KTBA protests over ex-parte tax orders against COVID patients

KARACHI: Karachi Tax Bar Association (KTBA) on Wednesday protested over ex-parte order passed by tax offices despite taxpayers, who tested positive for coronavirus, applied for adjournment. The KTBA in a letter sent to Member Inland Revenue (Operations) of Federal Board of Revenue (FBR), said that the field formations of FBR are not considering requests from […]

by Mrs. Anjum Shahnawaz

FBR sets up body to regulate jewelers, real estate agents

Nov 11

Taxation

FBR sets up body to regulate jewelers, real estate agents

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday approved a body to regulate transactions by jewelers, real estate agents and accountants under anti-money laundering (AML)/Counter Financing of Terrorism (CFT) laws. According to an office order, the FBR approved the operationalization of Directorate General of Designated Non-Financial Business and Professions (DNFBPs), with its headquarter at Islamabad […]

by Mrs. Anjum Shahnawaz

FBR decides punitive action against non-filer companies, individuals

Nov 11

Taxation

FBR decides punitive action against non-filer companies, individuals

ISLAMABAD: Federal Board of Revenue (FBR) has decided to take punitive measures against corporate entities for not filing income tax returns. The FBR on Wednesday said that over 100,000 companies are registered with Securities and Exchange Commission of Pakistan (SECP) but above 50,000 are not filing returns. Under Section 114 of the Income Tax Ordinance, […]

by Mrs. Anjum Shahnawaz

Assets of baking system increase by 7.8pc amid COVID challenges: SBP

Nov 11

Money & Banking

Assets of baking system increase by 7.8pc amid COVID challenges: SBP

KARACHI: The assets of banking system increased by 7.8 percent during first half (January – June) 2020 despite challenging economic conditions prevailing during the period due to COVID-19 outbreak, State Bank of Pakistan (SBP) said on Wednesday. The SBP issued Mid-Year Performance Review (MPR) of the Banking Sector for the year 2020. The review comprehensively […]

by Mrs. Anjum Shahnawaz

Stock market gains 44 points amid rang bound trading

Nov 11

Stock & Commodity

Stock market gains 44 points amid rang bound trading

KARACHI: The stock market gained 44 points on Wednesday amid range bound trading during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,197 points as against 41,153 points showing an increase of 44 points. Analysts at Arif Habib Limited said that the market traded range bound today between +177 points […]

by Mrs. Anjum Shahnawaz

Dollar eases to Rs158.49 as rupee further strengthens

Nov 11

Money & Banking

Dollar eases to Rs158.49 as rupee further strengthens

KARACHI: The Pak Rupee made 20 paisas gain against dollar on Wednesday owing to rising coronavirus cases and lockdown discourage lowered demand for import payments, dealers said. The rupee ended Rs158.49 to the dollar from previous day’s closing of Rs158.69 in interbank foreign exchange market. The dealers said that the rising number of coronavirus cases […]

by Mrs. Anjum Shahnawaz

FBR bars creation of new units to resolve HR shortage

Nov 11

Taxation

FBR bars creation of new units to resolve HR shortage

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday restrained tax offices from creating new units/ranges for resolving shortage of human resource. A circular issued by the FBR stated that a meeting of Inland revenue-Operations and Admin Wings of FBR was held on November 04, 2020 in which various requirements of IR field formations were discussed. […]

by Mrs. Anjum Shahnawaz