Sectoral analysis shows massive decline in sales tax from OMCs

Feb 28

Taxation

Sectoral analysis shows massive decline in sales tax from OMCs

ISLAMABAD: Federal Board of Revenue (FBR) has conducted sectoral analysis to identify reasons behind shortfall in revenue collection. The analysis showed massive decline in sales tax from Oil Market Companies (OMCs) during July – January 2019/2020. According to official documents, the collection of sales tax from OMCs was at Rs13.56 billion during first seven months […]

by Mrs. Anjum Shahnawaz

FBR to initiate action against non-filers after date expiry

Feb 28

Taxation

FBR to initiate action against non-filers after date expiry

KARACHI: Federal Board of Revenue (FBR) to initiate proceedings against persons failed to file income tax returns for tax year 2019 after expiry of return filing date i.e. February 28, 2020. Sources in Federal Board of Revenue (FBR) on Thursday said that FBR unlikely to further extend the return filing date. The return filing date […]

by Mrs. Anjum Shahnawaz

KTBA suggests automatic stay against recovery on 10% tax payment

Feb 28

Taxation

KTBA suggests automatic stay against recovery on 10% tax payment

KARACHI: Karachi Tax Bar Association (KTBA) has suggested an automatic stay should be granted where a taxpayer paid 10 percent of the defaulted amount. The stay should be granted till the decision by the Commissioner Inland Revenue (Appeals), the KTBA said in a letter sent to Member Inland Revenue (Policy) on Thursday. The tax bar […]

by Mrs. Anjum Shahnawaz

FBR issues precautionary measures against coronavirus

Feb 27

Taxation

FBR issues precautionary measures against coronavirus

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued precautionary measures for tax officials to protect themselves against coronavirus and educate taxpayers and general public for prevention. The FBR said that with the recent outbreak of coronavirus (COVID-19) in China, its subsequent spread across the globe and education of two confirmed cases in Pakistan, it […]

by Mrs. Anjum Shahnawaz

IR offices to observe extended working hours on Feb 28 for revenue collection

Feb 27

Taxation

IR offices to observe extended working hours on Feb 28 for revenue collection

KARACHI: The offices of Inland Revenue will observe extended working hours on Friday, February 28, 2020 to facilitate taxpayers in payment of due taxes and filing of tax returns. The Federal Board of Revenue (FBR) in an office orders issued to Large Taxpayers Units (LTUs) Corporate Regional Tax Offices (CRTOs) and RTOs, directed to observe […]

by Mrs. Anjum Shahnawaz

Feb 27

Finance

IMF board to decide $450 million disbursement to Pakistan in April

KARACHI: The Executive Board of the International Monetary Fund (IMF) will decide disbursement of $450 million in early April 2020, a statement said on Thursday. The IMF issued the press release stating: “Following discussions between International Monetary Fund (IMF) staff and the Pakistani authorities in Islamabad from February 3-13, which continued from the IMF headquarters […]

by Mrs. Anjum Shahnawaz

Stock market makes recovery after massive intra-day fall

Feb 27

Stock & Commodity

Stock market makes recovery after massive intra-day fall

KARACHI: The stock market ended by a decline of 251 points on Thursday after making recovery from significant fall earlier in the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,087 points as against 38,338 points showing a decline of 251 points. Analysts at Arif Habib Limited said that the market […]

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves flat at $18.743 billion

Feb 27

Finance

Pakistan’s foreign exchange reserves flat at $18.743 billion

KARACHI: Pakistan’s liquid foreign exchange reserves were flat at $18.743 billion by week ended February 21, 2020, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $18.747 billion by week ended on February 14, 2020. The official reserves of the central bank increased by $87 million to […]

by Mrs. Anjum Shahnawaz

Rupee gains four paisas on lower import payment demand

Feb 27

Money & Banking

Rupee gains four paisas on lower import payment demand

KARACHI: The Pak Rupee gained four paisas against dollar on Thursday owing to lower demand for import and corporate payments. The rupee ended Rs154.21 to the dollar from previous day’s closing of Rs154.25 in interbank foreign exchange market. Currency dealers said that due to fears of coronavirus and stuck up import consignments at the ports […]

by Mrs. Anjum Shahnawaz

FBR allows sales tax return filing up to February 28

Feb 27

Taxation

FBR allows sales tax return filing up to February 28

ISLAMABAD: Federal Board of Revenue (FBR) has allowed taxpayers to file their monthly sales tax and federal excise returns up to February 28, 2020. The FBR on Thursday issued a notification for extension in date of submission of sales tax and federal excise return for the tax period of January 2020. The notification said that […]

by Mrs. Anjum Shahnawaz