FBR allows input tax adjustment to retailers

Apr 30

Taxation

FBR allows input tax adjustment to retailers

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday allowed input adjustment of sales tax to Tier-1 retailers. The FBR issued SRO 344(I)/2020 to amend SRO 1190(I)/2019 dated October 02, 2019. The FBR allowed 95 percent input adjustment against output tax. The FBR through SRO 1190(I)/2019 issued fresh list of sectors to allow input adjustment by […]

by Mrs. Anjum Shahnawaz

Stock market gains 605 points on positive sentiments

Apr 29

Stock & Commodity

Stock market gains 605 points on positive sentiments

KARACHI: The stock market gained 605 points on Wednesday owing to positive sentiments prevailed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,159 points as against 32,553 points showing an increase of 605 points. Analysts at Arif Habib Limited said that the market opened on a positive note today […]

by Mrs. Anjum Shahnawaz

Rupee gains four paisas on ease in import payment demand

Apr 29

Money & Banking

Rupee gains four paisas on ease in import payment demand

KARACHI: The Pak Rupee gains four paisas against dollar on Wednesday owing to ease in import payment demand, dealers said. The rupee ended Rs161.61 to the dollar from previous day’s closing of Rs161.65 in interbank foreign exchange market. The currency dealers said that import payment demand was eased during the day which helped the rupee […]

by Mrs. Anjum Shahnawaz

State-owned land in major cities to be offered for sale to overseas Pakistanis

Apr 29

Finance, National

State-owned land in major cities to be offered for sale to overseas Pakistanis

ISLAMABAD: Prime Minister Imran Khan on Tuesday said that the government has planned to offer sale of state-owned land in major cities to overseas Pakistanis. While chairing the federal cabinet meeting, the prime minister said that the government has planned to offer government owned land located in major cities to the overseas Pakistanis in order […]

by Mrs. Anjum Shahnawaz

Apr 29

Money & Banking

Bank holiday announcement

KARACHI: Banks will remain closed on May 01, 2020 on the occasion of Labour Day as declared holiday by the government. State Bank of Pakistan (SBP) on Tuesday issued a circular informing the presidents and chief executives of all banks, development financial institutions and microfinance banks that the central bank will remain closed on May […]

by Mrs. Anjum Shahnawaz

Apr 28

Taxation

Coronavirus infects 23 FBR officials

KARACHI: At least 23 tax officials posted at Regional Tax Office (RTO) Quetta have been tested positive for coronavirus. A senior official of RTO Quetta confirmed that officials had been tested positive for coronavirus. The official said that initially 14 officials were infected with the virus. Further tests increased the number to 23. More, tests […]

by Mrs. Anjum Shahnawaz

Stock market gains 239 points on further rate cut expectations

Apr 28

Stock & Commodity

Stock market gains 239 points on further rate cut expectations

KARACHI: The stock market gained 239 points on Tuesday owing to expected lower inflation and possible further rate cut. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 32,553 points as against 32,315 points showing an increase of 239 points. Analysts at Arif Habib Limited said that the market saw rebound of cement […]

by Mrs. Anjum Shahnawaz

FBR explains sealing of export TP cargo though Railways

Apr 28

Pakistan Customs

FBR explains sealing of export TP cargo though Railways

KARACHI: Federal Board of Revenue (FBR) has issued procedure of sealing of export cargo under transshipment transported by Pakistan Railways. Sealing at focal points (Entry) for transshipment containers and dry port export cargo containers transported by Pakistan railways: I. The Custom Agent/carrier will lodge the TP application/ declaration in the Custom Facilitation Centre/ Transshipment Section […]

by Mrs. Anjum Shahnawaz

Rupee falls by Rs1.17 against dollar on import demand

Apr 28

Money & Banking

Rupee falls by Rs1.17 against dollar on import demand

KARACHI: The Pak Rupee ended down by Rs1.17 against dollar on Tuesday as the local currency was seen under pressure on import payment demand. The rupee ended at Rs161.65 to the dollar from last trading day on April 24, 2020 at Rs160.48 in interbank foreign exchange market. The currency dealers said that the market was […]

by Mrs. Anjum Shahnawaz

NA approves harsh penalties for manufacturers, retailers for obstructing tax monitoring

Apr 28

Taxation

NA approves harsh penalties for manufacturers, retailers for obstructing tax monitoring

ISLAMABAD: The National Assembly has approved the law for imposition of harsh fine and penalties upon manufacturers and retailers for obstructing tax authorities in monitoring business activities. The National Assembly passed the Tax Laws (Second Amendment) Ordinance, 2019 which was promulgated through presidential ordinance in December 2019. After passage it shall be called the Tax […]

by Mrs. Anjum Shahnawaz