Jan 28

Stock market declines by 240 points on selling pressure

KARACHI: The stock market fell by 240 points on Tuesday owing to selling pressure seen in various scrips. The benchmark KSE-100 index of Pakistan Stock Exchange closed at 42,299 points as against 42,539 points showing a decline of 240 points. Analysts at Arif Habib Limited said that the market dipped today by 386 points during […]

by Mrs. Anjum Shahnawaz

Jan 28

Money & Banking

Rupee ends unchanged

KARACHI: The Pak Rupee ended unchanged against dollar on Tuesday owing to lackluster demand for import payments, dealers said. The rupee ended Rs154.57 to the dollar, the same previous day’s level, in interbank foreign exchange market. The dealers said that importers were cautious in buying dollar due to decline in international oil prices and outbreak […]

by Mrs. Anjum Shahnawaz

SBP enhances borrowing limit under LTFF to Rs5 billion

Jan 28

Money & Banking

SBP enhances borrowing limit under LTFF to Rs5 billion

KARACHI: The State Bank of Pakistan (SBP) has enhanced the maximum borrowing limit under Long Term Financing Facility (LTFF) to Rs5 billion from Rs2.5 billion. In a statement on Tuesday, the central bank said that it had extended the scope of LTFF to cover all permissible export oriented sectors. This step is aimed at setting […]

by Mrs. Anjum Shahnawaz

SBP allows 100% advance payment for import

Jan 28

Money & Banking

SBP allows 100% advance payment for import

KARACHI: State Bank of Pakistan (SBP) has allowed 100 percent advance payment for import of various goods against letter credit. The SBP in a statement on Tuesday said that with a view to facilitate importers, SBP has allowed banks to make advance payment up to USD 10,000/-, or equivalent thereof, per invoice on behalf of […]

by Mrs. Anjum Shahnawaz

SBP keeps policy rate unchanged at 13.25%

Jan 28

Money & Banking

SBP keeps policy rate unchanged at 13.25%

KARACHI: The State Bank of Pakistan (SBP) on Tuesday kept policy rate unchanged at 13.25 percent. SBP governor Dr. Raza Baqir announced the decision taken by the Monetary Policy Committee (MPC). The SBP issued the following statement after the MPC meeting. 1. At its meeting on 28th January 2020, the Monetary Policy Committee (MPC) decided […]

by Mrs. Anjum Shahnawaz

FBR advised to allow sales tax refunds on local supplies

Jan 28

Taxation

FBR advised to allow sales tax refunds on local supplies

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday advised Federal Board of Revenue (FBR) to allow sales tax refund to manufacturers making local supplies. The tax bar in a letter to FBR suggested in order to promote diversification of exports instead of relying solely on 5 export oriented sectors, you are requested to kindly issue […]

by Mrs. Anjum Shahnawaz

SRB suspends sales tax registration of M/s. Ability Logistics International

Jan 28

Taxation

SRB suspends sales tax registration of M/s. Ability Logistics International

KARACHI: Sindh Revenue Board (SRB) has suspended sales tax registration of M/s. Ability Logistics International for failure to pay taxes and non-compliance of filing monthly returns. The SRB said that scrutiny of tax profile of the taxpayers showed that, it had failed to electronically file true and correct Sindh Sales Tax Return for the period […]

by Mrs. Anjum Shahnawaz

FBR issues list of software vendors for integrating big retailers’ sales

Jan 28

Taxation

FBR issues list of software vendors for integrating big retailers’ sales

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued list of vendors providing software for integrating sales of big retailers with the tax machinery. The FBR said that the list of vendors who have provided Point of Sales (POS) softwares to those retailers who have integrated their POSs with FBR. The list is in alphabetical […]

by Mrs. Anjum Shahnawaz

Murtaza Syed appointed as SBP deputy governor

Jan 28

Money & Banking

Murtaza Syed appointed as SBP deputy governor

KARACHI: The federal government has appointed Dr. Murtaza Syed as Deputy Governor of the State Bank of Pakistan (SBP), in pursuance of Section 10(4) of the State Bank of Pakistan Act 1956 (amended), the central bank said on Tuesday. He assumed his responsibilities on January 27, 2020, it added. Dr. Syed has more than 20 […]

by Mrs. Anjum Shahnawaz

Jan 28

Finance

National Savings screening meant to stop ill-gotten money: Finance Division

ISLAMABAD: The Finance Division on Monday said that the screening of all saving schemes is meant to stop any ill-gotten money to become part of financial system and to safeguard the valued investors from the menace of Money Laundering and Terrorist Financing. The Ministry of Finance, while clarifying news reports, said that Central Directorate of […]

by Mrs. Anjum Shahnawaz