Taxpayers’ declarations to be checked for money laundering

Jan 5

Taxation

Taxpayers’ declarations to be checked for money laundering

ISLAMABAD: Financial Monitoring Unit (FMU) has been allowed to obtain information of taxpayers from tax authorities to check income tax returns and other declarations for money laundering and terror financing. The FMU has been granted access to taxpayers’ data through amendment introduced to Section 216 of the Income Tax Ordinance, 2001. The amendment has been […]

by Mrs. Anjum Shahnawaz

PTBA demands probe into fake FBR’s date extension letters

Jan 4

Taxation

PTBA demands probe into fake FBR’s date extension letters

LAHORE: Pakistan Tax Bar Association (PTBA) has approached law enforcement agencies to probe circulation of fake/forged circulars related to date extension in income tax return filing. The PTBA – the apex trade body of the country – in an application for lodging FIR against culprits on Saturday informed Federal Investigation Agency (FIA) about the circulation […]

by Mrs. Anjum Shahnawaz

Jan 4

Stock & Commodity

Weekly Review: Equity market to move with escalating Middle East tension

KARACHI: The stock market likely to move with the development in mounting tension in the Middle East following killing of Iranian leader in US air strike. Analysts at Arif Habib Limited said that market to remain in the green zone next week. Oil scrips may manage to attract the limelight following renewed tension in the […]

by Mrs. Anjum Shahnawaz

FBR empowered for closure of automatic audit selection

Jan 4

Taxation

FBR empowered for closure of automatic audit selection

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to conclude cases which were automatic selected for audit. The recently promulgated Tax Laws (Second Amendment) Ordinance, 2019 empowered the FBR to issue procedure to conclude cases that were automatically selected for audit. In its commentary, PwC A F Ferguson Chartered Accountants said that through the […]

by Mrs. Anjum Shahnawaz

Massive tax relief announced for foreign investment in debt securities

Jan 4

Taxation

Massive tax relief announced for foreign investment in debt securities

KARACHI: The government has announced massive tax relief to foreign investment in debt securities considering the attractive environment due to higher interest rate in the country. The foreign investment in domestic debt market including government securities including Market Treasury Bills and Pakistan Investment Bonds, is around $1.5 billion during first six month (July – December) […]

by Mrs. Anjum Shahnawaz

SBP issues procedure for loan disbursement to unemployed youth

Jan 3

Money & Banking

SBP issues procedure for loan disbursement to unemployed youth

KARACHI: State Bank of Pakistan (SBP) on Friday issued procedure for disbursement of loan to unemployed youth under Prime Minister’s Kamyab Jawan Youth Entrepreneurship Scheme (PMKJ-YES). In a circular issued to all chief executives of banks and development financial institutions, the SBP said that executing agencies (EAs) shall evaluate loan applications of unemployed youth as […]

by Mrs. Anjum Shahnawaz

Procedure for making correction in cash payment receipt issued

Jan 3

Taxation

Procedure for making correction in cash payment receipt issued

ISLAMABAD: Federal Board of Revenue (FBR) has notified procedure for making correction in computerized payment receipt (CPR). The FBR issued a circular on Friday stating that the electronic procedure for correction of CPR had been updated in IRIS software and following e-procedure would be followed for the correction of CPR of income tax, sales tax […]

by Mrs. Anjum Shahnawaz

Rupee falls by two paisas on higher import

Jan 3

Money & Banking

Rupee falls by two paisas on higher import

KARACHI: The Pak Rupee ended down by two paisas against dollar on Friday owing to payment demand from importers and corporate buyers. The rupee ended Rs154.90 to the dollar from previous day’s closing of Rs154.88 in interbank foreign exchange market. Currency dealers said that the demand for the greenback was higher during the day for […]

by Mrs. Anjum Shahnawaz

Equity market ends down 158 points on profit taking

Jan 3

Stock & Commodity

Equity market ends down 158 points on profit taking

KARACHI: The equity market fell by 158 points on Friday owing to profit taking on the last trading day of the week. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,323 points as against 42,481 points showing a decline of 158 points. Analysts at Arif Habib Limited said that the market opened […]

by Mrs. Anjum Shahnawaz

Withholding agent condition withdrawn on individuals with turnover up to Rs100 million

Jan 3

Taxation

Withholding agent condition withdrawn on individuals with turnover up to Rs100 million

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the condition on individuals to act as withholding agent in case the business turnover is up to Rs100 million. The government through Tax Laws (Second Amendment) Ordinance, 2019 introduced major change to Income Tax Ordinance, 2001. Under section 153 of the Ordinance, individuals having turnover of Rs50 […]

by Mrs. Anjum Shahnawaz