Oct 30

State Bank’s annual profit surges to historic high of Rs1.16 trillion

KARACHI: The State Bank of Pakistan (SBP) has declared profit of Rs1.16 trillion, the highest profit in the history of the bank, for the year ended June 30, 2020. The SBP in performance report issued on Thursday said that the stability in the exchange rate allowed SBP to return to profitability after incurring loss in […]

by Mrs. Anjum Shahnawaz

Stock market plunges by 1299 points on increase in corona case

Oct 29

Stock & Commodity

Stock market plunges by 1299 points on increase in corona case

Karachi: The stock market has plunged by 1299 points on Thursday that can be attributed to surge in corona virus cases in the country.

by Mrs. Anjum Shahnawaz

Mobilink terms FBR recovery action as unfortunate

Oct 29

IT & Telecom

Mobilink terms FBR recovery action as unfortunate

ISLAMABAD: A spokesman of Jazz (Mobilink) on Thursday said that the treatment of the Federal Board of Revenue (FBR) for the recovery of disputed amount through sealing the office was unfortunate. “Despite being the largest taxpayers, we are treated in an unfortunate way,” a company spokesman said. “While the government is making efforts to improve […]

by Mrs. Anjum Shahnawaz

OICCI expresses dismay over FBR action against mobile operator

Oct 29

IT & Telecom, Trade & Industry

OICCI expresses dismay over FBR action against mobile operator

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) on Thursday expressed its shock and dismay over action taken by the tax authorities against Pakistan’s leading mobile operator. In a statement, the OICCI – the collective body of top 200 multinational companies in Pakistan – expressed its shock and dismay at the action of the […]

by Mrs. Anjum Shahnawaz

Dollar falls to Rs160.26 as Pak Rupee gains 36 paisas

Oct 29

Money & Banking

Dollar falls to Rs160.26 as Pak Rupee gains 36 paisas

KARACHI: The Pak Rupee gained another 36 paisas against the dollar on Thursday owing to inflows of workers’ remittances and export receipts offset the demand for import payment. The rupee ended Rs160.26 to the dollar from the previous day’s closing of Rs160.62 in the interbank foreign exchange market. Currency experts said that due to positive […]

by Mrs. Anjum Shahnawaz

FBR delegates powers of appointing authority

Oct 29

Taxation

FBR delegates powers of appointing authority

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified authorities for appointment of officials in the revenue board. According to the notification Secretary, the Revenue Division shall have power to appoint officials in the posts in basic pay scales 17 to 19 or equivalent. Member Admin has been authorized to appoint posts in basic pay […]

by Mrs. Anjum Shahnawaz

FBR launches crackdown against sugar mills for benami transactions

Oct 29

Taxation

FBR launches crackdown against sugar mills for benami transactions

ISLAMABAD: Federal Board of Revenue (FBR) has launched investigation against sugar mills after detection of large scale benami transactions. A statement issued on Thursday, the FBR said that Benami Zone II, Lahore has taken up the investigation of 5 sugar mills for the verification of benami transactions. Purchasers with the largest quantities as declared by […]

by Mrs. Anjum Shahnawaz

Chain stores sign MoU to integrate with FBR’s online system

Oct 29

Taxation

Chain stores sign MoU to integrate with FBR’s online system

ISLAMABAD: Big retailers with chain stores have agreed to install Point of Sale (POS) at their outlets to integrate sales and purchase with online system of Federal Board of Revenue (FBR). In this regard a Memorandum of Understanding (MoU) was signed between the FBR and Chain Stores Association of Pakistan (CAP) to ensure effective and […]

by Mrs. Anjum Shahnawaz

FBR takes notice of officials’ reluctance in joining new place of posting

Oct 29

Taxation

FBR takes notice of officials’ reluctance in joining new place of posting

ISLAMABAD: Federal Board of Revenue (FBR) has decided to take departmental action against officials who are reluctant in joining new place of posting. In a circular issued on Wednesday, the FBR has taken notice that officials are not adhered to instructions laid down in transfer and posting orders. “The transfer and posting orders are issued […]

by Mrs. Anjum Shahnawaz

FBR initiates Rs25 billion tax recovery from Mobilink

Oct 28

IT & Telecom, Taxation

FBR initiates Rs25 billion tax recovery from Mobilink

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday initiated tax recovery of Rs25 billion from M/s. Pakistan Mobile Communication Limited (PMCL), including sealing of business premises. PMCL is a mobile operator in Pakistan operating with trade name of Mobilink. Large Taxpayers Office (LTO) Islamabad, one of the major revenue collecting units of the FBR, took […]

by Mrs. Anjum Shahnawaz