FBR enhances threshold to designate withholding agent

ISLAMABAD: Federal Board of Revenue (FBR) has excluded taxpayers having turnover below Rs100 million from mandatory collection and deduction of withholding tax. The FBR issued Income Tax Circular No. 03 of 2020 a day earlier to explain changes made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR said that in order to […]

by Mrs. Anjum Shahnawaz

Share market plummets by 165 points on profit taking

Sep 4

Stock & Commodity

Share market plummets by 165 points on profit taking

KARACHI: The stock market fell by 165 points on Friday owing to profit taking on the last trade day of the week and bearish trend in world stocks. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,023 points as against 42,188 points showing a decline of 165 points. Analysts at Arif Habib […]

by Mrs. Anjum Shahnawaz

Trade deficit narrows by 8.32 percent in July – August

Sep 4

Finance

Trade deficit narrows by 8.32 percent in July – August

ISLAMABAD: The trade deficit of the country has narrowed by 8.32 percent in the first two months of the current fiscal year owing to decline in import bill during the period under review. According to the data released by Pakistan Bureau of Statistics (PBS) on Friday, the trade deficit narrowed to $3.38 billion during July […]

by Mrs. Anjum Shahnawaz

Rupee appreciates by 27 paisas on improved inflows

Sep 4

Money & Banking

Rupee appreciates by 27 paisas on improved inflows

KARACHI: The Pak Rupee appreciated by 27 paisas against dollar on Friday owing to increase in foreign exchange reserves of the country, dealers said. The rupee ended at Rs165.77 to the dollar from previous day’s closing of Rs166.04 interbank foreign exchange market. Currency experts said inflows of export receipts and workers remittances helped the local […]

by Mrs. Anjum Shahnawaz

Persons on Sales Tax ATL allowed sugar import with tax concessions

Sep 4

Taxation

Persons on Sales Tax ATL allowed sugar import with tax concessions

ISLAMABAD: The ministry of commerce has said that only those importers, who are on the Active Taxpayers List (ATL) of Sales Tax issued by the Federal Board of Revenue (FBR), are eligible to import white sugar on concessional rate of tax.

by Mrs. Anjum Shahnawaz

Exports decline by 19.5 percent as rains, urban flooding disrupt supply chain

Sep 4

Finance

Exports decline by 19.5 percent as rains, urban flooding disrupt supply chain

ISLAMABAD: The exports have registered 19.5 percent decline in August 2020 owing to torrential rains and significant urban flooding in Karachi. The exports for the month of August 2020, have recorded a downfall of 19.5 percent, in dollar value terms, as compared to the same period last year. This was discussed in an internal review […]

by Mrs. Anjum Shahnawaz