Reduced rate of withholding sales tax withdrawn for registered persons

Jul 29

Taxation

Reduced rate of withholding sales tax withdrawn for registered persons

ISLAMABAD: A registered person, who is not an active taxpayer, may not avail benefit of reduced rate of withholding sales tax after amendment made through Finance Act, 2020. Sources in Federal Board of Revenue (FBR) said that amendments have been made to Eleventh Schedule of Sales Tax Act, 1990 through Finance Act, 2020 under which […]

by Mrs. Anjum Shahnawaz

FBR starts scrutiny of officials under new directory retirement rules

Jul 28

Taxation

FBR starts scrutiny of officials under new directory retirement rules

ISLAMABAD: Federal Board of Revenue (FBR) has started scrutiny of its officials from BS-1 to BS-16 under recently introduced the Civil Servants (Director Retirement from Services) Rules, 2020. In this regard the FBR on Tuesday issued directives to Chief Commissioners of Large Taxpayers Units (LTUs)/Regional Tax Offices (RTOs), Chief Collectors and Collectors of Customs and […]

by Mrs. Anjum Shahnawaz

Stock market gains 406 points on investors’ optimism

Jul 28

Stock & Commodity

Stock market gains 406 points on investors’ optimism

KARACHI: The stock market gained 406 points on Tuesday as investors optimistic about financial results to be announced by banks. The benchmark KSE-100 index closed at 38,627 points as against 38,221 points showing an increase of 406 points. Analysts at Arif Habib Limited said that the market opened on a positive note today with +158. […]

by Mrs. Anjum Shahnawaz

Rupee gains 41 paisas on World Bank inflows

Jul 28

Money & Banking

Rupee gains 41 paisas on World Bank inflows

KARACHI: The Pak Rupee appreciated by 41 paisas against dollar on Tuesday on inflows of funds from the World Bank. The rupee ended Rs166.46 to the dollar from previous day’s closing of Rs166.87 in interbank foreign exchange market. Currency experts said that shrinking current account deficit and foreign inflows helped the rupee to gain value […]

by Mrs. Anjum Shahnawaz

Three FBR officials awarded ‘dismissal from service’ for misconduct

Jul 28

Taxation

Three FBR officials awarded ‘dismissal from service’ for misconduct

ISLAMABAD: Federal Board of Revenue (FBR) has awarded ‘dismissal from service’ to three officials for Regional Tax Office (RTO) Faisalabad, a statement said on Monday. The FBR sacked the officials following their admission of wrong doing after thorough inquiry. The revenue body said that all the three officials were found guilty of misconduct. Besides, FIRs […]

by Mrs. Anjum Shahnawaz

Banks approve financing of Rs126bn for employees’ wages of 2,068 businesses

Jul 28

Money & Banking

Banks approve financing of Rs126bn for employees’ wages of 2,068 businesses

KARACHI: Banks have approved around Rs126 billion under soft loan scheme to 2,068 businesses in meeting financing requirement for salaries and wages in the wake of difficulties faced due to coronavirus pandemic, State Bank of Pakistan (SBP) said on Monday. The SBP said that Under the Scheme, on overall basis, up till July 1, 2020, […]

by Mrs. Anjum Shahnawaz

Tenure extension request of trade bodies rejected: Razak Dawood

Jul 27

Trade & Industry

Tenure extension request of trade bodies rejected: Razak Dawood

KARACHI: Abdul Razzak Dawood, Advisor to Prime Minister on Commerce and Investment, has said that there is no provision in the law to extend tenure of trade bodies. “There is no consideration of extending tenure of trade bodies office bearers and even the law doesn’t allow such proposal,” a statement issued by United Business Group […]

by Mrs. Anjum Shahnawaz

RTO-III Karachi assures exporters of resolving pending issues on priority

Jul 27

Taxation, Trade & Industry

RTO-III Karachi assures exporters of resolving pending issues on priority

KARACHI: Dr. Amir Ali Khan Talpur, Chief Commissioner Inland Revenue, Regional Tax Office (RTO)-III, Karachi has assured the exporters of resolving pending issues on priority basis. “All the legitimate pending matters of exporters in the hands of Regional Tax Office-III shall be resolved on priority basis,” a statement issued by Pakistan Apparel Forum on Monday […]

by Mrs. Anjum Shahnawaz

FBR to notify withholding tax exemption for wheat import

Jul 27

National, Taxation

FBR to notify withholding tax exemption for wheat import

ISLAMABAD: Federal Board of Revenue (FBR) soon to issue exemption from withholding tax on import of wheat in order to ensure availability of the commodity in the country. Omar Hamid, Secretary Ministry of National Food Security and Research (NFS&R), said while chairing a meeting on wheat import on Monday. He said that taxes and duties […]

by Mrs. Anjum Shahnawaz

Consultations on tariff rationalization to begin next month: Razak Dawood

Jul 27

Pakistan Customs

Consultations on tariff rationalization to begin next month: Razak Dawood

ISLAMABAD: Abdul Razak Dawood, Advisor to the Prime Minister on Commerce and Investment, has said that consultations on tariff rationalization with stakeholders will start from next month. He said that tariff rationalization is vital for export-led industrialization in Pakistan and discussions would start with the relevant stakeholders from next month to develop a three year […]

by Mrs. Anjum Shahnawaz