FBR amends list for exemption on equipment for coronavirus prevention

Apr 16

Taxation

FBR amends list for exemption on equipment for coronavirus prevention

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued an amended list of duty and tax exempt items for prevention of coronavirus. The FBR issued SRO 315(I)/2020, SRO 316(I)/2010 and SRO 317(I)/2020 to amend SROs issued on March 20, 2020 for allowing duty and tax exemption on import of 61 medical equipment for prevention of […]

by Mrs. Anjum Shahnawaz

FBR exempts withholding tax on commission for Ehsaas Program

Apr 16

Taxation

FBR exempts withholding tax on commission for Ehsaas Program

ISLAMABAD: Federal Board of Revenue (FBR) has exempted the withholding tax on commission agent for disbursement of Ehsaas Emergency Program. The FBR issued SRO 315(I)/2020 dated April 16, 2020 to make amendment to Second Schedule of Income Tax Ordinance, 2001. According to the amendment, a new clause 102A inserted to Part IV of the Second […]

by Mrs. Anjum Shahnawaz

SBP cuts policy rate to 9pc to dilute coronavirus impact on growth, employment

Apr 16

Money & Banking

SBP cuts policy rate to 9pc to dilute coronavirus impact on growth, employment

KARACHI: State Bank of Pakistan (SBP) on Thursday reduced key policy rate by 200 basis points to nine percent to cushion the impact of coronavirus shock on growth and employment. The SBP reduced the policy rate third time in a month from 13.25 percent to 9 percent. The SBP statement said that in light of […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves increase to $17.295 billion

Apr 16

Finance

Foreign exchange reserves increase to $17.295 billion

KARACHI: Pakistan’s foreign exchange reserves have increased by $307 million to $17.295 billion by week ended April 10, 2020. A week ago the foreign exchange reserves were at $16.988 billion, the State Bank of Pakistan (SBP) said on Thursday. The officials foreign exchange reserves of the central bank increased by $252 million to $10.974 billion […]

by Mrs. Anjum Shahnawaz

Share market gains 87 points in range bound activity

Apr 16

Stock & Commodity

Share market gains 87 points in range bound activity

KARACHI: The share market gained 87 points on Thursday after trading in range bound during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,330 points as against 31,242 points showing an increase of 87 points. Analysts at Arif Habib Limited said that the market traded in a narrow range today […]

by Mrs. Anjum Shahnawaz

Apr 16

Money & Banking

Rupee gains 10 paisas on inflows

KARACHI: The Pak Rupee gained 10 paisas against dollar on Thursday owing to inflows of export receipts and measures to facilitate home remittances. The rupee ended Rs166.88 to the dollar from previous day’s closing of Rs166.98 in interbank foreign exchange market. Currency dealers said that the rupee appreciated on inflows of export receipts during the […]

by Mrs. Anjum Shahnawaz

Why non-filers happy in paying high withholding tax rates, FPCCI asks FBR

Apr 16

Budget 2020-2021, Trade & Industry

Why non-filers happy in paying high withholding tax rates, FPCCI asks FBR

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concerns over lower number of return filers and asked Federal Board of Revenue (FBR) to identify reasons that why non-filers happy in paying higher rate of withholding tax. According to a statement on Thursday, the FPCCI has finalize proposals for upcoming budget 2020/2021. […]

by Mrs. Anjum Shahnawaz

Duty free import increases by 17pc despite phasing out exemptions

Apr 16

Pakistan Customs

Duty free import increases by 17pc despite phasing out exemptions

KARACHI: Despite elimination of exemption and strengthening enforcement the duty free import surged by 17.1 percent during 2018/2019, according to official documents. The FBR in its report released this month said that the duty free imports increased by 17.1 percent to Rs2,445 billion during fiscal year 2018/2019 as compared with Rs2,087 billion in the preceding […]

by Mrs. Anjum Shahnawaz