Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

Apr 23

Taxation

Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

KARACHI: Sindh government has exempted property tax, motor vehicle tax and professional tax for three months of current fiscal year. The decision has been taken in order to provide relief to masses within the jurisdiction of Sindh considering outbreak of coronavirus (COVID-19). According to notifications issued on Thursday by Sindh Excise, Taxation and Narcotics Control […]

by Mrs. Anjum Shahnawaz

Engro Corp declares Rs5.94 billion after tax quarterly profit

Apr 23

Corporate

Engro Corp declares Rs5.94 billion after tax quarterly profit

KARACHI: Engro Corporation has declared profit after tax at Rs5.94 billion for the quarter ended March 31, 2020. The after tax profit fell by nine percent when compared with Rs6.56 billion in the same quarter last year. Engro’s consolidated revenue grew by 11 percent in comparison to the prior period, mainly driven by energy projects […]

by Mrs. Anjum Shahnawaz

Apr 23

Finance

SBP’s reserves fall to $10.889 billion

KARACHI: The official reserves of State Bank of Pakistan (SBP) have reduced by $85 million to $10.889 billion by week ended April 17, 2020, the central bank said on Thursday. The SBP attributed this decline to government external debt payments of $145 million. The SBP said that on April 20, 2020, it received $1.39 billion […]

by Mrs. Anjum Shahnawaz

Stock market gains 387 points in mixed trading

Apr 23

Stock & Commodity

Stock market gains 387 points in mixed trading

KARACHI: The stock market gained 387 points on Thursday in mixed trading activities during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,850 points as against 32,464 points showing an increase of 387 points. Analysts at Arif Habib Limited said that the market traded range bound for most of the […]

by Mrs. Anjum Shahnawaz

SBP issue guidelines to dampen COVID-19 effects, facilitates IBIs customers

Apr 23

Money & Banking

SBP issue guidelines to dampen COVID-19 effects, facilitates IBIs customers

KARACHI: State Bank of Pakistan (SBP) on Thursday issued guidelines for implementation of regulatory relief to dampen the effects of COVID-19 to facilitate customers of Islamic Banking Institutions (IBIs). The SBP said that in order to dampen the adverse effects of COVID-19 and to enable the banks/DFIs continue to fulfill their role in funding the […]

by Mrs. Anjum Shahnawaz

Rupee gains 38 paisas against dollar on improved external account

Apr 23

Money & Banking

Rupee gains 38 paisas against dollar on improved external account

KARACHI: The Pak Rupee further appreciated by 38 paisas against dollar on Thursday owing to improved external account. The rupee ended Rs159.98 to the dollar from previous day’s closing of Rs161.36 in interbank foreign exchange market. Currency dealers said that that improved foreign direct investment and shrinking current account deficit helped the local currency to […]

by Mrs. Anjum Shahnawaz

Current account deficit shrinks by 73pc in nine months

Apr 23

Finance

Current account deficit shrinks by 73pc in nine months

KARACHI: Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill. The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year, […]

by Mrs. Anjum Shahnawaz

SECP highlights difficulties in present tax regime

Apr 23

Taxation

SECP highlights difficulties in present tax regime

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has highlighted difficulties faced by corporate sector due to prevailing tax regime. The SECP chairman called upon the chairperson of Federal Board of Revenue (FBR) on Wednesday to discuss a number of taxation policy reforms that are essential for the development of Pakistan’s capital markets, corporate sector, […]

by Mrs. Anjum Shahnawaz