FBR explains electronic payment for duty, taxes

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday explained payment of duty and taxes through electronic mode to facilitate trade and industry. The FBR today (Wednesday) initiated e-payment for duty and taxes of Rs 1 million and above. The FBR answered following basic questions related to e-payment: What is PSID? Payment Slip ID (PSID) […]

by Mrs. Anjum Shahnawaz

ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

Jan 20

Finance

ECC abolishes value added sales tax, reduces advance tax to 0.25pc on sugar import

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved removal of value added sales tax and reduction of withholding income tax to nominal 0.25 percent on import of white sugar. Finance Minister Dr. Abdul Hafeez Shaikh chaired the meeting ECC of the Cabinet. The ministry of industries and Production presented a summary […]

by Mrs. Anjum Shahnawaz

Current account posts $662 million deficit in December

Jan 20

Finance

Current account posts $662 million deficit in December

KARACHI: The balance of payment of the country registered a current account deficit of $662 million in December 2020 after posting a surplus for five consecutive months, State Bank of Pakistan (SBP) said on Wednesday. However, the balance of payment for the first half of the fiscal year 2020/2021 posted a current account surplus of […]

by Mrs. Anjum Shahnawaz

Ministry approves DLTL claims worth Rs213 million: Razak Dawood

Jan 20

Finance

Ministry approves DLTL claims worth Rs213 million: Razak Dawood

ISLAMABAD: The ministry of commerce has approved Rs213 million against claims of drawback of local taxes and levies (DLTL) by non-textile sector, Abdul Razak Dawood, Adviser to Prime Minister for Commerce and Investment. “These are now with State Bank of Pakistan (SBP) and will soon be disbursed to the relevant exporters,” the adviser said this […]

by Mrs. Anjum Shahnawaz

SBP likely keep policy rate unchanged at 7 percent: market poll

Jan 20

Money & Banking

SBP likely keep policy rate unchanged at 7 percent: market poll

KARACHI: The financial market is expecting that the central bank may keep policy rate unchanged at 7 percent in its monetary policy announcement scheduled for January 22, 2021. According to a poll conducted by Topline Securities, about 75 percent of financial market participants are expecting the State Bank of Pakistan (SBP) would keep the policy […]

by Mrs. Anjum Shahnawaz

Share market dips by 226 points on profit taking

Jan 20

Stock & Commodity

Share market dips by 226 points on profit taking

KARACHI: The share market fell by 226 points on Wednesday owing to profit taking observed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,677 points as against previous day’s closing of 45,903 points, showing a decline of 226 points. Analysts at Arif Habib Limited said that the market dipped […]

by Mrs. Anjum Shahnawaz

Jan 20

Money & Banking

Rupee gains 11 paisas against dollar

Karachi – In a positive turn of events, the Pakistani Rupee demonstrated resilience against the US Dollar on Wednesday, gaining 11 paisas in the interbank foreign exchange market.

by Mrs. Anjum Shahnawaz