FBR notifies promotion of 49 IRS officers to BS-19

Jun 18

Taxation

FBR notifies promotion of 49 IRS officers to BS-19

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified promotion of 49 officers of Inland Revenue Service (IRS) to BS-19 with immediate effect. The FBR notified promotion of 41 officers from BS-18 to BS-19 on regular basis and other eight officers have been promoted from BS-18 to BS-19 on acting charge basis. The following BS-18 […]

by Mrs. Anjum Shahnawaz

FBR promotes 14 customs officers to BS-19

Jun 18

Pakistan Customs

FBR promotes 14 customs officers to BS-19

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday announced promotion of 14 officers of Pakistan Customs Service (PCS) from BS-18 to the post of Additional Collectors BS-19 on regular basis with immediate effect. Following officers have been promoted to BS-19: 1. Ali Raza Turabi 2. Dr. Imran Rasool Khan 3. Muhammad Hassan Farid 4. Ghulam […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves up by $70 million

Jun 18

Finance

Foreign exchange reserves up by $70 million

KARACHI: The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020. The foreign exchange reserves held by the central bank increased […]

by Mrs. Anjum Shahnawaz

Stocks plummet by 309 points on lockdown, political uncertainty

Jun 18

Stock & Commodity

Stocks plummet by 309 points on lockdown, political uncertainty

KARACHI: The stock market fell by 309 points on Thursday due to political uncertainty and imposition of smart lockdown in various parts of the country. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,539 points as against 33,848 points showing a decline of 309 points. Analysts at Arif Habib Limited said that […]

by Mrs. Anjum Shahnawaz

Dollar rises to Rs166.35 on higher import, corporate payments

Jun 18

Money & Banking

Dollar rises to Rs166.35 on higher import, corporate payments

KARACHI: The Pak Rupee depreciated by further 64 paisas to the dollar on Wednesday owing to higher demand of the foreign currency for import and corporate payments. The rupee ended at Rs166.35 to the dollar from previous day’s closing of Rs165.71 in interbank foreign exchange market. Currency dealers said that the market witnessed demand for […]

by Mrs. Anjum Shahnawaz

Reduction in rental income expense limit to encourage under-reporting

Jun 18

Budget 2020-2021, Taxation

Reduction in rental income expense limit to encourage under-reporting

Presently, expenses incurred to the extent of 6 percent of rent chargeable wholly and exclusively for deriving rent are admissible as deduction against rental income. The Bill proposed to reduce the limit from 6 percent to 2 percent. The experts said that further reducing such limit would deprive a taxpayer for claiming a legitimate expense […]

by Mrs. Anjum Shahnawaz

PRA empowered to arrest tax defaulters, imprison for six months

Jun 18

Budget 2020-2021

PRA empowered to arrest tax defaulters, imprison for six months

LAHORE: Punjab Revenue Authority (PRA) has been empowered to arrest defaulters and imprison for six months for making recovery of outstanding tax. The Punjab Finance Bill, 2020 has proposed to empower PRA in certain provisions of Punjab Sales Tax Act, 2012 for making recovery of outstanding tax. According to interpretation of Punjab Finance Bill, 2020 […]

by Mrs. Anjum Shahnawaz

Punjab enlists records to be maintained by taxpayers

Jun 18

Budget 2020-2021

Punjab enlists records to be maintained by taxpayers

LAHORE: The service providers falling under the jurisdiction of Punjab Revenue Authority (PRA) are required to maintain records enlisted through provincial Finance Bill, 2020. According to interpretation of Punjab Finance Bill 2020 by PwC A. F. Ferguson Chartered Accountants, the list of records, as provided under section 31, required to be maintained by a registered […]

by Mrs. Anjum Shahnawaz

Jun 18

Finance

ECC extends SBP’s refinance scheme with additional benefits

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved extension to the refinancing scheme of the State Bank of Pakistan (SBP) up to September 30, 2020 from June 30, 2020. A statement said that the ECC approved the “Risk Sharing Facility for SBP Refinance Scheme to support employment and prevent layoff of […]

by Mrs. Anjum Shahnawaz