Sep 12

Resident shipping companies granted final tax regime

ISLAMABAD: The income tax law has allowed final tax regime for Pakistani resident shipping company, which is registered after November 15, 2019. According to explanation to changes made to Income Tax Ordinance, 2001 through Finance Act, 2020, the FBR said that clause (c) has been added to sub-section (1) of section 7A to provide for […]

by Mrs. Anjum Shahnawaz

Rate of tax on foreign payment through debt, credit cards

Sep 12

Taxation

Rate of tax on foreign payment through debt, credit cards

ISLAMABAD: Federal Board of Revenue (FBR) has notified rate of advance tax on amount remitted abroad through credit or debit cards. The FBR issued withholding tax card for tax year 2020-2021 (updated till June 30, 2020) after incorporating amendments made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR collects advance tax under […]

by Mrs. Anjum Shahnawaz

FBR initiates framing ‘concealment of assets’ cases against defaulting amnesty declarants

Sep 12

Taxation

FBR initiates framing ‘concealment of assets’ cases against defaulting amnesty declarants

KARACHI: Federal Board of Revenue (FBR) has initiated the process of framing cases under concealment of assets against persons who declared under an amnesty scheme but failed to pay taxes within the given timeline. The FBR distributed a number of cases with tax offices having jurisdiction over the cases of those persons, who declared their […]

by Mrs. Anjum Shahnawaz

Sep 12

Stock & Commodity

Weekly Review: market likely to stay in green

KARACHI: The stock market likely to trade in green zone during next week due to higher interest of investors and improved economic indicators. Analysts at Arif Habib Limited said that the market to remain green due to higher interest of local individuals in the market, improvement on macro-economic front, continued improvement on the Coronavirus front […]

by Mrs. Anjum Shahnawaz

Gas utility issues disconnection notices to Sindh hospitals

Sep 12

Energy

Gas utility issues disconnection notices to Sindh hospitals

KARACHI: Sui Southern Gas Company (SSGC) on Friday warned Sindh administration of disconnecting gas supply to its hospitals on non-payment of outstanding. The gas utility issued notices to Sindh government hospitals mainly located in Karachi to pay outstanding by September 15, 2020 otherwise the gas supply would be disconnected. The SSGC has finalized strategy to […]

by Mrs. Anjum Shahnawaz