NPOs require to declare donation details above Rs5,000 to avoid cancellation of approval

Jan 28

Taxation

NPOs require to declare donation details above Rs5,000 to avoid cancellation of approval

ISLAMABAD: Non-profit organizations are required to provide details of all donations above Rs5,000 in order to avoid cancellation of approval granted by Federal Board of Revenue (FBR), sources said on Wednesday. The sources said that under tax laws, an institutions, fund, trust, society or any other non-profit organization established in Pakistan for religious, educational, charitable, […]

by Mrs. Anjum Shahnawaz

Financial institutions to ensure complete identity verification of customers for FATF compliance

Jan 27

Money & Banking

Financial institutions to ensure complete identity verification of customers for FATF compliance

KARACHI: Financial institution are required to ensure complete identity verification of customers for compliance with Financial Action Task Force (FATF).

by Mrs. Anjum Shahnawaz

SBP imposes Rs59.5 million as penalty on Habib Metropolitan Bank

Jan 27

Money & Banking

SBP imposes Rs59.5 million as penalty on Habib Metropolitan Bank

KARACHI: The State Bank of Pakistan (SBP) on Wednesday imposed a monetary penalty of Rs59.51 million on Habib Metropolitan Bank for violating regulations pertaining to AML/CFT. A notification issued by the central bank said that the amount Rs59.51 million was imposed on Habib Metropolitan Bank for violating of instructions and regulations pertaining to Anti-Money Laundering […]

by Mrs. Anjum Shahnawaz

Stock market gains 171 points in mixed trading

Jan 27

Stock & Commodity

Stock market gains 171 points in mixed trading

KARACHI: The stock market closed on Wednesday with a gain of 171 points in mixed trading activities during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,458 points as against 46,287 points showing an increase of 171. Analysts at Arif Habib Limited said that the key decisions to be taken […]

by Mrs. Anjum Shahnawaz

Rupee strengthens by 10 paisas on dollar supply

Jan 27

Money & Banking

Rupee strengthens by 10 paisas on dollar supply

KARACHI: The Pak rupee gained 10 paisas against the dollar on Wednesday owing sufficient supply of the foreign currency to meet demand for import and corporate payments. The rupee ended Rs160.54 to the dollar from previous day’s closing of Rs160.64 in the interbank foreign exchange market. Currency dealers said that the market witnessed sufficient supply […]

by Mrs. Anjum Shahnawaz

Pakistan stops manual processing of visa applications

Jan 27

National

Pakistan stops manual processing of visa applications

ISLAMABAD: The government of Pakistan has decided to stop manual processing of visa cases from January 01, 2021, a statement said on Tuesday. Therefore, all visa applications are required to be processed through online visa portal only at the following web address: www.visa.nadra.gov.pk The High of Commission of Pakistan, London and Consulates General of Pakistan […]

by Mrs. Anjum Shahnawaz

Former tax official Irfan Nadeem dies of COVID

Jan 27

Taxation

Former tax official Irfan Nadeem dies of COVID

KARACHI: Irfan Nadeem Syed, a former senior officer of Federal Board of Revenue (FBR), Tuesday died of COVID. He was on ventilator for the last two days to fight against the deadly coronavirus, sources said. Irfan Nadeem Sayed was senior officer BS-21 of Secretariat Group. However, he served as tax official. He was Member Direct […]

by Mrs. Anjum Shahnawaz

Rules notified for goods supplied from tax exempt areas

Jan 26

Taxation

Rules notified for goods supplied from tax exempt areas

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued rules for tax treatment of goods supplied from tax exempt areas. In this regard the FBR issued SRO 96(I)/2021 to make amendment in Sale Tax Rules, 2006. The Sales Tax Act, 1990 defines “tax-exempt areas” as Azad Jammu and Kashmir, Gilgit-Baltistan, Tribal Areas as defined in […]

by Mrs. Anjum Shahnawaz

FBR exempts withholding tax on wheat import

Jan 26

Taxation

FBR exempts withholding tax on wheat import

In a move to facilitate the import of essential commodities, the Federal Board of Revenue (FBR) issued a notification on Tuesday, exempting withholding income tax on the import of 300,000 metric tons of wheat.

by Mrs. Anjum Shahnawaz

Turkish envoy holds meetings with FPCCI, KCCI members to boost bilateral trade

Jan 26

Trade & Industry

Turkish envoy holds meetings with FPCCI, KCCI members to boost bilateral trade

KARACHI: Consul General of Turkey Tolga UCAK on Tuesday held meetings with members of leading trade bodies of Pakistan to discuss possibilities of enhancing trade and commercial ties between the two countries. During his visit to Federation of Pakistan Chambers of Commerce and Industry (FPCCI) commenting on the proposals of FPCCI President Mian Nasser Hyatt […]

by Mrs. Anjum Shahnawaz