FBR issues AML/CFT guidelines for accountants to comply with FATF conditions

KARACHI: Federal Board of Revenue (FBR) has issued guidelines for accountants related to Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) laws to comply with conditions of Financial Action Task Force (FATF). The guidelines have been prepared jointly by Pakistan’s three designated AML/CFT supervisors of accountants in Pakistan, namely The Institute of Chartered Accountants of Pakistan […]

by Mrs. Anjum Shahnawaz

Authorities seal 192 illegal pumps selling smuggled petroleum products

Jan 12

Finance

Authorities seal 192 illegal pumps selling smuggled petroleum products

ISLAMABAD: The customs authorities along with other law enforcement agencies have sealed around 192 illegal fuel stations selling smuggled petroleum products, the federal cabinet was informed on Tuesday. Prime Minister Imran Khan chaired the meeting of federal cabinet. The cabinet was briefed about the steps being taken to control smuggling of petroleum products in the […]

by Mrs. Anjum Shahnawaz

Defaulting sales tax payment may liable to three-year jail

Jan 12

Taxation

Defaulting sales tax payment may liable to three-year jail

ISLAMABAD: A person fails to pay sales tax within due date or to comply with recovery order is liable to certain fine and penalty under Sales Tax Act, 1990, officials in Federal Board of Revenue (FBR) said on Tuesday. Any person who fails to deposit the amount of tax due or any part thereof in […]

by Mrs. Anjum Shahnawaz

Stock market gains 317 points on positive sentiments

Jan 12

Stock & Commodity

Stock market gains 317 points on positive sentiments

KARACHI: The stock exchange gained 317 points on Tuesday as positive sentiments prevailed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,922 points as against 45,605 points showing an increase of 317 points. Analysts at Arif Habib Limited said that the market rebounded by posting an increase of 408 […]

by Mrs. Anjum Shahnawaz

Pakistan Customs announces auction of huge lot of motor vehicles on Jan 14

Jan 12

Auction, Pakistan Customs

Pakistan Customs announces auction of huge lot of motor vehicles on Jan 14

ISLAMABAD: Pakistan Customs has announced auction of huge lot of seized motor vehicles on January 14, 2021 at Customs House Airport road, Quetta. Following is the list of motor vehicles that would be presented for the auction: S.No. Description Parked At 1 Toyota Mark X, Chassis No. GRX120-0037293, Engine Type: 4GR-FSE, Model 2005, 2500-CC, Colour […]

by Mrs. Anjum Shahnawaz

Rupee recovers two paisas amid payment demand

Jan 12

Money & Banking

Rupee recovers two paisas amid payment demand

KARACHI: The Pak Rupee recovered two paisas against the dollar on Tuesday despite higher demand for import and corporate payments. The rupee ended Rs160.37 to the dollar from last day’s closing of Rs160.39 in the interbank foreign exchange market. Currency dealers said that the local unit saw recovery after two trading days. They said that […]

by Mrs. Anjum Shahnawaz

SBP assures no limit to e-payment for duty, taxes

Jan 12

Pakistan Customs

SBP assures no limit to e-payment for duty, taxes

KARACHI: State Bank of Pakistan (SBP) has assured that there will be no limit to electronic payment for duty and taxes. The SBP assured this at a meeting with office bearers of Karachi Customs Agents Association (KCAA), a statement said on Monday. The KCAA said that from January 20, 2021 the collection of custom duties […]

by Mrs. Anjum Shahnawaz