Jan 4

Share market gains 252 points amid buying activity

KARACHI: The share market gained 252 points on Monday owing to positive sentiments prevailed and the market witnessed buying activity. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,686 points as against 44,434 points showing an increase of 252 points. Analysts at Arif Habib Limited said that the market opened on a […]

by Mrs. Anjum Shahnawaz

PTCL awarded optic fiber cable projects worth Rs3 billion

Jan 4

IT & Telecom

PTCL awarded optic fiber cable projects worth Rs3 billion

KARACHI: Pakistan Telecommunication Company Limited (PTCL) has been awarded two optic fiber cable projects worth Rs3 billion for providing connectivity in various districts of Sindh province. The Universal Service Fund (USF) has awarded two Optic Fiber Cable (OFC) project contracts worth approximately Rs3 billion to PTCL for providing connectivity in Ghotki, Kashmore, Sukkur & Khairpur […]

by Mrs. Anjum Shahnawaz

Rupee falls by 15 paisas on higher dollar demand

Jan 4

Money & Banking

Rupee falls by 15 paisas on higher dollar demand

KARACHI: The Pak Rupee fell by 15 paisas against the dollar on Monday – the first trading day of 2021 – as the foreign exchange market opened after three days break. The rupee ended Rs159.98 to the dollar from the closing of Rs159.83 of last trading day on December 31, 2020 in interbank foreign exchange […]

by Mrs. Anjum Shahnawaz

Inland Revenue examines persons buying motor vehicles through customs auction

Jan 4

Auction, Taxation

Inland Revenue examines persons buying motor vehicles through customs auction

KARACHI: The office of Inland Revenue (IR) of Federal Board of Revenue (FBR) has launched examination of persons who purchased large number of vehicles through customs auctions. Sources in IR said on Monday that the probe had been initiated on the directives of the Federal Tax Ombudsman (FTO) regarding some bidders were frequently indulged in […]

by Mrs. Anjum Shahnawaz

FBR directs issuing exemption certificates to gratuity, provident funds

Jan 3

Taxation

FBR directs issuing exemption certificates to gratuity, provident funds

ISLAMABAD: Federal Board of Revenue (FBR) has issued directives for grant of income tax exemption to gratuity and provident funds. Through an office order, the FBR issued directives on complaints received from taxpayers that tax offices were refusing to grant income tax exemption against gratuity funds/ provident funds. The FBR expressed concern on the treatment […]

by Mrs. Anjum Shahnawaz

Sales tax recovery: movable, immovable property may be sold without attachment

Jan 3

Taxation

Sales tax recovery: movable, immovable property may be sold without attachment

ISLAMABAD: Sales tax laws have given immense powers to officers of Inland Revenue and they can recover due sales tax by selling movable or immovable property without attachment. Sources in Federal Board of Revenue (FBR) told PkRevenue.com that under Section 48 of the Sales Tax Act, 1990 a mechanism for recovery of arrears of tax […]

by Mrs. Anjum Shahnawaz

President Alvi assures business community of resolving gas shortage

Jan 2

Trade & Industry

President Alvi assures business community of resolving gas shortage

KARACHI: President of Pakistan Dr. Arif Alvi on Saturday assured business community of resolving issue of gas shortage on priority basis. In response to deep concerns expressed by President Karachi Chamber of Commerce Industry (KCCI) M. Shariq Vohra on serious gas crises being suffered by Karachi, President Dr. Arif Alvi assured to take up this […]

by Mrs. Anjum Shahnawaz

Association hails decision to probe high car prices

Jan 2

Automotive

Association hails decision to probe high car prices

KARACHI: Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) has welcomed the decision of the government for probing higher automobile prices in the country. The high prices are mainly due to lower content of localized parts and government’s strict tariff and taxation policy. In a meeting held on Saturday, the senior PAAPAM members endorsed […]

by Mrs. Anjum Shahnawaz

Jan 2

Taxation

FBR launches e-appeals for tax disputes

ISLAMABAD: Federal Board of Revenue (FBR) has launched electronic mode of filing appeals for resolving tax disputes. The e-filing of appeals has been implemented from January 01, 2021, said a statement issued on Saturday. Commissioner Inland Revenue (Appeals) is the first tier of appellate hierarchy provided in the Inland Revenue laws. Taxpayers aggrieved with the […]

by Mrs. Anjum Shahnawaz

Jan 2

Stock & Commodity

Weekly Review: market likely to move in green

KARACHI: The share market likely to move in green over million doses expected to be purchased from China within the ongoing quarter and subsequent distribution, dampening in COVID-19 concerns may fuel the market pack. Analysts at Arif Habib Limited said that bull run energy stocks to roll over next week and keep interest in the […]

by Faisal Shahnawaz