Oct 14

FTO directs to enforce certificate of origin to prevent under invoicing

ISLAMABAD: Federal Tax Ombudsman (FTO) has directed tax authorities to enforce certificate of origin from respective country of manufacture. The FTO recommended that the commerce ministry to frame and enforce rules of origin in respect of goods suspected of circumvention and import from free ports, which are not covered under preferential trade agreement (PTA). The […]

by Mrs. Anjum Shahnawaz

FBR notifies draft rules for timely issuance of annual return forms

Oct 13

Taxation

FBR notifies draft rules for timely issuance of annual return forms

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued SRO 1041(I)/2020 for timely issuance of annual income tax return forms in order to facilitate taxpayers and avoid unnecessary delays in return filing process. The FBR proposed amendment to Income Tax Rules, 2002 through the SRO. A new rule 34A has been proposed to insert in […]

by Mrs. Anjum Shahnawaz

FBR adopts policy to strengthen legal team for tax cases

Oct 13

Taxation

FBR adopts policy to strengthen legal team for tax cases

ISLAMABAD: Federal Board of Revenue (FBR) has adopted new policy for placement of legal advisors and advocates on its panel to improve the representation before the courts. The FBR said that previously policy for appointment of advocates was regulated under guidelines issued on October 16, 2017. “However, to improve the representation before the courts in […]

by Mrs. Anjum Shahnawaz

Karachi Chamber rejects power tariff hike; demands immediate withdrawal

Oct 13

Trade & Industry

Karachi Chamber rejects power tariff hike; demands immediate withdrawal

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has strongly rejected the power tariff hike by K-Electric and demanded the government of immediate withdrawal the relevant notification. In a statement issued on Tuesday, KCCI President Shariq Vohra said that the anti-business move would give a serious blow to the trade & industry which was still […]

by Mrs. Anjum Shahnawaz

Share market falls by 203 points on FATF, inflation concerns

Oct 13

Stock & Commodity

Share market falls by 203 points on FATF, inflation concerns

KARACHI: The share market fell by 203 points on Tuesday owing to rising concerns over FATF upcoming meeting and rising inflation number. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,007 points as against 40,210 points showing a decline of 203 points. Analysts at Arif Habib Limited said that the market continued […]

by Mrs. Anjum Shahnawaz

Rupee eases by three paisas on import payment demand

Oct 13

Money & Banking

Rupee eases by three paisas on import payment demand

KARACHI: The Pak Rupee ended down by three paisas against dollar on Tuesday owing to import and corporate payment demand for the foreign currency. The rupee ended Rs163.84 to the dollar from last day’s closing of Rs163.81 in interbank foreign exchange market. Currency dealers said that the higher dollar demand for import and corporate demand […]

by Mrs. Anjum Shahnawaz

TAX YEAR 2021: tax rates for salary income

Oct 13

Taxation

TAX YEAR 2021: tax rates for salary income

ISLAMABAD: The rates of income tax have been updated for salaried persons which will remain applicable during tax year 2021, if not amended or changed. Federal Board of Revenue (FBR) has issued Income Tax Ordinance, 2001 updated till June 30, 2020 incorporating amendments made through Finance Act, 2020. The updated ordinance contains the rate of […]

by Mrs. Anjum Shahnawaz

Fixed tax scheme available only for registered builders, developers: FBR

Oct 12

Taxation

Fixed tax scheme available only for registered builders, developers: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has said that the fixed tax scheme is available to those builders and developers, who opt for the scheme by registering their projects with the FBR. Under the scheme, the term “builder” means a person who is registered as a builder with the FBR and is engaged in the […]

by Mrs. Anjum Shahnawaz

SBP announces interest rates for affordable housing loans

Oct 12

Money & Banking

SBP announces interest rates for affordable housing loans

KARACHI: State Bank of Pakistan (SBP) on Monday announced interest rates for loan obtained under Naya Pakistan Housing scheme. The maximum size of loan shall be Rs5 million and the loan shall be available for the maximum limit at 7 percent for first five years and at 9 percent for remaining five years. The bank […]

by Mrs. Anjum Shahnawaz

Car sales increase by 8 percent in first quarter

Oct 12

Automotive

Car sales increase by 8 percent in first quarter

KARACHI: The sales of locally manufactured cars have registered an 8 percent increase in the first quarter (July – September) 2020/2021 in Year on Year (YoY) basis due to restoration of economic activities after lifting of coronavirus lockdown. According to statistics released by Pakistan Automobile Manufacturers Association (PAMA) on Monday the car sales went up […]

by Mrs. Anjum Shahnawaz