Apr 17

FPCCI praises central bank for reducing policy rate to nine percent

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has praised the central bank for reducing policy rate by two percent to nine percent from 11 percent. In a statement issued on Friday, Mian Anjum Nisar, President, FPCCI appreciated reduction in the policy rates by 2 percent from 11 percent to 9 percent by […]

by Mrs. Anjum Shahnawaz

Equity market hits upper cap on surprise rate cut, IMF loan approval

Apr 17

Stock & Commodity

Equity market hits upper cap on surprise rate cut, IMF loan approval

KARACHI: The equity market witnessed unprecedented surge by 1,502 points 4.8 percent over the previous day on Friday after recording upper cap during the day on surprise rate cut and IMF loan approval The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,831 points as against 31,329 points showing an increase of +1502 […]

by Mrs. Anjum Shahnawaz

Rupee appreciates sharply on rate cut, IMF loan approval

Apr 17

Money & Banking

Rupee appreciates sharply on rate cut, IMF loan approval

KARACHI: The Pak Rupee witnessed significant appreciation against dollar on Friday owing to cut in discount rate and $1.38 billion loan approval by the IMF. The rupee gained Rs3.30 to close at Rs163.58 to the dollar from previous day’s closing of Rs166.88 in interbank foreign exchange market. Currency dealers said that the rupee witnessed massive […]

by Mrs. Anjum Shahnawaz

PBC demands suspending collection of Sindh infrastructure cess

Apr 17

Trade & Industry

PBC demands suspending collection of Sindh infrastructure cess

KARACHI: Pakistan Business Council (PBC) has demanded the Sindh government of suspending collection of infrastructure to provide relief the industrial and businesses in the wake of coronavirus outbreak. In a letter sent to Sindh Chief Ministry Syed Murad Ali Shah, the PBC demanded the suspension of collections under the Sindh Development and Maintenance of Infrastructure […]

by Mrs. Anjum Shahnawaz

Apr 17

Finance

IMF approves $1.38 billion for Pakistan to address economic impact of COVID-19 shock

KARACHI: The Executive Board of the International Monetary Fund (IMF) approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock, according to statement received here late Thursday. With the near-term outlook deteriorating sharply, the authorities have swiftly put in place measures to contain the impact […]

by Mrs. Anjum Shahnawaz

SRB extends date for filing sales tax return up to April 30

Apr 17

Taxation

SRB extends date for filing sales tax return up to April 30

KARACHI: Sindh Revenue Board (SRB) on Thursday extended the last date for filing sales tax returns for the month of March up to April 30, 2010 to facilitate taxpayers in the wake of ongoing lockdown to prevent coronavirus outbreak. The SRB issued a circular to extend the date for filing sales tax return for month […]

by Mrs. Anjum Shahnawaz

Tax collection from phone services jumps up 630 percent

Apr 17

Taxation

Tax collection from phone services jumps up 630 percent

ISLAMABAD: The collection of withholding tax from phone subscribers registered a phenomenal increase of 630 percent to Rs27 billion during first half of the current fiscal year, according to data made available to PkRevenue.com The sources in Federal Board of Revenue (FBR) told that the restoration of withholding tax on phone usage by the Supreme […]

by Mrs. Anjum Shahnawaz