Jun 26

Customs officials promoted to post of assistant collector

KARACHI: Federal Board of Revenue (FBR) on Friday notified promotions of customs officials to the post of Assistant Collector (BS-17) in the Pakistan Customs Service with immediate effect and until further orders. Following officers have been promoted to the post of Assistant Collector (BS-17): 01. Muhammad Khalid, Superintendent, RTO, Gujranwala. 02. Mehmood Ahmad Nasir, Superintendent, […]

by Mrs. Anjum Shahnawaz

Rupee weakens by 31 paisas on import payment demand

Jun 26

Money & Banking

Rupee weakens by 31 paisas on import payment demand

KARACHI: The Pak Rupee weakened by 31 paisas against dollar on Friday owing to higher demand for import and corporate payment as fiscal year ending next week. The rupee ended Rs167.67 to the dollar from previous day’s closing of Rs167.36 in interbank foreign exchange market. Currency dealers said that the local unit was under pressure […]

by Mrs. Anjum Shahnawaz

Customs collectorates to observe extended working hours on June 29-30

Jun 26

Pakistan Customs

Customs collectorates to observe extended working hours on June 29-30

KARACHI: Federal Board of Revenue (FBR) on Friday said that the collectorates of Customs will observe extended working hours on June 29 and 30, 2020 to facilitate trade and business in payment of duty and taxes. The FBR said that all filed offices of customs will remain open and observe extended working hours till 10:00 […]

by Mrs. Anjum Shahnawaz

Cash withdrawal should be exempted from withholding tax; Senate recommends key changes in Finance Bill 2020

Jun 26

Budget 2020-2021, Taxation

Cash withdrawal should be exempted from withholding tax; Senate recommends key changes in Finance Bill 2020

ISLAMABAD: The Senate of Pakistan has recommended the government to abolish withholding tax on cash transactions from banks. In its key tax recommendations for finalizing budget 2020/2021, the Senate recommended that the government should abolish all kinds of withholding tax chargeable on cash transactions from banks. It recommended that instead of the proposed amendment in […]

by Mrs. Anjum Shahnawaz

Senate advises salary increase by 10 percent

Jun 26

Budget 2020-2021, National

Senate advises salary increase by 10 percent

ISLAMABAD: The Senate of Pakistan has recommended increase in salary of government employees by at least 10 percent for fiscal year starting July 01, 2020. As per the general consensus recommendations of the upper house after the debate on budget 2020/2021, it is recommended that salary of government employees should be enhanced at least 10 […]

by Mrs. Anjum Shahnawaz

Senate recommends tobacco must be treated as crop, exempted from duty/taxes

Jun 26

Budget 2020-2021

Senate recommends tobacco must be treated as crop, exempted from duty/taxes

ISLAMABAD: The Senate of Pakistan has recommended that tobacco must be treated as a crop and must be exempted from duty and taxes. In its recommendations to Finance Bill 2020, the upper house recommended the National Assembly that tobacco must be treated as a crop like wheat, maize, sugarcane etc. and must be exempted from […]

by Mrs. Anjum Shahnawaz

Senate recommends extending tax amnesty to construction sector till June 2021

Jun 26

Taxation

Senate recommends extending tax amnesty to construction sector till June 2021

ISLAMABAD: Senate of Pakistan has recommended that tax amnesty i.e. immunity from explaining source of income for builders and developers should be extended up to June 30, 2021. The investment in the construction sector have been granted immunity from Section 111 of Income Tax Ordinance, 2001 and investor as an individual is required to open […]

by Mrs. Anjum Shahnawaz

Tax collection target of Rs4.96 trillion for 2020/2021 achievable

Jun 25

Budget 2020-2021

Tax collection target of Rs4.96 trillion for 2020/2021 achievable

ISLAMABAD: Hammad Azhar, Minister for Industries and Production, has said that the tax collection target of Rs4.96 trillion assigned to Federal Board of Revenue (FBR) during next fiscal year is achievable.

by Mrs. Anjum Shahnawaz

SBP foreign exchange reserves slip to $9.96 billion

Jun 25

Finance

SBP foreign exchange reserves slip to $9.96 billion

KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) fell by $146 million to $9.961 billion by week ended June 19, 2020, according to weekly data of foreign exchange reserves of the country issued by the SBP on Thursday. The official reserves of the central bank were at $10.107 billion by week […]

by Mrs. Anjum Shahnawaz

Equity market sheds 325 points on fall in global oil prices

Jun 25

Stock & Commodity

Equity market sheds 325 points on fall in global oil prices

KARACHI: The equity market ended down by 325 points on Thursday following decline in global stock markets and ease in international oil prices. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,710 points as against 34,034 points showing a decline of 325 points. Analysts at Arif Habib Limited said that the market […]

by Mrs. Anjum Shahnawaz