Highlights of Punjab tax relief package; sales tax exempted on insurance, medical treatment

LAHORE: The Punjab government has announced a tax relief package amounting over Rs56 billion in the budget 2020/2021. Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented the highlights of the... Read more »

Punjab allocates Rs337 billion for development programs

LAHORE: The Punjab government has allocated Rs337 billion as Annual Development Plan (ADP) for next fiscal year. Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented the budget 2020/2021 and said... Read more »

Punjab presents Rs2,240 billion budget 2020/2021; Rs56.5 billion for tax relief package

LAHORE: Punjab Finance Minister Makhdoom Hashim Javan Bakht on Monday presented provincial budget for fiscal year 2020/2021. The total outlay of the budget is Rs2,240.7 billion. The provincial government allocated Rs337 billion... Read more »

Budget fails to attract investors; stock market falls by 787 points

KARACHI: The stock market fell by 787 points on Monday as budget disappointed investors regarding tax incentives. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,824 points as against... Read more »

Budget fails to address industry issues amid COVID crisis: APTMA

KARACHI: All Pakistan Textile Mills Association (APTMA) has rejected the federal budget 2020/2021 saying that the budget has failed to address serious industry issues in the light of the worldwide Covid-19 created... Read more »

Rupee weakens by 61 paisas on falling foreign exchange reserves

KARACHI: The Pak Rupee fell by 61 paisas against dollar on Monday owing to fall in foreign exchange reserves of the country. The rupee ended Rs164.85 to the dollar from last Friday’s... Read more »

SBP directs banks to ensure payment of prize bonds

KARACHI: State Bank of Pakistan (SBP) on Monday directed commercial banks to ensure payment of prize bonds i.e. prize money and face value. The SBP said that it had observed that commercial... Read more »

DG Transit Trade Zahid Khokhar dies of COVID

KARACHI: Muhammad Zahid Khokhar, BS-22, of Pakistan Customs Service (PCS) died of coronavirus COVID-19 on Monday morning. Muhammad Zahid was most senior officer of PCS and recently promoted to BS-22. He was... Read more »

Details of transactions exempted from withholding tax

ISLAMABAD: The Finance Bill, 2020 has proposed to withdraw withholding tax collection on nine different types of transactions under Income Tax Ordinance, 2001. According to budget commentary issued by PwC A F... Read more »

Withholding statements to be filed on quarterly basis

ISLAMABAD: Withholding agents shall require to file statement on quarterly basis from fiscal year starting July 01, 2020. The Finance Bill, 2020 proposed amendments to Section 165 of Income Tax Ordinance, 2001,... Read more »