KARACHI: The manual collection of taxes will be eliminated by January 2021 and in this regard Federal Board of Revenue (FBR) and State Bank of Pakistan (SBP) have agreed on the timelines. The central bank in a report said that the timelines were agreed with FBR to gradually eliminate the manual tax collections by January […]
ISLAMABAD: The government on Saturday announced reduction in prices of petrol and High Speed Diesel (HSD) effective from November 01, 2020. In a notification issued by the ministry of finance said that the government had decided to reduce prices of petrol by Rs1.57 per liter and HSD by Re 0.84 per litter. The new prices […]
ISLAMABAD: Federal Board of Revenue (FBR) on Saturday said that it will not further extend the date for filing income tax return for tax year 2020. A FBR spokesman said that the date for filing income tax return has already been extended up to December 08, 2020. “Therefore, no further date will be given beyond […]
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday demanded the government of reducing levy and taxes on petroleum products to support the trade and industry. FPCCI President Mian Anjum Nisar in a statement said that the petroleum levy has been kept on maximum higher side of almost Rs30 per liter, putting […]
ISLAMABAD: Federal Board of Revenue (FBR) has decided to authorize Commissioner Inland Revenue to select cases for audit under relevant provisions of tax laws. According to an office order issued this week, the FBR said that the Commissioner IR having jurisdiction, shall select cases for audit under Section 177 of the Income Tax Ordinance, 2001, […]
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) has updated and configured its biometric application which is compatible with Android’s newer version. The NCCPL in a statement said that it has updated and configured its biometric application and released new support for Android version 10 which is available for biometric verification through scanner based mobile […]
KARACHI: The stock market likely range bound during next week on the back of concerns over rising number of cases and probable government measures to contain it. Furthermore, the result season is also over, analysts at Arif Habib Limited said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER […]
ISLAMABAD: Federal Board of Revenue (FBR) has notified promotions to BS-22 of officers of Inland Revenue Service (IRS) and Pakistan Customs Service (PCS). According to a notification issued October 29, 2020, in pursuance of approval of the Competent Authority conveyed vide Establishment Division’s U.O No.7/1/2020-CP-VI, dated 29.10.2020, the following BS-21 officers of IRS are promoted […]
ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of income tax on motor vehicles used for passenger and goods transportation. The income tax rate shall apply during tax year 2021 (July 01, 2020 to June 30, 2021). The FBR issued Income Tax Ordinance, 2001 (Updated up to June 30, 2020) after incorporating amendments brought […]
KARACHI: The State Bank of Pakistan (SBP) has said that cost of printing of money increased to Rs13.32 billion in fiscal year 2019/2020. The central bank in its annual performance report said that the banknote printing charges increased to Rs.13.325 billion in 2019/2020 from Rs.11.419 billion in 2018/2019, thereby registering an increase of 17 percent […]