FBR collects Rs100 billion as duty, taxes from imported cars

Oct 3

Taxation

FBR collects Rs100 billion as duty, taxes from imported cars

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs100 billion as customs duty and sales tax on import of cars during fiscal year 2019/2020, according to official documents. The total revenue from imported cars fell by 31 percent to Rs100 billion during fiscal year 2019/2020 as against Rs144.5 billion in the preceding fiscal year. The […]

by Mrs. Anjum Shahnawaz

FBR issues draft rules for settlement of tax cases

Oct 3

Taxation

FBR issues draft rules for settlement of tax cases

ISLAMABAD: Federal Board of Revenue (FBR) has issued draft rules for settlement of tax cases through oversight committee. The FBR issued SRO 945(I)/2020 to notify draft rules for implementation of law of agreed assessment under Section 122D of Income Tax Ordinance, 2001. The Section 122D has been inserted to the Ordinance through Finance Act, 2020. […]

by Mrs. Anjum Shahnawaz

No refund claim to stop at pre-processing stage: FBR

Oct 3

Taxation

No refund claim to stop at pre-processing stage: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Saturday said that it has launched an updated version of automated refund payment system and taxpayers will not face hurdles in processing their claims. “No refund claim now can be stuck up at the pre-processing stage,” the FBR said in a statement. FBR’s automation process of refund of […]

by Mrs. Anjum Shahnawaz

Oct 3

Stock & Commodity

Weekly Review: Turmoil in international markets likely to suppress domestic bourse

KARACHI: The share market likely to remain under pressure due to turmoil in international markets, analysts said. Analysts at Arif Habib Limited said that with economic indicators continuing to show improvement, they expect the profit-taking to be short-lived. So far Pakistan seems to be far from a second wave of the coronavirus. However turmoil in […]

by Mrs. Anjum Shahnawaz

FBR’s collection grows by 4.68pc amid record first quarter collection

Oct 2

Taxation

FBR’s collection grows by 4.68pc amid record first quarter collection

ISLAMABAD: Federal Board of Revenue (FBR) has posted 4.68 percent growth in revenue collection during first quarter (July – September) of the current fiscal year despite the fact for the first time the FBR achieved Rs1 trillion collection mark in a quarter.

by Mrs. Anjum Shahnawaz

Headline inflation increases by 9 percent in September

Oct 2

Finance

Headline inflation increases by 9 percent in September

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) increased by 9.0 percent on year-on-year basis in September 2020 as compared to an increase of 8.2 percent in the previous month and 11.4 percent in September 2019, Pakistan Bureau of Statistics (PBS) said on Friday. On month-on-month basis, it increased by 1.5 percent in […]

by Mrs. Anjum Shahnawaz

Policy for import of bullet proof vehicles unveiled

Oct 2

Pakistan Customs

Policy for import of bullet proof vehicles unveiled

ISLAMABAD: The ministry of commerce has unveiled policy for import of bullet proof vehicles both in new and used condition. The ministry issued SRO 902(I)/2020 dated September 25, 2020 to notify Import Policy Order, 2020 and explained the requirement for import of bullet proof vehicles. The bullet proof vehicles are importable on the recommendation of […]

by Mrs. Anjum Shahnawaz

Stock markets decline by 606 points on political uncertainty, coronavirus

Oct 2

Stock & Commodity

Stock markets decline by 606 points on political uncertainty, coronavirus

KARACHI: The stock market fell by 606 points on Friday owing to political uncertainty and spread of coronavirus. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,070 points as against 40,677 points showing a decline of 606 points. Analysts at Arif Habib Limited said that the market saw continuation of selling pressure […]

by Mrs. Anjum Shahnawaz

Rupee gains 49 paisas against dollar on inflows of export receipts, remittances

Oct 2

Money & Banking

Rupee gains 49 paisas against dollar on inflows of export receipts, remittances

KARACHI: The Pak Rupee gained 49 paisas against dollar on Friday owing to improved inflows of workers’ remittances, dealers said. The rupee ended Rs164.51 to the dollar from previous day’s closing of Rs165.00 in interbank foreign exchange market. Currency experts said that during the day the market had witnessed supply from banks in the shape […]

by Mrs. Anjum Shahnawaz

SBP softens quarantine for banknotes processed through certified machines

Oct 2

Money & Banking

SBP softens quarantine for banknotes processed through certified machines

KARACHI: State Bank of Pakistan (SBP) on Friday relaxed the condition for banks of ensuring 14-day quarantine period for those banknotes processed through machines certified by Pakistan Council of Scientific and Industrial Research (PCSIR). The SBP said that it had imposed a condition on May 04, 2020 under which banks were advised to quarantine cash […]

by Mrs. Anjum Shahnawaz