Jan 3

KCCI demands terminal operators to publicize container charges

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the terminal operators to make public the container charges. Agha Shahab Ahmed Khan, President, KCCI while referring to numerous complaints submitted at the Chamber by the importers, urged the Terminal Operators and Shipping Agents to publicize Full Container Load (FCL) and Less Than Container Load […]

by Mrs. Anjum Shahnawaz

Exemption on electricity bills for commercial, industrial consumers withdrawn

Jan 3

Taxation

Exemption on electricity bills for commercial, industrial consumers withdrawn

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the exemption of advance income tax on electricity bills to industrial and commercial consumers. The exemption has been withdrawn through Tax Laws (Second Amendment) Ordinance, 2019. The FBR said that in terms of clause (66) of Part-IV of the Income Tax Ordinance, 2001 exemption from collection of […]

by Mrs. Anjum Shahnawaz

Telecom services to pay 19.5 percent as per SRB working tariff

Jan 2

IT & Telecom, Taxation

Telecom services to pay 19.5 percent as per SRB working tariff

KARACHI: Sindh Revenue Board (SRB) issued working tariff updated up to December 31, 2019 under which the sales tax on services will be 19.5 percent on telecommunication services.

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves increase to $18.081 billion

Jan 2

Finance

Pakistan’s foreign exchange reserves increase to $18.081 billion

KARACHI: The liquid foreign exchange reserves of the country increased by $486 million to $18.081 by week ended December 27, 2019 as compared with $17.595 billion a week ago, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves held by the central bank increased by $582 million to $11.489 billion by week […]

by Mrs. Anjum Shahnawaz

Jan 2

Money & Banking

Rupee eases on import, corporate demand

KARACHI: The Pak Rupee eased by three paisas on Thursday owing to higher import and corporate payments, dealers said. The rupee ended Rs154.88 to the dollar from Tuesday’s closing of Rs154.85 in interbank foreign exchange market. The dealers said that last day the market was remained closed due to bank holiday. Therefore, the demand was […]

by Mrs. Anjum Shahnawaz

Stock market gains 1,081 points on tax incentives

Jan 2

Stock & Commodity

Stock market gains 1,081 points on tax incentives

KARACHI: The stock market gained 1,081 points on Thursday owing to positive outcome of tax amendment ordinance promulgated a day earlier. The benchmark KSE-100 of Pakistan Stock Exchange (PSX) closed at 42,481 points as against 41,400 points showing an increase of 1081 points. The sentiments of the market was positive on tax incentives granted to […]

by Mrs. Anjum Shahnawaz

Commissioner empowered to cancel business license

Jan 2

Taxation

Commissioner empowered to cancel business license

ISLAMABAD: The commissioner of Inland Revenue has been empowered to cancel business license of person on violation of tax laws. An amendment has been made to Section 181D of Income Tax Ordinance, 2001 through Tax Laws (Second Amendment) Ordinance, 2019 to empower commissioner to impose fine and penalty and cancel business license. Federal Board of […]

by Mrs. Anjum Shahnawaz

Tax amendments to generate great interest in govt securities: SBP

Jan 2

Taxation

Tax amendments to generate great interest in govt securities: SBP

KARACHI: State Bank of Pakistan (SBP) on Thursday said that the tax amendment for foreign investors to generate great interest in government securities. In a statement the central bank said that the tax amendments will help to deepen the capital market, generate greater interest in the longer-dated government securities, diversify the investor base, and reduce […]

by Mrs. Anjum Shahnawaz

Jan 2

Taxation

Minimum rate reduced to 0.5%

ISLAMABAD: The government has reduced the minimum tax rate to 0.5 percent from 1.5 percent for traders having turnover up to Rs100 million. Federal Board of Revenue (FBR) issued salient features to explain changes made to Income Tax Ordinance, 2001 through Tax Laws (Second Amendment) Ordinance, 2001. The FBR said that the standard rate of […]

by Mrs. Anjum Shahnawaz

Tax Amendment Ordinance: advance income tax on mobile phone import reduced

Jan 2

Taxation

Tax Amendment Ordinance: advance income tax on mobile phone import reduced

ISLAMABAD: The government has reduced advance income tax on import of mobile phones through promulgation of presidential ordinance. The Federal Board of Revenue (FBR) on Wednesday issued salient features to explain the amendments to Income Tax Ordinance, 2001 through Tax Laws (Second Amendment) Ordinance, 2001. The FBR said that prior to the promulgation of the […]

by Mrs. Anjum Shahnawaz