Audit cases should be assigned to tax officials on basis of skills

Feb 20

Taxation

Audit cases should be assigned to tax officials on basis of skills

KARACHI: Tax managers have suggested that audit cases should be assigned to tax officials on the basis of skills and experience. “Cases should be assigned on the basis of skill and experience of the officers as it reduces no change monitoring and enhance productivity,” according to an official document on monitoring of withholding taxes. If […]

by Mrs. Anjum Shahnawaz

Regulatory duty on wheat import withdrawn; SRO issued

Feb 20

Pakistan Customs

Regulatory duty on wheat import withdrawn; SRO issued

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued notification to withdraw regulatory duty on import of wheat and other wheat products. The Revenue Division issued SRO 119(I)/2020 dated February 19, 2020 to amend SRO 680(I)/2019 to withdraw regulatory duty on import of wheat. The government imposed 60 percent regulatory duty on import of wheat, […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves up by $12 million

Feb 20

Finance

Foreign exchange reserves up by $12 million

KARACHI: The liquid foreign exchange reserves of the country increased by $12 million to $18.747 billion by week ended February 14, 2020, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves were at $18.735 billion by week ended February 7, 2020. The official foreign exchange reserves of the SBP increased by $74 […]

by Mrs. Anjum Shahnawaz

Rupee gains three paisas against dollar on shrinking current account deficit

Feb 20

Money & Banking

Rupee gains three paisas against dollar on shrinking current account deficit

KARACHI: The Pak Rupee gained three paisas on Thursday against dollar owing to shrinking current account deficit. The rupee ended Rs154.23 to the dollar from previous day’s closing of Rs154.26 in interbank foreign exchange market. Currency dealers said that market sentiments were high owing to narrowing current account deficit of the country. Pakistan’s current account […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 93 points on selling pressure

Feb 20

Stock & Commodity

Stock market ends down by 93 points on selling pressure

KARACHI: The stock market fell by 93 points on Thursday owing to selling pressure during trading sessions. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,481 points as against 40,575 points showing a decline of 93 points. Analysts at Arif Habib Limited said that the market traded in a narrow range between […]

by Mrs. Anjum Shahnawaz

Meezan Bank’s Shariah Board approves guidelines for digital mobile accounts

Feb 20

Money & Banking

Meezan Bank’s Shariah Board approves guidelines for digital mobile accounts

KARACHI: Meezan Bank’s Shariah Supervisory Board has approved guidelines for digital Mudarabah-based mobile account to support financial inclusion in Pakistan. Shariah Supervisory Board approved guidelines in its recently concluded, a statement said on Thursday. The meeting was chaired by Dr. Muhammad Imran Ashraf Usmani and attended by Sheikh Esam Mohamed Ishaq, Mufti Muhammad Naveed Alam, […]

by Mrs. Anjum Shahnawaz

GlaxoSmithKline Pakistan appoints Erum Shakir as new CEO

Feb 20

Corporate

GlaxoSmithKline Pakistan appoints Erum Shakir as new CEO

KARACHI: Aziz ul Huq, Chief Executive Officer of GlaxoSmithKline Pakistan Limited has resigned for personal reasons and the board of directors of the company appointed Ms. Erum Shakir Rahim as new CEO of the company from March 01, 2020. In a notice to Pakistan Stock Exchange (PSX) on Thursday, the company said that Aziz ul […]

by Mrs. Anjum Shahnawaz

Income tax return filing hits new peak of 2.8 million

Feb 20

Taxation

Income tax return filing hits new peak of 2.8 million

ISLAMABAD: The income tax return filing of tax year 2018 has reached to a new peak at 2.8 million by February 16, 2020, according to latest Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR).

by Mrs. Anjum Shahnawaz

Feb 20

Stock & Commodity

PSX recomposes KSE-30 index; includes Attock Refinery, International Steel

KARACHI: Pakistan Stock Exchange (PSX) has recomposed KSE-30 Index, which have high volume companies, and it will be implemented from March 13, 2020. A notification issued on Thursday said that the PSX carried out the exercise of re-composition of KSE-30 Index for the review period from July 01, 2019 to December 31, 2019. The recomposed […]

by Mrs. Anjum Shahnawaz

ECC allows import of controlled chemicals through commercial importers

Feb 20

Finance

ECC allows import of controlled chemicals through commercial importers

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday allowed import of controlled chemicals through commercial importers. The ECC which met under the chair of Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh allowed import of controlled chemicals through commercial importers. The chemicals will includes acetone, anthracitic acid, ethyl […]

by Mrs. Anjum Shahnawaz