Apr 28

SECP extends submission of AML/CFT quarterly information up to May 31

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended the date up to May 31, 2020 for submission of mandatory information related to anti money laundering (AML)/ counter financing of terrorism (CFT) for the corporate sector. The SECP on Monday due to the recent outbreak of pandemic Coronavirus (COVID- 19) and its impact on […]

by Mrs. Anjum Shahnawaz

Business support package announced for small industrial, commercial units

Apr 27

Finance

Business support package announced for small industrial, commercial units

ISLAMABAD: The federal government as announced business support package for small industrial and commercial units in order to provide relief in the wake of coronavirus outbreak. A statement on Monday said that the government had announced the “Chotae Karobar o Sanat Imdadi Package”, which entails a payment of three months of electricity consumption amounts of […]

by Mrs. Anjum Shahnawaz

Stock market plunges by 492 points as energy scrips remain under pressure

Apr 27

Stock & Commodity

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. Analysts at Arif Habib Limited said that the market […]

by Mrs. Anjum Shahnawaz

FBR notifies zero percent sales tax on services for construction industry

Apr 27

Taxation

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 […]

by Mrs. Anjum Shahnawaz

Banks to remain closed for Zakat deduction

Apr 27

Money & Banking

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 / […]

by Mrs. Anjum Shahnawaz

FBR exempts capital gain tax on sale of immovable properties

Apr 26

Taxation

FBR exempts capital gain tax on sale of immovable properties

KARACHI: Federal Board of Revenue (FBR) has exempted capital gain tax on sale of immovable property under Tax Laws (Amendment) Ordinance, 2020. A new clause (114AA) has been inserted in Part I of the Second Schedule to the Ordinance, whereby exemption from tax on capital gains has been provided to a resident individual on sale […]

by Mrs. Anjum Shahnawaz

FBR issues procedure for sealing of transit cargo destined for India

Apr 26

Pakistan Customs

FBR issues procedure for sealing of transit cargo destined for India

KARACHI: Federal Board of Revenue (FBR) has issued procedure for sealing of transit trade cargo containers at Torkham-Peshawar and Chaman-Quetta, destined for Wahga border station for India. Following procedure to be adopted under Customs General Order (CGO) No. 03 of 2020 under Pakistan Customs Container Security System (PCCSS) Procedure for sealing and desealing of transshipment, […]

by Mrs. Anjum Shahnawaz

Sindh releases over Rs2 billion for coronavirus emergency funds

Apr 26

Finance, National

Sindh releases over Rs2 billion for coronavirus emergency funds

KARACHI: The Sindh government has released an amount of over Rs2 billion under coronavirus emergency fund, which included funds for filed isolation center and distribution of ration. According to details released by Sindh Finance Department regarding expenses issued date April 24, 2020 to dilute the economic impact of coronavirus and fight against the pandemic. The […]

by Mrs. Anjum Shahnawaz

NEPRA examines power audit report to secure consumers interest

Apr 26

Energy

NEPRA examines power audit report to secure consumers interest

ISLAMABAD: National Electric Power Regulatory Authority (NEPRA) has decided to examine the power sector audit report and said that it will take every step to secure consumers’ interest. In a statement issued on Saturday the regulator said that it is examining the recently released final Report by the Committee for power sector audit, circular debt […]

by Mrs. Anjum Shahnawaz

Think tank discusses viability of reducing GST to five percent

Apr 26

Finance

Think tank discusses viability of reducing GST to five percent

ISLAMABAD: The second meeting of think tank on Saturday discussed the viability of reducing General Sales Tax (GST) from existing 17 percent to five percent on consumer goods to kick start consumer spending. Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Sheikh chaired the 2nd meeting of the Thinktank, recently constituted […]

by Mrs. Anjum Shahnawaz