FBR issues procedure for cash back to customers of Tier-1 retailers

Dec 16

Taxation

FBR issues procedure for cash back to customers of Tier-1 retailers

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for cash back five percent sales tax to customers, which is paid at the time of payment to Tier-1 retailers. The FBR issued SRO 1339(I)/2020 dated December 16, 2020 to make amendment in Sales Tax Rules, 2006. Following is the procedure for payment of five […]

by Mrs. Anjum Shahnawaz

Foreign investment falls 81 percent during July – November

Dec 16

Finance

Foreign investment falls 81 percent during July – November

KARACHI: The inflow of total foreign investment fell by around 81 percent during first five months of the current fiscal year due to outflow of investment from debt securities. According to data released by State Bank of Pakistan (SBP) on Wednesday the foreign public investment fell by 112.5 percent mainly due to outflow in debt […]

by Mrs. Anjum Shahnawaz

Online module launched to facilitate Greenfield investors

Dec 16

Taxation

Online module launched to facilitate Greenfield investors

ISLAMABAD: Federal Board of Revenue (FBR) has launched an online module to facilitate investor to apply online for grant of Greenfield industry status, a FBR spokesman said on Wednesday. To promote investment in the Greenfield Industry and to facilitate such investors, Federal Board of Revenue (FBR) has launched online module in Iris for facilitating filing […]

by Mrs. Anjum Shahnawaz

Stock market gains 109 points in mixed trading activities

Dec 16

Stock & Commodity

Stock market gains 109 points in mixed trading activities

KARACHI: The stock market gained 109 points on Wednesday in mixed trading activities during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,360 points as against 43,251 points showing an increase of 109 points. Analysts at Arif Habib Limited said that yesterday’s across the board profit booking saw some respite […]

by Mrs. Anjum Shahnawaz

Dec 16

Taxation

Taxpayers to get profile update format at IRIS portal

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued draft amendment for notifying format for updating profile by taxpayers. The FBR issued SRO 1341(I)/2020 dated December 16, 2020 to issue draft amendment to Income Tax Rules, 2002. A new rule 34B has been proposed for taxpayer’s profile. The FBR said that this rule shall apply […]

by Mrs. Anjum Shahnawaz

Dec 16

Money & Banking

Rupee recovers 20 paisas against dollar

KARACHI: The Pak Rupee recovered 20 paisas against the dollar on Wednesday after ease in demand for import and corporate payments and increase in foreign inflows. The rupee ended Rs160.39 to the dollar from previous day’s closing of Rs160.59 in the interbank foreign exchange market. The local unit recovered against the greenback after witnessing three […]

by Mrs. Anjum Shahnawaz

FBR issues procedure for conducting e-audit

Dec 16

Taxation

FBR issues procedure for conducting e-audit

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued procedure for conducting electronic audit by officers of Inland Revenue. An amendment was introduced to Sales Tax Act, 1990 through Finance Act, 2020 under which commissioner of Inland Revenue authorized to conduct audit proceedings electronically through video link or any other facility as prescribed by the […]

by Mrs. Anjum Shahnawaz

Banking deposits increase by 18pc in November

Dec 16

Money & Banking

Banking deposits increase by 18pc in November

KARACHI: Deposits of the banking system have increased by 18 percent to Rs16.84 trillion by end of November 2020 as compared with same month of the last year, according to details released by the State Bank of Pakistan (SBP). The banking deposits were at Rs14.31 trillion by November 2019. The deposits of the banking system […]

by Mrs. Anjum Shahnawaz

IR officers given powers to check dirty money in transactions of jewelers, real estate, accountants

Dec 16

Taxation

IR officers given powers to check dirty money in transactions of jewelers, real estate, accountants

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issues regulations for exercising powers to monitor transactions by jewelers, real estate agents and accountants to check dirty money. The FBR issued SRO 1319(I)/2020 dated December 10, 2020 to empower officers of Inland Revenue to exercise powers conferred by Section 6A of Anti-Money Laundering Act, 2010. Regulating […]

by Mrs. Anjum Shahnawaz