Jul 15

OICCI members pay one third of total tax collection

KARACHI: The foreign investors operating in Pakistan and multinational companies (MNCs) have contributed around 1/3rd of the total tax collection by Federal Board of Revenue (FBR) during fiscal year 2019/2020. The representative body of foreign investors and MNCs, the Overseas Investors Chamber of Commerce and Industry (OICCI) on Wednesday highlighted the key features of annual […]

by Mrs. Anjum Shahnawaz

Stock market slides after 13 consecutive positive sessions

Jul 15

Stock & Commodity

Stock market slides after 13 consecutive positive sessions

KARACHI: The stock market fell by 66 points on Wednesday owing to profit taking after 13 consecutive positive sessions, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,679 points as against 36,745 points showing a decline of 66 points. Analysts at Arif Habib Limited said that the market opened on […]

by Mrs. Anjum Shahnawaz

Pakistan, Hungary sign treaty for exchange of information

Jul 15

Taxation

Pakistan, Hungary sign treaty for exchange of information

ISLAMABAD: Pakistan and Hungary have signed a treaty for exchange of information under newer version of protocol of avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, a statement issued by Federal Board of Revenue (FBR) said on Wednesday. Hungarian Ambassador to Pakistan Istvan Szabo signed the Protocol […]

by Mrs. Anjum Shahnawaz

SBP fixes mandatory housing loan targets for banks

Jul 15

Money & Banking

SBP fixes mandatory housing loan targets for banks

KARACHI: State Bank of Pakistan (SBP) on Wednesday fixed mandatory targets of housing loan disbursement for banks in order to promote housing and construction of buildings in the country. The central bank in a notification said that with a view to promote housing and construction of buildings (Residential and Non-Residential) in Pakistan, the SBP decided […]

by Mrs. Anjum Shahnawaz

Jul 15

Money & Banking

Rupee ends firmer on improved inflows

KARACHI: The Pak Rupee ended firmer against dollar on Wednesday as stock of foreign currency was sufficient to meet import payment demand. The rupee ended Rs166.67 to the dollar from the previous day’s close of Rs166.68 in interbank foreign exchange market. Currency experts said that the inflows of dollars were sufficient to meet the demand […]

by Mrs. Anjum Shahnawaz

Sindh launches application for agriculture income tax calculation

Jul 15

Taxation

Sindh launches application for agriculture income tax calculation

KARACHI: The Board of Revenue, Sindh has launched an application for calculation of agriculture income tax and issuance of sales certificate. A statement on Tuesday said that the BOR Sindh launched revenue applications for facilitating general public for issuance of sales certificate and calculation of agricultural income tax. The applications are available of the website […]

by Mrs. Anjum Shahnawaz

FBR to prescribe valuation method for used vehicles

Jul 15

Taxation

FBR to prescribe valuation method for used vehicles

ISLAMABAD: Federal Board of Revenue (FBR) will prescribe method for valuation of used vehicles for the purpose of sales tax. FBR sources said that amendment has been made to Sales Tax Act, 1990 through Finance Act, 2020 related to value of supply of used vehicles. According to the amendment, in case of registered person who […]

by Mrs. Anjum Shahnawaz