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

FBR implements functional system for big taxpayers

Aug 23

Taxation

FBR implements functional system for big taxpayers

ISLAMABAD: Federal Board of Revenue (FBR) has implemented a functional system separating functions of enforcement, audit and legal for big taxpayers. This functional system has only been introduced at the large taxpayers units (LTUs) where FBR makes assessment of taxpayers with high annual turnover. In order to implement the FBR has issued jurisdiction orders for […]

by Mrs. Anjum Shahnawaz

Withholding tax rate on educational fee updated

Aug 22

Taxation

Withholding tax rate on educational fee updated

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rate on payment of educational fee for tax year 2021. The FBR issued withholding tax card 2020-2021 (updated up to June 30, 2020) after incorporating amendment to Income Tax Ordinance, 2001 through Finance Act, 2020. Under Section 236I of Income Tax Ordinance, 2001, every person […]

by Mrs. Anjum Shahnawaz

Withholding tax rates on sales made to retailers, wholesalers, distributors

Aug 22

Taxation

Withholding tax rates on sales made to retailers, wholesalers, distributors

ISLAMABAD: Federal Board of Revenue (FBR) has issued withholding tax rates on sales made by manufacturers to retailers, wholesalers and distributors during tax year 2021. The FBR issued the withholding tax card 2020-2021 (updated up to June 30, 2020) incorporating amendment made to Income Tax Ordinance, 2001 made through Finance Act, 2020. Under section 236G […]

by Mrs. Anjum Shahnawaz

Aug 22

Stock & Commodity

Weekly Review: Market to materialize GIDC judgment

KARACHI: The stock market likely to materialize decision of the apex court related to Gas Infrastructure Development Cess (GIDC) in coming week. Analysts at Arif Habib Limited said that although profit taking at the index was due, materialization of certain decisions recently (GIDC judgment and MOUs signed with IPPs) exacerbated the market performance. With that […]

by Mrs. Anjum Shahnawaz

Stock market sheds 247 points on heavy profit booking

Aug 21

Stock & Commodity

Stock market sheds 247 points on heavy profit booking

KARACHI: The stock market witnessed heavy profit booking on Friday on reports of approval of privatization of two major energy companies. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,621 points as against 39,869 points showing a decline of 247 points (-0.6 percent DoD). Analysts at Arif Habib Limited said that the […]

by Mrs. Anjum Shahnawaz