FBR notifies rules to implement new tax regime for imported goods

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday notified rules to implement new taxation regime on import of goods, which was introduced through Twelfth Schedule of Income Tax Ordinance, 2001. The FBR issued SRO 715(I)/2020 to notify the rules for implementation of new tax rates on import of goods. Through Finance Act, 2020 new 12th […]

by Mrs. Anjum Shahnawaz

Pakistan’s fiscal deficit narrows to 8.1 percent in FY20

Aug 12

Finance

Pakistan’s fiscal deficit narrows to 8.1 percent in FY20

KARACHI: Pakistan’s budget deficit narrowed to 8.1 percent in FY20 (2019/2020) as compared with the deficit of 8.9 percent in the preceding fiscal year, according to statistics released by the ministry of finance on Wednesday. Analysts Topline Securities said that as the deficit is lower than the 9.1 percent of GDP envisaged by the government […]

by Mrs. Anjum Shahnawaz

Stocks ease ahead of apex court decision on GIDC

Aug 12

Stock & Commodity

Stocks ease ahead of apex court decision on GIDC

KARACHI: The stock market ended with a decline of 86 points on Wednesday as Supreme Court of Pakistan (SCP) is scheduled to decide Gas Infrastructure Development Cess (GIDC) on August 13, 2020. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,473 points as against 40,559 points showing a decline of 86 points. […]

by Mrs. Anjum Shahnawaz

Rupee gains 20 paisas on improved export receipts

Aug 12

Money & Banking

Rupee gains 20 paisas on improved export receipts

KARACHI: The Pak Rupee gained 20 paisas against dollar on Wednesday owing to improved inflows of export receipts and workers remittances. The rupee ended Rs168.07 to the dollar from previous day’s closing of Rs168.27 in interbank foreign exchange market. Currency experts said that inflows of export receipts and workers remittances were sufficient to support the […]

by Mrs. Anjum Shahnawaz

Withholding sales tax regime streamlined

Aug 12

Taxation

Withholding sales tax regime streamlined

ISLAMABAD: Federal Board of Revenue (FBR) has streamlined sales tax withholding regime for compelling sales tax return filing and realizing full revenue on sale/purchase. The FBR issued Circular No. 01 dated August 06, 2020 to explain changes made to Sales Tax Act, 1990 through Finance Act, 2020. The FBR said that Eleventh Schedule provides for […]

by Mrs. Anjum Shahnawaz