Immunity from audit against CNIC condition demanded

May 2

Immunity from audit against CNIC condition demanded

KARACHI: The business community has demanded the Federal Board of Revenue (FBR) to give immunity from audit against CNIC condition for tax year 2020. In its budget proposals for fiscal year 2020/2021, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) demanded amnesty from audit against Computerized National Identity Card (CNIC) condition for tax […]

by Mrs. Anjum Shahnawaz

FBR proposed to review regulatory duty regime to promote domestic industry

May 2

Budget 2020-2021

FBR proposed to review regulatory duty regime to promote domestic industry

KARACHI: Business community has urged the Federal Board of Revenue (FBR) to review existing regulatory duty regime in order to promote domestic industry. Pakistan Business Council (PBC) in its budget proposals 2020/2021 advised the FBR to review of the regulatory duty where domestic industry can expand and market its capacity to the export markets. The […]

by Mrs. Anjum Shahnawaz

May 2

Stock & Commodity

Weekly Review: Market likely to continue gaining momentum

KARACHI: The share market is likely to continue gaining momentum during the next week owing to positive reports on economic front. Analysts at Arif Habib Limited said that the market should sustain its momentum next week. Expectations are ripe of a significant easing in the lockdown to help restart business activity in the country which […]

by Mrs. Anjum Shahnawaz

Revival of sales tax zero rating suggested to ease liquidity problem

May 2

Budget 2020-2021

Revival of sales tax zero rating suggested to ease liquidity problem

KARACHI: Business community has recommended revival of zero rated sales tax for the export sector in the wake of difficulties faced following COVID-19. Pakistan Business Council (PBC) has suggested sales tax proposals for budget 2020/2021 to ease the pressure on the industry. It said that the proposal for bringing the five export sectors under the […]

by Mrs. Anjum Shahnawaz

Minimum tax collection should be suspended for two years

May 2

Budget 2020-2021, Trade & Industry

Minimum tax collection should be suspended for two years

KARACHI: Pakistan Business Council (PBC) has recommended suspending minimum tax under Section 113 of Income Tax Ordinance, 2001 considering the pandemic of COVID-19 and its impact on businesses. The PBC in its budget proposals 2020/2021, said that a turnover based minimum tax is fundamentally flawed in that it fails to take account of the industry […]

by Mrs. Anjum Shahnawaz

Introduction of registered savings, investment accounts proposed

May 2

Budget 2020-2021

Introduction of registered savings, investment accounts proposed

KARACHI: Pakistan Stock Exchange (PSX) has proposed introduction of registered savings and investment accounts (RSIAs) in the upcoming budget 2020/2021. In its budget proposals for the fiscal year 2020/2021, the PSX said that saving and investment are crucial for playing an important role in the process of socio-economic development through capital accumulations. Pakistan, besides facing […]

by Mrs. Anjum Shahnawaz

Karachi Chamber demands ease in lockdown, resuming trade activities

May 1

Trade & Industry

Karachi Chamber demands ease in lockdown, resuming trade activities

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has demanded the government to ease lockdown and allow resumption of trade activities. In a statement Siraj Kassam Teli, Chairman Businessmen Group (BMG) and Former President KCCI said that Coronavirus is not going to go anywhere and it is going to stay with us for the time […]

by Mrs. Anjum Shahnawaz

Headline inflation contracts to 8.5 percent in April

May 1

Finance

Headline inflation contracts to 8.5 percent in April

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) contracted to single digit i.e. 8.5 percent in April 2020 as compared with an increase of 10.2 percent in the previous month, Pakistan Bureau of Statistics (PBS) said on Friday. The PBS said that CPI inflation general increased by 8.5 percent on year-on-year basis in […]

by Mrs. Anjum Shahnawaz

SBP enhances refinancing limits for hospitals

May 1

Money & Banking

SBP enhances refinancing limits for hospitals

KARACHI: State Bank of Pakistan (SBP) on Friday increased the refinancing limits for hospitals and medical centers in the background of rising cases of COVID-19 in the country and with the need to strengthen health sector in fight against COVID-19. The central bank enhanced financing limit of a single hospital/ medical center under its Refinance […]

by Mrs. Anjum Shahnawaz

FBR collection falls by 13.4 percent in April

May 1

Taxation

FBR collection falls by 13.4 percent in April

ISLAMABAD: The revenue collection has registered 13.4 percent decline in April 2020 over the corresponding month of the last year, due to ongoing lockdown to contain spread of coronavirus. According to provisional statistics of Federal Board of Revenue (FBR), the collection of duty and taxes fell to Rs256.68 billion in April 2020 as compared with […]

by Mrs. Anjum Shahnawaz