FBR invites sales tax proposals to eliminate flying invoices, tax fraud

Feb 27

Budget 2020-2021, Taxation

FBR invites sales tax proposals to eliminate flying invoices, tax fraud

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday invited sales tax proposals to eliminate flying invoices and tax frauds and with focus on broadening of tax base. The FBR issued a circular inviting all business chambers and associations to submit their sales tax and federal excise proposals for budget 2020/2021. The FBR said that the […]

by Mrs. Anjum Shahnawaz

Stocks falls by 1051 points on covid cases confirmation

Feb 27

Stock & Commodity

Stocks falls by 1051 points on covid cases confirmation

KARACHI: The stock market fell by 1,051 points in early trading on Thursday after coronavirus cases confirmed by the government authorities. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is current trading (10:30AM) at 37,287 points losing around 1051 points. The coronavirus haunted the stock market since start of this week. Today the market […]

by Mrs. Anjum Shahnawaz

OICCI recommends price deregulation of petrol, diesel

Feb 27

Trade & Industry

OICCI recommends price deregulation of petrol, diesel

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) has recommended front and back-end price deregulation of petrol and diesel for downstream oil refining and marketing sector. For the Upstream oil and gas exploration sector, the OICCI recommended besides the estimated 30 onshore blocks that may be available for bidding, offshore blocks should also be […]

by Mrs. Anjum Shahnawaz

FBR asks people to file income tax returns

Feb 26

Taxation

FBR asks people to file income tax returns

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday urged people having taxable income to file their income tax returns on or before February 28, 2020. The FBR said persons having annual income of Rs400,000 must submit their annual tax returns for tax year 2019. The tax body urged people to file annual income tax returns […]

by Mrs. Anjum Shahnawaz

Exporters doubt refund payment release on FBR collection failure

Feb 26

Trade & Industry

Exporters doubt refund payment release on FBR collection failure

KARACHI: Exporters expressed concerns that their liquidity may be taken away by the government in shape of sales tax worth billions of rupees as Federal Board of Revenue (FBR) has failed to achieve its revenue collection target. Mian Anjum Nisar, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that the exporters fear […]

by Mrs. Anjum Shahnawaz

Stock market continues to slide on selling pressure

Feb 26

Stock & Commodity

Stock market continues to slide on selling pressure

KARACHI: The stock market witnessed decline of another 520 points on Wednesday owing to selling pressure. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,338 points as against 38,858 points showing a decline of 520 points. Analysts at Arif Habib Limited said that the market observed continuation of downward trend today with […]

by Mrs. Anjum Shahnawaz

Taxpayers unable to file annual returns as FBR’s website goes offline

Feb 26

Taxation

Taxpayers unable to file annual returns as FBR’s website goes offline

KARACHI: Taxpayers are not able to file their annual income tax returns for tax year 2019 as official portal of Federal Board of Revenue (FBR) is remained offline for past several hours on Wednesday. The taxpayers, who failed to avail past timelines for filing their income tax returns for tax year, were trying to open […]

by Mrs. Anjum Shahnawaz

Feb 26

Money & Banking

Rupee ends unchanged against dollar

KARACHI: The Pak Rupee ended unchanged against dollar on Wednesday amid demand for import and corporate payments. The rupee ended Rs154.25 to the dollar, same previous day’s closing in interbank foreign exchange market. Currency dealers said that the market witnessed demands for dollars from importers and corporate buyers. However, inflows of remittances and export payments […]

by Mrs. Anjum Shahnawaz

Feb 26

Corporate, Stock & Commodity

Pakistan Stock Exchange declares 132% surge in net profit for first half

KARACHI: The net profit of Pakistan Stock Exchange (PSX) has surged by 132 percent during six-month period ended December 31, 2019. The stock exchange announced its half year results for the period ended December 31, 2019 on Wednesday. The net profit of the market increased to Rs120.5 million during July – December 2019 as compared […]

by Mrs. Anjum Shahnawaz

OGDCL declares fall in net profit to Rs53.18 billion during six months

Feb 26

Corporate, Energy

OGDCL declares fall in net profit to Rs53.18 billion during six months

KARACHI: The net profit of Oil and Gas Development Company Limited (OGDCL) fell to Rs53.184 billion for the six-month period ended December 31, 2019. According to financial results for the six-month period ended December 31, 2019 announced on Wednesday, the after tax profit for the same period in last year was Rs56.75 billion. The company […]

by Mrs. Anjum Shahnawaz