Feb 4

Stock market witnesses slight decline amid profit taking

KARACHI: The stock market fell by nominal 28 points on Thursday owing to profit taking as investors preferred profit booking considering long weekend. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,905 points as against previous day’s closing of 46,933 points, showing a slight decline of 28 points. Analysts at Arif Habib […]

by Mrs. Anjum Shahnawaz

Feb 4

Stock & Commodity

PSX issues notices to PIA, 10 companies for unusual price movement

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday issued notices of unusual movement in price or volume to 11 companies, including Pakistan International Airlines Corporation Limited (PIACL). The PSX in the notice to PIACL said that if there are unusual movements in the price or volume of its traded securities is observed: (a) Details of […]

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves increase to $20.163 billion

Feb 4

Finance

Pakistan’s foreign exchange reserves increase to $20.163 billion

KARACHI: Pakistan’s total liquid foreign exchange reserves have increased by $57 million to $20.163 billion by week ended January 29, 2021, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $20.106 billion by week ended January 22, 2021. The official reserves of the State Bank increased by […]

by Mrs. Anjum Shahnawaz

Rupee gains 19 paisas ahead of long weekend

Feb 4

Money & Banking

Rupee gains 19 paisas ahead of long weekend

KARACHI: The Pak Rupee gained 19 paisas against the dollar on Thursday despite the higher demand for dollar ahead of holidays. The rupee ended Rs159.99 to the dollar from the previous day’s closing of Rs160.18 in the interbank foreign exchange market. Currency dealers said that the market witnessed sufficient supply of the foreign currency in […]

by Mrs. Anjum Shahnawaz

Jewelers making cash transactions above Rs2 million liable to comply with FATF conditions: FBR

Feb 4

Taxation

Jewelers making cash transactions above Rs2 million liable to comply with FATF conditions: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has said that jewelers making cash transactions with their buyers and sellers above Rs2 million are liable to monitoring under Anti-Money Laundering (AML)/Countering Financing of Terrorism (CFT), sources said on Thursday. In this regard the FBR issued guidelines for persons dealing in precious stones and metals. The procedures […]

by Mrs. Anjum Shahnawaz

Meeting decides speeding up installing video monitoring cameras at sugar mills

Feb 4

Finance

Meeting decides speeding up installing video monitoring cameras at sugar mills

ISLAMABAD: A high level meeting chaired by Prime Minister Imran Khan on Wednesday decided to speed up the process of installing video monitoring cameras at sugar mills to ensure transparency in production and supply. The prime minister was presiding over weekly review meeting regarding the availability and prices of basic commodities across the country. The […]

by Mrs. Anjum Shahnawaz

Definition of manufacturer or producer under Sales Tax Act

Feb 4

Definitions

Definition of manufacturer or producer under Sales Tax Act

A definition of manufacturer of producer has been included into the Sales Tax Act, 1990 (updated up to June 30, 2020) issued by the Federal Board of Revenue (FBR). According to the definition “manufacturer” or “producer” means a person who engages, whether exclusively or not, in the production or manufacture of goods whether or not […]

by Mrs. Anjum Shahnawaz

Feb 4

Definitions

What is input tax under Sales Tax Act?

The Sales Tax Act, 1990 as issued by the Federal Board of Revenue (FBR) as updated up to June 30, 2020 has explained input tax in relation to a registered person. The input tax in relation to a registered person has been explained as: (a) tax levied under this Act on supply of goods to […]

by Mrs. Anjum Shahnawaz

Agha Steel to install 2.25MW solar power project

Feb 4

Energy

Agha Steel to install 2.25MW solar power project

KARACHI: Agha Steel Industries has signed a contract with Renewable Power Pvt. Ltd. for installing a 2.25 Megawatt solar power project at its production facility located at Port Qasim Karachi, a statement said on Wednesday. Meezan Bank Ltd is the banking partner for this transaction. This would be among one of the largest solar power […]

by Mrs. Anjum Shahnawaz