Criminal proceedings against officials of RTO-II Karachi in fake sales tax refunds ordered

KARACHI: Federal Tax Ombudsman (FTO) has directed tax authorities to initiate criminal proceedings against officials involved in processing bogus sales tax refunds. In an own motion in bogus refunds, the FTO observed that failure of the Regional Tax Office (RTO)-II Karachi to initiate action against the persons/officials involved in registration of fake refund payment and […]

by Mrs. Anjum Shahnawaz

Equity market ends down by 97 points amid profit taking

Mar 3

Stock & Commodity

Equity market ends down by 97 points amid profit taking

KARACHI: The equity market fell by 97 points on Tuesday after investors preferred profit taking. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,200 points as against 39,296 points showing a decline of 97 points. Analysts at Arif Habib Limited said that the market continued the ascent realizing a gain of +570 […]

by Mrs. Anjum Shahnawaz

Domestic oil sales fall by 14% on economic slowdown

Mar 3

Energy

Domestic oil sales fall by 14% on economic slowdown

KARACHI: The domestic oil sales have declined by 14 percent during July – February 2019/2020 due to economic slowdown. According to statistics by Oil Companies Advisory Committee (OCAC), the domestic oil sales fell to 11.24 million tons during first eight months of current fiscal year as compared with 13.1 million tons in the corresponding period […]

by Mrs. Anjum Shahnawaz

Rupee gains eight paisas on declining import bill

Mar 3

Money & Banking

Rupee gains eight paisas on declining import bill

KARACHI: The Pak Rupee gained eight paisas against dollar on Tuesday owing to significant decline in import bill. The rupee ended Rs154.29 to the dollar from previous day’s closing of Rs154.37 in interbank foreign exchange market. Currency dealers said that the shrinking trade deficit and decline in imports helped the rupee to gain value. The […]

by Mrs. Anjum Shahnawaz

Mar 3

Corporate, Stock & Commodity

Audit firm suspended for misconduct

KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has suspended an audit firm for professional misconduct and removed the name of the firm for six months. In a communication on Tuesday, the ICAP said that after conducting professional misconduct proceedings against Abubakar Bilwani, FCA, Sole Proprietor of Bilwani & Co. Chartered Accountants and Partner […]

by Mrs. Anjum Shahnawaz

Persons not on new ATL to pay 100% additional withholding tax

Mar 3

Taxation

Persons not on new ATL to pay 100% additional withholding tax

KARACHI: Persons who have failed to submit their annual income tax returns and declaration of assets for tax year 2019 will pay 100 percent additional withholding tax on certain transactions, sources in Federal Board of Revenue (FBR) said on Monday. They said that those taxpayers availing the benefit of reduced rate of withholding tax on […]

by Mrs. Anjum Shahnawaz