persons (AOP) in cases where a non-resident member of the AOP has pending tax liabilities. This development follows a significant amendment to Section 142 of the Income Tax Ordinance, 2001.
(more…) -
Exchange rate losses increase public debt by Rs1,200 bn
ISLAMABAD: Exchange rate losses have increased the public debt by around Rs1,200 billion, according to Fiscal Policy Statement 2018-2019 released by the Ministry of Finance.
(more…) -
Income Tax Ordinance 2001: Liquidators require to inform commissioner in 14 days of taking possession of assets
KARACHI: A liquidator is required to inform Commissioner of Inland Revenue in 14 days of taking possession of an asset. Federal Board of Revenue (FBR) recently updated Income Tax Ordinance, 2001 which explained liquidators under Section 141 for recovery of tax from taxpayers in default.
(more…) -
FBR set to launch door-to-door survey to identify tax evaders
ISLAMABAD: Federal Board of Revenue (FBR) will launch a door-to-door survey for identifying potential tax evaders to broaden the tax base, a report issued by ministry of finance said.
(more…)