FBR gets CNIC details of motor vehicle buyers

Feb 3

Taxation

FBR gets CNIC details of motor vehicle buyers

KARACHI: Motor vehicle manufacturers and dealers have shared details of Computerized National Identity Card (CNIC) of buyers with the Federal Board of Revenue (FBR), sources said on Monday. The sources said that the FBR has received the information of buyers who made purchases during first half (July – December) of current fiscal year. Besides manufacturers […]

by Mrs. Anjum Shahnawaz

SBP takes steps to reduce cheque clearance time

Feb 3

Money & Banking

SBP takes steps to reduce cheque clearance time

KARACHI: Addressing another gap in cheque clearing whereby it took weeks to clear cheques in far flung areas of the country, SBP has allowed the use of Pakistan Real Time Interbank Settlement Mechanism (PRISM) for the settlement of cheques, said a statement on Monday. This is expected to decrease the processing time for clearing of […]

by Mrs. Anjum Shahnawaz

Stock market plunges by 1222 points due to high inflation

Feb 3

Stock & Commodity

Stock market plunges by 1222 points due to high inflation

KARACHI: The stock market plunged by 1222 points or three percent on Monday owing to higher than expected inflation numbers. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,409 points as against 41,631 points showing a decline of 1222 points. Analysts at Arif Habib Limited said that the market saw a significant […]

by Mrs. Anjum Shahnawaz

Feb 3

Finance

Finance ministry hopes ease in inflation in coming days

ISLAMABAD: Ministry of Finance has said that the outcome of stabilization policies, agriculture sector interventions, rigorous monitoring at federal/provincial levels, and favorable weather will bring better results in easing out inflation and sustaining the economy towards growth and productivity in the coming days. Adverse effects of pre-monsoon rains on the wheat crop, disruption of the […]

by Mrs. Anjum Shahnawaz

Rupee eases by two paisas against dollar

Feb 3

Money & Banking

Rupee eases by two paisas against dollar

Karachi – The Pakistani Rupee experienced a marginal decline of two paisas against the US Dollar on Monday, settling at Rs154.51 in the interbank foreign exchange market.

by Mrs. Anjum Shahnawaz

Chartered accountants liable to penal action for issuing false tax certificate

Feb 3

Taxation

Chartered accountants liable to penal action for issuing false tax certificate

KARACHI: Any auditor of professional accountancy firm is liable to penal action in case found guilty of misconduct in furnishing false tax certificate, sources in Federal Board of Revenue (FBR) said. Referring to Section 8B of Sales Tax Act, 1990, the sources said that tax authorities allowed input tax adjustment to a taxpayer on the […]

by Mrs. Anjum Shahnawaz

FBR gets information of property transactions

Feb 2

Taxation

FBR gets information of property transactions

KARACHI: Federal Board of Revenue (FBR) has received information of buyers and sellers of immovable properties during the period July – December 2019, sources said. The sources in tax offices told PkRevenue.com that bulk of information was provided by provincial property registrar offices and housing societies along with complete details of buyers and purchasers. The […]

by Mrs. Anjum Shahnawaz

Income tax return filing increases by 42%

Feb 2

Taxation

Income tax return filing increases by 42%

ISLAMABAD: The filing of income tax returns has registered over 42 percent growth for tax year 2019 as compared with tax year 2018. Federal Board of Revenue (FBR) on Saturday said that the number of annual returns filed for tax year 2019 2.342 million by January 31, 2020 as compared with 1.645 million returns for […]

by Mrs. Anjum Shahnawaz

Feb 1

National

Coronavirus outbreak: declaration made mandatory on international arrival

ISLAMABAD: The government has made mandatory for all passengers entering Pakistan to submit health declaration. The decision has been taken in the wake of coronavirus outbreak, as statement said on Saturday. All passengers entering Pakistan As per the instruction from Ministry of Health, all passengers entering Pakistan will be required to submit a Health Declaration […]

by Mrs. Anjum Shahnawaz

Registered persons to pay Rs5,000 as penalty for each invoice for not obtaining CNIC

Feb 1

Taxation

Registered persons to pay Rs5,000 as penalty for each invoice for not obtaining CNIC

KARACHI: Federal Board of Revenue (FBR) has said that registered persons to pay Rs5,000 as penalty amount on each invoice for failure to obtain CNIC information of buyers. Sources in the FBR said that as per updated Sales Tax Act, 1990 up to December 31, 2019 any person who fails to issue an invoice when […]

by Mrs. Anjum Shahnawaz