Jun 30

FBR imposes up to seven percent additional customs duty

ISLAMABAD: Federal Board of Revenue (FBR) has started preparation for achieving revenue collection target for fiscal year 2020/2021 as it massively increased additional customs duty up to 7 percent from July 01, 2020. The FBR issued SRO 572(I)/2020 on Tuesday for levying additional customs duty at different rates of two percent, four percent and seven […]

by Mrs. Anjum Shahnawaz

FBR surpasses fiscal year 2019/2020 collection target

Jun 30

Taxation

FBR surpasses fiscal year 2019/2020 collection target

ISLAMABAD: Federal Board of Revenue (FBR) has surpassed revenue collection target of Rs3,907 billion for fiscal year 2019/2020, which was significantly lower due to coronavirus adverse impact on the economy. FBR official spokesman on Tuesday said that the tax authorities had surpassed the downward revised target of Rs3,907 billion and collected Rs3,957 billion be Tuesday […]

by Mrs. Anjum Shahnawaz

Jun 30

Stock & Commodity

KSE-100 index closes in positive after two consecutive years in red

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed 2019/2020 with a positive return after two consecutive years in red, portraying a Pak Rupee based increase of 1.5 percent. Analysts at Arif Habib Limited said that the performance of the fiscal year 2019/2020 is in stark contrast to the last 10-year performance of […]

by Mrs. Anjum Shahnawaz

SBP extends employment support scheme for three months

Jun 30

Money & Banking

SBP extends employment support scheme for three months

KARACHI: State Bank of Pakistan (SBP) has extended the Rozgar scheme for another three months and, in collaboration with the Government of Pakistan, has increased the risk coverage for SMEs under the scheme. Soon after the outbreak of Covid-19 pandemic, SBP took a number of steps to provide economic support to businesses and households. SBP […]

by Mrs. Anjum Shahnawaz

Stock market gains 240 points on improved sentiments

Jun 30

Stock & Commodity

Stock market gains 240 points on improved sentiments

KARACHI: The stock market gained 240 points to end the fiscal year on Tuesday over improved sentiments of investors over approval of finance bill and successful action by security forces against terrorists a day earlier. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,422 points as against 34,182 points showing an increase […]

by Mrs. Anjum Shahnawaz

Rupee gains 14 paisas on last day of fiscal year

Jun 30

Money & Banking

Rupee gains 14 paisas on last day of fiscal year

KARACHI: The Pak Rupee gained 14 paisas against dollar on the last date of fiscal year 2019/2020 owing to transfer of loan amount from Chinese bank. The rupee ended Rs168.05 to the dollar from previous day’s closing of Rs168.19 in interbank foreign exchange market. The State Bank of Pakistan (SBP) has received $1.3 billion as […]

by Mrs. Anjum Shahnawaz

World Bank approves $500 million to help Pakistan strengthening fiscal management

Jun 30

Finance

World Bank approves $500 million to help Pakistan strengthening fiscal management

KARACHI: The World Bank on Tuesday approved $500 million in financing for the Resilient Institutions for Sustainable Economy program (RISE) to help Pakistan strengthen fiscal management. A statement issued by The World Bank’s Board of Executive Directors approved today $500 million in financing for the Resilient Institutions for Sustainable Economy program (RISE) to help Pakistan […]

by Mrs. Anjum Shahnawaz

Shanghai Electric submits fresh intention to acquire 66.4pc K-Electric shares

Jun 30

Energy

Shanghai Electric submits fresh intention to acquire 66.4pc K-Electric shares

KARACHI: K-Electric on Tuesday said that it has received fresh Public Announcement of Intention (PAI) from Shanghai Electric Power (SEP) Company Limited (SEP) to acquire up to 66.40 percent voting shares of K-Electric Limited, subject to receipt of regulatory and other approvals. This PAI has been notified to the K-Electric Board of Directors on 30 […]

by Mrs. Anjum Shahnawaz

FBR grants Rs30 billion as tax concession to new business entities

Jun 30

Taxation

FBR grants Rs30 billion as tax concession to new business entities

ISLAMABAD: Federal Board of Revenue (FBR) has granted Rs30 billion as initial allowance to new business entities during fiscal year 2019/2020. The concession of allowance has been granted under Section 23 of Income Tax Ordinance, 2001. As per Section 23 the allowance has been granted as: Section 23. Initial allowance.— Sub-Section (1): A person who […]

by Mrs. Anjum Shahnawaz

FBR issues rules for processing duty drawback claims

Jun 30

Pakistan Customs

FBR issues rules for processing duty drawback claims

ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued draft rules for processing duty drawback claims in order to speedy repayment of exporters. The FBR issued SRO 561(I)/2020 to amend Customs Rules, 2001 for processing and sanctioning of duty drawback claims. The FBR said that the claims of duty drawback shall be sanctioned by the […]

by Mrs. Anjum Shahnawaz