New mechanism of case settlement introduced for taxpayers facilitation: FBR

Aug 13

Taxation

New mechanism of case settlement introduced for taxpayers facilitation: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that a new mechanism of settlement of cases has been introduced to facilitate taxpayers. The FBR said that before Finance Act, 2020, a taxpayer aggrieved with an assessment order could file an appeal before the appellate authority and the same time could also avail alternate dispute […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves eases to $19.518 billion

Aug 13

Finance

Foreign exchange reserves eases to $19.518 billion

KARACHI: The liquid foreign exchange reserves of the country have declined by $45 million to $19.518 billion by week ended August 07, 2020, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $19.563 billion by week ended July 30, 2020. The official reserves of the SBP slipped […]

by Mrs. Anjum Shahnawaz

Tax incentive package: over 4,800 projects of construction industry to get registration

Aug 13

Taxation

Tax incentive package: over 4,800 projects of construction industry to get registration

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday said that it had received overwhelming response to construction industry package and over 4,800 projects have prepared drafts to get registration in the IRIS system. In a statement the FBR said that the response of builders, developers and taxpayers on the construction industry package announced by the […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 182 points on profit taking, GIDC decision

Aug 13

Stock & Commodity

Stock market ends down by 182 points on profit taking, GIDC decision

KARACHI: The stock market fell by 182 points on Thursday owing to profit taking and the decision of the apex court regarding payment of Gas Infrastructure Development Cess (GIDC). The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,291 points as against the previous day’s closing of 40,473 points showing a decline of […]

by Mrs. Anjum Shahnawaz

Rupee strengthens by 15 paisas on inflows

Aug 13

Money & Banking

Rupee strengthens by 15 paisas on inflows

KARACHI: The Pak Rupee gained another 15 paisas against dollar on Thursday owing to inflows of export and workers remittances. The rupee ended Rs167.93 to the dollar from previous day’s closing of Rs168.08 in interbank foreign exchange market. Currency analysts said that the rupee gained value for the third consecutive day. They said that the […]

by Mrs. Anjum Shahnawaz

SBP allows transfer of up to $200,000 as payment for foreign digital services

Aug 13

Money & Banking

SBP allows transfer of up to $200,000 as payment for foreign digital services

KARACHI: State Bank of Pakistan (SBP) has allowed banks to release a maximum amount of $200,000 per year as payment for digital services provided by foreign companies. The central bank on Thursday issued a new mechanism for payments to globally recognized digital service provider companies against acquisition of digital services by local companies for ease […]

by Mrs. Anjum Shahnawaz

Withholding tax rates on registration, transfer of motor vehicles updated

Aug 13

Taxation

Withholding tax rates on registration, transfer of motor vehicles updated

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates on registration and transfer of motor vehicles for tax year 2021. The FBR updated the withholding tax card 2020-2021 (up to June 30, 2020) incorporating amendments made to Income Tax Ordinance, 2001 through Finance Act, 2020. The withholding tax rate under Section 231B on […]

by Mrs. Anjum Shahnawaz

FBR issues SOPs for over-ruling objections on refund claims

Aug 13

Taxation

FBR issues SOPs for over-ruling objections on refund claims

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for over-ruling objections raised by Fully Automated Sales Tax e-Refund (FASTER) in order to facilitate taxpayers in obtaining their stuck up amount. The FBR issued Sales Tax Circular No. 01 of 2020 / IR-Operations to unveil the Standard Procedure for Over-Ruling the STARR objections on […]

by Mrs. Anjum Shahnawaz