In a bid to alleviate the financial burden caused by the coronavirus outbreak, the federal government has introduced a comprehensive support package for small industrial and commercial units.
(more…)Day: April 27, 2020
-
Stock market plunges by 492 points as energy scrips remain under pressure
KARACHI: The stock market plunged by 492 points on Monday as energy scrips remained under pressure owing to slide in international oil prices. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,315 points as against 32,806 points showing a decline of 492 points.
(more…) -
FBR notifies zero percent sales tax on services for construction industry
ISLAMABAD: Federal Board of Revenue (FBR) on Monday notified sales tax on service at zero percent for construction industry as part of incentives announced by the prime minister for construction sector.
The FBR issued SRO 326(I)/2020 to amend Islamabad Capital Territory (Tax Services) Ordinance 2001, to reduce the sales tax on services at zero percent from five percent.
The FBR said that services provided by property developers and promoters (including allied services) relating to low-cost housing schemes sponsored or approved by Naya Pakistan Housing and Development Authority or under Government’s Ehsaas program, the rate of tax shall be zero percent subject to the condition that no input tax adjustment or refund shall be admissible.
-
Banks to remain closed for Zakat deduction
KARACHI: Banks to remain closed for public dealing on Monday due to deduction of Zakat.
The State Bank of Pakistan (SBP) in a statement said that it will remain closed for public dealing on Monday, April 27, 2020, which shall be observed as “Bank Holiday” for the purpose of deduction of Zakat.
All banks / DFIs / MFBs shall, therefore, remain closed for public dealing on Monday, April 27, 2020.
However, all employees of the banks / DFIs / MFBs will attend to their official assignments (in-office or work-from-home, as designated under the current COVID-19 situation) on Bank Holiday treating it as a normal working day (except for public dealing).