Aug 24

Banks fail to meet agri credit disbursement target

KARACHI: Banks have missed agriculture credit disbursement target for fiscal year 2019/2020 by Rs135 billion but the credit disbursement was 3.5 percent higher than the preceding fiscal year, State Bank of Pakistan (SBP) said on Monday. The central bank in a statement said that the banks disbursed Rs 1,215 billion to agriculture sector during 2019-2020. […]

by Mrs. Anjum Shahnawaz

FBR notifies rules making mandatory for banks to share deposit, withdrawal details

Aug 24

Taxation

FBR notifies rules making mandatory for banks to share deposit, withdrawal details

ISLAMABAD: Federal Board of Revenue (FBR) on Monday made it mandatory for banks to provide details of transactions including deposits and withdrawals during a month. Besides, the banks are also required to provide information of transactions made through credit/debit cards and details of persons making profit on debt through banking deposits. The FBR issued SRO […]

by Mrs. Anjum Shahnawaz

Stock market gains 181 points in mixed trading activity

Aug 24

Stock & Commodity

Stock market gains 181 points in mixed trading activity

KARACHI: The stock market gained 181 points on Monday in mixed trading activity during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,802 points as against 39,622 points showing an increase of 181 points. Analysts at Arif Habib Limited said that the market opened on a positive note today and […]

by Mrs. Anjum Shahnawaz

FPCCI praises SBP for timely action to avert coronavirus impact

Aug 24

Trade & Industry

FPCCI praises SBP for timely action to avert coronavirus impact

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has praised State Bank of Pakistan (SBP) for timely action to minimize adverse impact of coronavirus on trade and industry, a statement said on Monday. “However, implementation of such measures is required to reach at the grass root level,” said Khurram Ijaz, Vice President, FPCCI, […]

by Mrs. Anjum Shahnawaz

FBR allows sugar import at reduced rates of income tax, sales tax

Aug 24

Taxation

FBR allows sugar import at reduced rates of income tax, sales tax

ISLAMABAD: Federal Board of Revenue (FBR) on Monday allowed import of sugar at reduced rate of income tax and sales tax for the quantity as approved by the government. The FBR issued SRO 770(I)/2020 and SRO 771(I)/2020 to amend Income Tax Ordinance, 2001 and Sales Tax Act, 1990 for allowed reduced rates of advance income […]

by Mrs. Anjum Shahnawaz

Pakistan records current account surplus of 1.9pc to GDP in July

Aug 24

Finance

Pakistan records current account surplus of 1.9pc to GDP in July

KARACHI: The balance of payment of the country registered current account surplus i.e. 1.9 percent of the GDP during the first month of the current fiscal year, according to statistics released by State Bank of Pakistan (SBP) on Monday. The BOP witnessed a current account deficit of 2.8 percent of the GDP in July 2019. […]

by Mrs. Anjum Shahnawaz

Rupee ends down by nine paisas on import, corporate payments demand

Aug 24

Money & Banking

Rupee ends down by nine paisas on import, corporate payments demand

KARACHI: The Pak Rupee ended down by nine paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said. The rupee ended Rs168.38 to the dollar from last Friday’s closing of Rs168.29 in interbank foreign exchange market. Currency experts said that the local currency was under pressure due to higher […]

by Mrs. Anjum Shahnawaz

Inflation increases more for persons with lower buying power

Aug 24

Finance

Inflation increases more for persons with lower buying power

ISLAMABAD: Persons with lower buying power have witnessed sharp increase in inflation for week ended August 20, 2020 as compared with the same week a year ago. According to data of Sensitive Price Indicator (SPI) issued by Pakistan Bureau of Statistics (PBS), the inflation increased more for persons having less buying powers and the inflation […]

by Mrs. Anjum Shahnawaz

FBR updates withholding tax rates on purchase of domestic, international air tickets

Aug 24

Taxation

FBR updates withholding tax rates on purchase of domestic, international air tickets

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates on purchase of domestic and international air tickets during tax year 2021. The FBR issued withholding tax card 2020-2021 (updated up to June 30, 2020) after incorporating amendments made to Income Tax Ordinance, 2001 through Finance Act, 2020. Under Section 236B of Income Tax […]

by Mrs. Anjum Shahnawaz