Minimum tax to apply on non-resident PE companies

Jun 28

Taxation

Minimum tax to apply on non-resident PE companies

KARACHI: The minimum tax on turnover has been proposed to impose on non-resident companies having permanent establishment (PE) in Pakistan. The amendment in Section 113 of the Income Tax Ordinance, 2001 has been proposed through Finance Bill, 2020. According to EY Ford Rhodes Chartered Accountants the Section 113 of the Ordinance levies minimum tax on […]

by Mrs. Anjum Shahnawaz

FBR to get information of all persons entering, leaving Pakistan for broadening of tax base

Jun 27

Taxation

FBR to get information of all persons entering, leaving Pakistan for broadening of tax base

KARACHI: Federal Board of Revenue (FBR) will get access to information of all persons entering or leaving Pakistan from federal investigation agency and bureau of emigration for the purpose of broadening of tax base. As per the newly proposed amendment to Income Tax Ordinance, 2001 a new section 47(B) has been introduced through Finance Bill, […]

by Mrs. Anjum Shahnawaz

KCCI urges K-Electric to stop load shedding

Jun 27

Energy, Trade & Industry

KCCI urges K-Electric to stop load shedding

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has expressed serious concerns of electricity shortfall which caused massive losses to trade and industry. Agha Shahab Ahmed Khan, President KCCI urged the K-Electric to immediately stop the ongoing load shedding spell and focus on improving the infrastructure, particularly power generation capacity and distribution network which is […]

by Mrs. Anjum Shahnawaz

Jun 27

Stock & Commodity

Weekly Review: Stock market likely to stay in green zone

KARACHI: The stock market likely to stay in green zone during next week as coronavirus cases are receding and investors are optimistic on inflows from international financial institutions. Analysts at Arif Habib Limited said that the market to remain positive in the upcoming week. Since COVID-19 cases have started to decline day-on-day basis, investment sentiment […]

by Mrs. Anjum Shahnawaz

FBR urged to allow time extension making audit notice compliance

Jun 27

Taxation

FBR urged to allow time extension making audit notice compliance

KARACHI: Pakistan Tax Bar Association (PTBA) has urged the tax authorities to allow time extension to taxpayers for making compliance in audit notices of tax year 2014. In a letter sent to Ms. Nausheen Javaid Amjad, Chairperson, Federal Board of Revenue (FBR) on Friday, the PTBA urged to grant an extension of time under Section […]

by Mrs. Anjum Shahnawaz

Commissioner IR empowered to amend assessment without definite information

Jun 27

Taxation

Commissioner IR empowered to amend assessment without definite information

KARACHI: Commissioners of Inland Revenue have been empowered to amend assessment on the basis of best judgment and make dis-allowances without specific supporting evidence. According to interpretation of Finance Bill, 2020 by EY Ford Rhodes Chartered Accountants, the provisions of Section 122 of Income Tax Ordinance, 2001, since their inception have been the subject of […]

by Mrs. Anjum Shahnawaz

Petroleum prices increased up to 66 percent; Petrol enhanced to Rs100.10/liter

Jun 26

Energy

Petroleum prices increased up to 66 percent; Petrol enhanced to Rs100.10/liter

ISLAMABAD: The federal government has increase prices of petroleum products (POL) up to 66 percent effective from June 26, 2020. According to new prices issued by the ministry of finance the maximum increase has been witnessed in kerosene oil by 66.08 percent to Rs59.06 per liter from previous price of Rs35.56 per liter. Second major […]

by Mrs. Anjum Shahnawaz

FPCCI advises central bank to bring down interest rate to 5 percent

Jun 26

Trade & Industry

FPCCI advises central bank to bring down interest rate to 5 percent

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has advised the State Bank of Pakistan (SBP) to bring down the key policy rate at 5 percent considering the prevailing situation due to coronavirus. FPCCI president Mian Anjum Nisar on Friday appreciated the SBP for slashing key policy rate by 100 basis points to […]

by Mrs. Anjum Shahnawaz

KCCI declares policy rate cut insufficient

Jun 26

Trade & Industry

KCCI declares policy rate cut insufficient

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) is not satisfied with one percent interest rate cut by the State Bank of Pakistan (SBP) and said it is very little reduction. Chairman Businessmen Group (BMG) and Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli and President KCCI Agha Shahab Ahmed Khan, […]

by Mrs. Anjum Shahnawaz

Stock market gains 230 points on surprise rate cut

Jun 26

Stock & Commodity

Stock market gains 230 points on surprise rate cut

KARACHI: The stock market gained 230 points on Friday after the central bank announced a surprise cut in interest rate a day earlier. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,939 points as against 33,709 points showing an increase of 230 points. Analysts at Arif Habib Limited said that the surprise […]

by Mrs. Anjum Shahnawaz