Jan 6

Rupee recovers four paisas against dollar

KARACHI: The Pak Rupee recovered four paisas against the dollar on Wednesday owing to improved supply of the foreign currency to meet demand for import and corporate payments. The local unit recovered after witnessing deterioration in the previous two trading dates. The rupee ended Rs160.29 to the dollar from the previous day’s closing of Rs160.33 […]

by Mrs. Anjum Shahnawaz

SBP recommends increasing retirement age to reduce fiscal burden

Jan 6

Finance

SBP recommends increasing retirement age to reduce fiscal burden

KARACHI: State Bank of Pakistan (SBP) has recommended increase in retirement age in order to reduce average coverage period of retirement benefits. “The increase in level of standard pension age may reduce the average coverage period of retirement benefits,” the SBP said in a report issued on Tuesday. The pension system follows two eligibility criteria […]

by Mrs. Anjum Shahnawaz

Pension expenditure becoming unsustainable: SBP report

Jan 6

Finance

Pension expenditure becoming unsustainable: SBP report

KARACHI: State Bank of Pakistan (SBP) on Tuesday said that public pension expenditure in Pakistan is on the path to becoming unsustainable. The central bank prepared a study report on rising expenditures of pension which is worrisome. “ … limited fiscal space is a major reason why increasing pension spending is worrisome, improvements in the […]

by Mrs. Anjum Shahnawaz

Jan 5

Stock & Commodity

PSX introduces regulatory fee to cover costs of stock exchange

KARACHI: Pakistan Stock Exchange (PSX) on Tuesday proposed to levy regulatory fee to cover costs of the stock exchange including need to increase marketing and investor awareness programs. The proposed amount of regulatory fee is kept equivalent to the difference of Centralized Customers Protection Compensation Fund (CCPF) Levy presently charged and proposed reduced rate of […]

by Mrs. Anjum Shahnawaz

SBP projects GDP growth in range of 1.5-2.5 percent with high consumer prices in FY21

Jan 5

Finance

SBP projects GDP growth in range of 1.5-2.5 percent with high consumer prices in FY21

KARACHI: The State Bank of Pakistan (SBP) on Tuesday projected GDP growth in the range of 1.5-2.5 percent with higher than targeted consumer prices for the current fiscal year FY21 (2020/2021). The real GDP recorded 0.4 percent negative growth during the last fiscal year 2019/2020. According to First Quarterly Report on the State of Pakistan’s […]

by Mrs. Anjum Shahnawaz

FBR to impose 100 percent penalty for not mentioning money in tax returns

Jan 5

Taxation

FBR to impose 100 percent penalty for not mentioning money in tax returns

ISLAMABAD: Federal Board of Revenue (FBR) has started examination of income tax returns filed for tax year 2020 and directed tax offices to identify undisclosed income / amount for imposing 100 percent penalty. According to sources in the FBR the tax authorities had started examination of tax returns filed for the tax year 2020 and […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 36 points on selling pressure

Jan 5

Stock & Commodity

Stock market ends down by 36 points on selling pressure

KARACHI: The stock market declined by 36 points on Tuesday amid selling pressure seen during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,650 points as against previous day’s close of 44,686 points showing a decline of 36 points. Analysts at Arif Habib Limited said that the market saw selling […]

by Mrs. Anjum Shahnawaz

Exporters demand customs duty waiver on cotton yarn

Jan 5

Trade & Industry

Exporters demand customs duty waiver on cotton yarn

KARACHI: Value-added textile exporters on Tuesday demanded the government of abolishing customs duty on import of cotton yarn to support the industry and ensure timely completion of export orders. “The gravity of situation demands the government to immediately abolish customs duty on import of cotton yarn either by passing through a Presidential Ordinance or by […]

by Mrs. Anjum Shahnawaz

Rupee falls by 35 paisas on import, corporate payments

Jan 5

Money & Banking

Rupee falls by 35 paisas on import, corporate payments

KARACHI: The Pak Rupee fell by 35 paisas against the dollar on Tuesday owing to jack up in foreign currency demand for imports and corporate payments. The rupee ended Rs160.33 to the dollar from the previous day’s closing of Rs159.98 in the interbank foreign exchange market. Currency dealers said that the demand of the greenback […]

by Mrs. Anjum Shahnawaz

Jan 4

Taxation

FBR to issue ATL 2020 on March 01

ISLAMABAD: Federal Board of Revenue (FBR) will issued Active Taxpayers List (ATL) for tax year 2020 on March 01, 2021 which will contain names of those taxpayers who file their returns by due date or file return after due date with fine and penalty. Under Rule 81B of Income Tax Rules 2002, the FBR issues […]

by Mrs. Anjum Shahnawaz