FBR grants tax exemption on donations to PM Corona Relief Fund

Apr 10

Taxation

FBR grants tax exemption on donations to PM Corona Relief Fund

ISLAMABAD: Federal Board of Revenue (FBR) on Friday exempted income tax on donations made to Prime Minister’s Corona Relief Fund. The FBR issued SRO 300(I)/2020 to make amendment to Second Schedule of Income Tax Ordinance, 2001 to allow exemption from whole of income tax on donations made to PM Corona Fund. The FBR also granted […]

by Mrs. Anjum Shahnawaz

Workers remittances grow to $17 billion in nine months

Apr 10

Finance

Workers remittances grow to $17 billion in nine months

KARACHI: The inflows of remittances sent home by overseas Pakistanis increased by six percent during first nine months (July – March) 2019/2020, State Bank of Pakistan (SBP) said on Friday. The workers’ remittances received during July – March 2019/2020 amounted to round $17 billion recording an increase $960.7 million or 6.0 percent over $16.031 billion […]

by Mrs. Anjum Shahnawaz

Car sales plunge by 70 percent on coronavirus lockdown

Apr 10

Automotive

Car sales plunge by 70 percent on coronavirus lockdown

KARACHI: The sales of locally assembled cars have plunged by 70 percent year on year (YoY) in March 2020. According to analysts at Topline Securities, the car sales (as reported by Pakistan Automobile Manufacturers Association) have plunged by 70 percent YoY and 43 percent MoM in March 2020 amidst the lockdown in the country due […]

by Mrs. Anjum Shahnawaz

SBP allows loan at 4 percent to active taxpayers for salaries payment

Apr 10

Money & Banking, National

SBP allows loan at 4 percent to active taxpayers for salaries payment

KARACHI: The State Bank of Pakistan (SBP) on Friday introduced a soft loan scheme at four percent for persons appeared on Active Taxpayers List (ATL) for payment of salaries and wages to their employees during financial challenges of lockdown to contain coronavirus spread. ============================================================= The statement of SBP Governor Dr. Reza Baqir on the loan […]

by Mrs. Anjum Shahnawaz

Share market gains 196 points amid selling pressure

Apr 10

Stock & Commodity

Share market gains 196 points amid selling pressure

KARACHI: The share market gained 196 points on Friday despite selling pressure in major scrips. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,033 points as against 31.837 points showing an increase of 196 points. Analysts at Arif Habib Limited said that the market saw a drop of 460 points early in […]

by Mrs. Anjum Shahnawaz

Rupee gains 40 paisas on funds inflow expectations

Apr 10

Money & Banking

Rupee gains 40 paisas on funds inflow expectations

KARACHI: The Pak Rupee gained 40 paisas against dollar on Friday as expectation of improved foreign exchange reserves following disbursement of payment by the IMF. The rupee ended at Rs166.79 to the dollar from previous day’s close of Rs167.19 in interbank foreign exchange market. The rupee made gain for the third consecutive days owing to […]

by Mrs. Anjum Shahnawaz

FBR asks exporters to provide IBAN for duty drawback transfer

Apr 10

Pakistan Customs

FBR asks exporters to provide IBAN for duty drawback transfer

ISLAMABAD: Federal Board of Revenue (FBR) has asked exporters to provide their IBAN of their bank account numbers for direct transfer of customs duty drawback. The FBR said that it has devised a centralized system of online payment of customs duty drawback directly in the bank account of the exporters. For this purpose, FBR has […]

by Mrs. Anjum Shahnawaz

Pakistan bans export of anti-malarial drugs

Apr 10

National

Pakistan bans export of anti-malarial drugs

Pakistan on Thursday banned the export of anti-malarial drugs with immediate effect till further orders. The ministry of commerce issued SRO 297(I)/2020 to amend Export Policy Order, 2016 to impose the ban. The ban has been imposed due to high demand of the drugs in the wake of coronavirus spread. The ministry amended the export […]

by Mrs. Anjum Shahnawaz

FBR drafts rules for online income monitoring of services sector

Apr 10

Taxation

FBR drafts rules for online income monitoring of services sector

ISLAMABAD: Federal Board of Revenue (FBR) will make it mandatory for providers of services to install electronic fiscal device (EFD) for real-time monitoring and collection of income tax. The FBR issued SRO 296(I)/2020 on Thursday to unveil draft rules for various services sectors to share online data of transactions in order to determine their income […]

by Mrs. Anjum Shahnawaz

Bank deposits hit record high at Rs15.13 trillion

Apr 10

Money & Banking

Bank deposits hit record high at Rs15.13 trillion

KARACHI: Bank deposits hit record high at Rs15.13 trillion by end of March 2020, according to data released by State Bank of Pakistan (SBP). The deposits of the banking sector grew by 12.4 percent YoY and 2.1 percent MoM in March 2020 to Rs15.13 trillion. The deposits are also up 3.4 percent in YTD 2020. […]

by Mrs. Anjum Shahnawaz