Budget Strategy: No amnesty schemes; individual tax threshold to be lowered for broadening of tax base

Mar 31

Budget, Budget 2020-2021, Taxation

Budget Strategy: No amnesty schemes; individual tax threshold to be lowered for broadening of tax base

ISLAMABAD: The government has prepared budget strategy under which no more amnesty scheme will be offered in future. Meanwhile, the tax threshold to broaden the tax base. The medium term budget strategy paper 2020/2023 released by the ministry of finance stated that the government will increase the share of direct taxes in revenues by enforcing […]

by Mrs. Anjum Shahnawaz

PM Corona Relief Fund set up; source of money not to be asked

Mar 30

National

PM Corona Relief Fund set up; source of money not to be asked

ISLAMABAD: Prime Minister Imran Khan on Monday set up a fund to generate money for helping people affected by coronavirus lockdown. The fund has been set up at National Bank of Pakistan (NBP) at Karachi. The prime minister in his address to the nation said that authorities would not ask source of the money donated […]

by Mrs. Anjum Shahnawaz

Equity market ends down by 86 points on falling global prices

Mar 30

Stock & Commodity

Equity market ends down by 86 points on falling global prices

KARACHI: The equity market has lost 86 points on Monday owing to lowering international oil prices and bearish regional markets, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 28,023 points as against 28,110 points showing a decline of 86 points. Analysts at Arif Habib Limited said that the market opened […]

by Mrs. Anjum Shahnawaz

PCDMA urges FBR to withdraw notices amid coronavirus lockdown

Mar 30

Trade & Industry

PCDMA urges FBR to withdraw notices amid coronavirus lockdown

KARACHI: Commercial importers have resented to the notices sent by Federal Board of Revenue (FBR) despite realizing severe economic crisis amid lockdown in the country to control spread of coronavirus. Pakistan Chemicals & Dyes Merchants Association (PCDMA) chairman and former director Karachi Stock Exchange Amin Yousuf Balgamwala in a statement on Monday demanded to waive […]

by Mrs. Anjum Shahnawaz

FBR seeks exemption for its officials during coronavirus lockdown

Mar 30

Taxation

FBR seeks exemption for its officials during coronavirus lockdown

ISLAMABAD: Federal Board of Revenue (FBR) on Monday sought exemption for its officials during lockdown to prevent spread of coronavirus pandemic. In a circular the FBR said that in view of the COVID-19 pandemic, the federal and provincial governments had introduced various measures to contain the spread of the virus, which included lockdowns across the […]

by Mrs. Anjum Shahnawaz

FBR extends time limit to 25 days for GD filing

Mar 30

Pakistan Customs

FBR extends time limit to 25 days for GD filing

KARACHI: Federal Board of Revenue (FBR) on Monday extended time limit for filing goods declaration to facilitate traders and importers, who were facing difficulties due to lockdown. The FBR extended the time limit for filing of goods declaration from the existing 10 days of arrival of goods to further 15 days (total 25 days) for […]

by Mrs. Anjum Shahnawaz

Rupee ends down by 60 paisas against dollar

Mar 30

Money & Banking

Rupee ends down by 60 paisas against dollar

KARACHI: The Pak Rupee ended down by 60 paisas against dollar on Monday on uncertain global and domestic financial conditions. The rupee ended Rs166.14 to the dollar from last Friday’s closing of Rs165.54 in interbank foreign exchange market. Currency analysts said that the rupee was remained under pressure due to outflow of foreign investment due […]

by Mrs. Anjum Shahnawaz

Shanghai Electric allows to make offer for K-Electric till June 26

Mar 30

Corporate, Energy

Shanghai Electric allows to make offer for K-Electric till June 26

KARACHI: Securities and Exchange Commission of Pakistan (SECP) has granted extension of 90 days to make public announcement of offer by Shanghai Electric Power Company Limited to acquire shares of K-Electric. In an announcement on Monday, K-Electric with reference to the public announcement to acquire 66.4 percent shares of K-Electric Limited made by the acquirer […]

by Mrs. Anjum Shahnawaz

Commissioner (Appeals) barred from issuing adverse orders

Mar 29

Taxation

Commissioner (Appeals) barred from issuing adverse orders

LAHORE: Punjab Revenue Authority (PRA) has barred commissioner appeals from issuing any adverse order against taxpayers, who failed to appear due to lockdown for prevention of coronavirus. The PRA in an office order dated March 25, 2020 said that in view of the prevailing circumstances in the wake of coronavirus spread, no adverse orders may […]

by Mrs. Anjum Shahnawaz

FBR urged to defer CNIC condition for six months

Mar 29

Trade & Industry

FBR urged to defer CNIC condition for six months

KARACHI: Business community has urged Federal Board of Revenue (FBR) to defer CNIC condition on purchases above Rs50,000 for at least six months. In a statement Saquib Fayyaz Magoon, Convener of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on Sales Tax and Chairman Indenters Association of Pakistan (IAOP), urged Government to […]

by Mrs. Anjum Shahnawaz