Nov 27

FBR notifies transfer, postings of customs officers

ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified transfer and posting of officers of Pakistan Customs Service (PCS) in BS-17 to BS-19 with immediate effect and until further orders. The FBR notified transfers and postings of following officers: 01. Shoukat Ali (Pakistan Customs Service/BS-19) has been transferred and posted as Additional Director, Directorate General […]

by Mrs. Anjum Shahnawaz

Return filing mandatory for Pakistanis having foreign assets

Nov 27

Taxation

Return filing mandatory for Pakistanis having foreign assets

ISLAMABAD: Pakistanis having income and assets abroad are required to file annual income tax return under Section 114 of the Income Tax Ordinance, 2001. According to Section 114 of the Ordinance the return filing is mandatory for: “(x) is a resident person being an individual required to file foreign income and assets statement under section […]

by Mrs. Anjum Shahnawaz

Resident Pakistanis not allowed investing in Naya Pakistan Certificates: FBR

Nov 27

Taxation

Resident Pakistanis not allowed investing in Naya Pakistan Certificates: FBR

ISLAMABAD: Federal Board of Revenue (FBR) on Friday clarified that resident Pakistanis are not allowed to invest in Naya Pakistan Certificates (NPCs). The FBR issued clarification to a news appeared in a national daily. The FBR said that the only non-resident individuals can purchase Naya Pakistan Certificate, who maintain bank account abroad or foreign currency […]

by Mrs. Anjum Shahnawaz

Rising coronavirus cases may impact revenue collection in second quarter

Nov 27

Finance

Rising coronavirus cases may impact revenue collection in second quarter

ISLAMABAD: The ministry of finance has said that the rising cases of coronavirus may slowdown economic activities and adversely impact revenue collection in second quarter (October – December) of the current fiscal year.

by Mrs. Anjum Shahnawaz

Stock market sheds 224 points on buying activity

Nov 27

Stock & Commodity

Stock market sheds 224 points on buying activity

KARACHI: The stock market has lost 224 points on Friday as the market witnessed buying activity during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,807 points as against 41,031 points showing a decline of 224 points. Analysts at Arif Habib Limited said that the market opened on a negative […]

by Mrs. Anjum Shahnawaz

OGDCL announces gas discovery in Balochistan

Nov 27

Energy

OGDCL announces gas discovery in Balochistan

KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced discovery of natural gas from its well located in the province of Balochistan. In a communication sent to Pakistan Stock Exchange (PSX), the company – as 100 percent operator – informed that it had discovered gas from its exploratory well Kakhirud X-1 located in […]

by Mrs. Anjum Shahnawaz

Rupee ends down by 20 paisas on higher import payment demand

Nov 27

Money & Banking

Rupee ends down by 20 paisas on higher import payment demand

KARACHI: The Pak Rupee fell by 20 paisas against the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments. The rupee ended at Rs159.46 to the dollar from the previous day’s closing of Rs159.26 in the interbank foreign exchange market. Currency dealers said that the higher demand of […]

by Mrs. Anjum Shahnawaz

FBR issues simplified return form for taxpayers having turnover less than Rs50 million

Nov 27

Taxation

FBR issues simplified return form for taxpayers having turnover less than Rs50 million

ISLAMABAD: Federal Board of Revenue (FBR) has launched a single page simplified draft income tax return form for business individuals and Association of Persons (AOPs) having annual turnover less than Rs50 million. The draft return form has been issued through SRO 1261(I)/2020 dated November 26, 2020, which will be finalized after consultation with stakeholders. The […]

by Mrs. Anjum Shahnawaz