Hafeez Shaikh assures business community of presenting relief budget

KARACHI: Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance and Revenue, has said that the upcoming budget 2020/2021 will be a relief budget and most of the recommendations of business community will be adopted in the budgetary measures to be announced by the government on June 12, 2020. These assurance was given in […]

by Mrs. Anjum Shahnawaz

Stock market gains 399 points on positive sentiments

Jun 8

Stock & Commodity

Stock market gains 399 points on positive sentiments

KARACHI: The stock market gained 399 points on Monday as positive sentiment prevailed due to higher international oil prices and expected cut in duty and taxes on imported raw material. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,750 points as against 34,350 points showing an increase of 399 points. Analysts at […]

by Mrs. Anjum Shahnawaz

Rupee depreciates by 32 paisas on import payment demand

Jun 8

Money & Banking

Rupee depreciates by 32 paisas on import payment demand

KARACHI: The Pak Rupee depreciated by 32 paisas against dollar on Monday owing to higher demand for foreign currency on opening of the market after two weekly holidays. The rupee ended Rs163.62 to the dollar from last Friday’s closing of Rs163.30 in interbank foreign exchange market. Currency dealers said that the forex market witnessed pressure […]

by Mrs. Anjum Shahnawaz

APTMA demands gas tariff reduction up to 40 percent

Jun 8

Trade & Industry

APTMA demands gas tariff reduction up to 40 percent

KARACHI: All Pakistan Textile Mills Association (APTMA) on Monday demanded the government of reducing gas tariff by 35-40 percent for export oriented sectors in line with significant deline in international oil prices. Zahid Mazhar, Chairman, APTMA Sindh-Balochistan Region has demanded the Prime Minister Imran Khan and the Economic Managers of the Government to reduce the […]

by Mrs. Anjum Shahnawaz

Tax officials’ power to select income tax return for audit should be withdrawn

Jun 8

Budget 2020-2021, Taxation

Tax officials’ power to select income tax return for audit should be withdrawn

KARACHI: Tax practitioners have recommended that the selection of income tax returns for audit should be rest only with the Federal Board of Revenue (FBR) and powers of commissioner in this regard should be withdrawn. “The power to select the return of income may rest only with the FBR under Section 214C of the Ordinance,” […]

by Mrs. Anjum Shahnawaz

Online verification of tax withheld should be available

Jun 8

Budget 2020-2021, Taxation

Online verification of tax withheld should be available

KARACHI: Tax practitioners have urged the Federal Board of Revenue (FBR) to ensure verification of tax withheld on the IRIS portal in order to facilitate taxpayers in making adjustment or claiming refunds. Pakistan Tax Bar Association (PTBA) submitted proposals for budget 2020/2021 saying that withholding tax regime should be simplified by reducing the categories of […]

by Mrs. Anjum Shahnawaz