FBR to update major initiatives under agreement with traders associations

Jan 9

Taxation

FBR to update major initiatives under agreement with traders associations

ISLAMABAD: Federal Board of Revenue (FBR) to update major initiatives regarding small shopkeepers and traders on January 22, 2020. A meeting of traders associations with FBR officials was held on Thursday at FBR House, Islamabad. Both the sides agreed on completing formation market committees within next two days. It is also decided to hold a […]

by Mrs. Anjum Shahnawaz

Economy likely to grow better than World Bank forecast

Jan 9

Finance

Economy likely to grow better than World Bank forecast

ISLAMABAD: The finance ministry on Thursday said that the economy likely to grow better than forecast of World Bank. The ministry said that the government’s extensive measures have helped the economy move progressively along the adjustment path and stabilization process and economic recovery is expected towards the end of FY2020. “The government is focused on […]

by Mrs. Anjum Shahnawaz

Sale integration mandatory for retailer consuming electricity above Rs1.2 million

Jan 9

Taxation

Sale integration mandatory for retailer consuming electricity above Rs1.2 million

KARACHI: A retailer, who is consuming electricity above Rs1.2 million in a year, the online integration through point of sale has been made mandatory. Definition of the term Tier I retailer has been elaborated to include a retailer falling in any one or more of the categories contained in said definition. A retailer whose cumulative […]

by Mrs. Anjum Shahnawaz

Equity market sharply gains as US-Iran war concerns

Jan 9

Stock & Commodity

Equity market sharply gains as US-Iran war concerns

KARACHI: The equity market sharply increased by 1166 points or 2.8 percent on Thursday as concerns over war subsided after US president address. The benchmark KSE-100 index closed at 42,523 points as against 41,358 points showing an increase of 1166 points. Analysts at Arif Habib Limited said that Post Trump address, most of the World […]

by Mrs. Anjum Shahnawaz

FBR allows filing Annexure H for July-August 2019 to claim sales tax refund

Jan 9

Taxation

FBR allows filing Annexure H for July-August 2019 to claim sales tax refund

ISLAMABAD: Federal Board of Revenue (FBR) has allowed taxpayers to submit their stock position for the period July – August 2019 up to February 15, 2020 in order to claim sales tax refunds under newly only verification and issuance system. In an official memorandum issued on Thursday, the FBR condoned the time limit for filing […]

by Mrs. Anjum Shahnawaz

Jan 9

Money & Banking

Rupee makes gain on improved inflows

KARACHI: The Pak Rupee ended with significant gain against dollar on Thursday after witnessing decline for three consecutive days. The rupee ended with gain of 19 paisas to Rs154.89 to the dollar from previous day’s closing of Rs155.08 in interbank foreign exchange market. Currency dealers said that the ease in US-Iran conflict and inflows of […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves flat at $18.084 billion

Jan 9

Finance

Foreign exchange reserves flat at $18.084 billion

KARACHI: The liquid foreign exchange reserves of the country was flat at $18.084 billion by week ended January 03, 2020 as compared with $18.081 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves held by the central bank increased by $14.3 million to $11.503 billion by week […]

by Mrs. Anjum Shahnawaz

FTO takes Suo moto notice in pending 11,000 tax amnesty cases

Jan 9

Taxation

FTO takes Suo moto notice in pending 11,000 tax amnesty cases

KARACHI: Federal Tax Ombudsman (FTO) has taken suo moto notice in 11,000 cases related to tax amnesty scheme for tax year 2018, a tax bar said on Thursday. The Karachi Tax Bar Association (KTBA) in a notification circulated to its members stated that the office of the FTO had taken a Suo Moto Notice on […]

by Mrs. Anjum Shahnawaz

Advertisement published in Sindh exempted from sales tax

Jan 9

Taxation

Advertisement published in Sindh exempted from sales tax

KARACHI: Sales tax at 13 percent has been exempted on advertisement services rendered in Sindh, according to working tariff for 2020 issued by Sindh Revenue Board (SRB). The sales tax on services on advertisement is 13 percent for advertisement on television, radio, close circuit television, newspapers/periodicals, cable television network, poles, billboards and web/internet. However, the […]

by Mrs. Anjum Shahnawaz

Committee working on providing protection to smart phone manufacturers: FBR

Jan 9

Taxation

Committee working on providing protection to smart phone manufacturers: FBR

In a significant move towards fostering the digital landscape and supporting local smartphone manufacturing, the Federal Board of Revenue (FBR) announced on Thursday a drastic reduction in taxes on imported smartphones.

by Mrs. Anjum Shahnawaz