Law prohibits arrest of women, minors for tax recovery

Jan 25

Taxation

Law prohibits arrest of women, minors for tax recovery

ISLAMABAD: Income tax law has prohibited tax officials from arresting any woman or a minor for recovery of tax default amount, officials at Federal Board of Revenue (FBR) said on Monday. They said that Commissioner Inland Revenue, having authority to recover tax amount by using various options defined under the law, has been prohibited to […]

by Mrs. Anjum Shahnawaz

Jazz awarded contract worth Rs254 million for broadband services

Jan 25

IT & Telecom

Jazz awarded contract worth Rs254 million for broadband services

ISLAMABAD: The Universal Service Fund (USF) has awarded contract worth Rs254 million to Jazz for providing high speed mobile broadband services in rural and remote areas of Punjab, a statement said on Monday. Federal Minister for IT and Telecommunication, Syed Amin Ul Haque and Federal Minister for Science and Technology, Fawad Chaudhry witnessed the contract […]

by Mrs. Anjum Shahnawaz

Industry rejects shutting down gas supply decision

Jan 25

Trade & Industry

Industry rejects shutting down gas supply decision

KARACHI: Trade and industry on Monday strongly rejected the government decision of discontinuing gas supply for export and manufacturing sectors. The industry will face the ever severe situation in the wake of discontinuation of gas supply to captive power generation for general industry from February 01 and the export-oriented sectors from March 01, 2021 leaving […]

by Mrs. Anjum Shahnawaz

Stock market gains 220 points on better results expectations

Jan 25

Stock & Commodity

Stock market gains 220 points on better results expectations

KARACHI: The stock market gained 220 points on Monday as major scrips contributed positively after expectation of better financial results. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,088 points as against the closing of last Friday 45,868 points, showing an increase of +220 points. Analysts at Arif Habib Limited said that […]

by Mrs. Anjum Shahnawaz

Rupee eases by four paisas against dollar

Jan 25

Money & Banking

Rupee eases by four paisas against dollar

KARACHI: The Pak Rupee eased by four paisas against the dollar on Monday owing to demand of the foreign currency for import and corporate payments. The rupee ended Rs160.79 to the dollar from last Friday’s closing of 160.75 in the interbank foreign exchange market. Currency dealers said that the rupee remained under pressure due to […]

by Mrs. Anjum Shahnawaz

FBR receives 3.06 million record high income tax returns for Tax Year 2019

Jan 25

Taxation

FBR receives 3.06 million record high income tax returns for Tax Year 2019

ISLAMABAD: Federal Board of Revenue (FBR) has received a record high of income tax returns at 3.06 million for tax year 2019, according to the weekly Active Taxpayers List (ATL) issued on Monday. The number of returns for tax year 2019 is based on returns filed till January 24, 2021. The record return filing was […]

by Mrs. Anjum Shahnawaz

SHC dismisses petition challenging KE privatization

Jan 25

Energy

SHC dismisses petition challenging KE privatization

KARACHI: Sindh High Court (SHC) has dismissed a constitutional petition that has challenged the privatization of K-Electric, the power distribution company. In a note sent to Pakistan Stock Exchange (PSX) on Monday, K-Electric Limited said that the court had dismissed constitutional petition bearing No. D1511-2012 titled as KESX Labour Union and Others vs. Federation of […]

by Mrs. Anjum Shahnawaz

Sales tax value addition at 3 percent applicable on all imported goods

Jan 25

Taxation

Sales tax value addition at 3 percent applicable on all imported goods

ISLAMABAD: Sales tax on account of minimum value addition at three percent is applicable on all imported goods subject to exclusions on import of various imported goods. According to Sales Tax Act, 1990, all imported goods are subject to 3 percent ad valorem subject to exclusion as in conditions and procedure. The government recently abolished […]

by Mrs. Anjum Shahnawaz