Income tax ordinance defines non-profit organization

Feb 22

Definitions

Income tax ordinance defines non-profit organization

Income Tax Ordinance, 2001 has defined the meaning of Non-Profit Organization for the purpose of tax treatment on the activity of NPOs. The Income Tax Ordinance, 2001 up dated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), explained as: “Non-profit organization” means any person other than an individual, which is […]

by Mrs. Anjum Shahnawaz

Current account posts $912 million surplus in seven months

Feb 22

Finance

Current account posts $912 million surplus in seven months

KARACHI: The current account recorded a surplus of $912 million during first seven months of the current fiscal year as compared with a deficit of $2.54 billion in the corresponding months of the last fiscal year, according to balance of payment (BOP) data released by the State Bank of Pakistan (SBP) on Monday. The balance […]

by Mrs. Anjum Shahnawaz

Promotion committees formed for Customs officials

Feb 22

Pakistan Customs

Promotion committees formed for Customs officials

ISLAMABAD: Federal Board of Revenue (FBR) on Monday constituted department promotion and selection committees for making recommendation for promotions and selections of Customs officials. A notification issued by the FBR stated that in pursuance of Establishment Division’s concurrence conveyed vide OM No. 13/16/2015-R.IV dated February 12, 2021, the following departmental promotion/selection committees in respect of […]

by Mrs. Anjum Shahnawaz

Stock market falls by 338 points on FATF concerns

Feb 22

Stock & Commodity

Stock market falls by 338 points on FATF concerns

KARACHI: The stock market witnessed a decline of 338 points on Monday owing start of plenary session of Financial Action Task Force (FATF), which will decide about status of Pakistan. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,890 points from last Friday’s closing of 46,228 points, showing a decline of 338 […]

by Mrs. Anjum Shahnawaz

No paper-based foreign exchange operation after June: SBP

Feb 22

Trade & Industry

No paper-based foreign exchange operation after June: SBP

KARACHI: All the banks will discontinue paper-based foreign exchange operation after June 2021, Managing Director of State Bank of Pakistan’s Banking Services Corporation Muhammad Ashraf Khan said on Monday. He said that digitalization of foreign exchange, which started in March 2020, has been expanded from 8 to 13 banks and majority of the banks will […]

by Mrs. Anjum Shahnawaz

Tax help desk at FPCCI to be set up after consultation: Javed Ghani

Feb 22

Trade & Industry

Tax help desk at FPCCI to be set up after consultation: Javed Ghani

KARACHI: Muhammad Javed Ghani, Chairman, Federal Board of Revenue (FBR) on Monday said that a help desk to resolve tax problems of business community will be established at the apex trade body after consultation with FBR wings. He was replying to various issues highlighted by members of Federation of Pakistan Chambers of Commerce and Industry […]

by Mrs. Anjum Shahnawaz

FBR chairman assures customs agents of expeditious consignment clearance

Feb 22

Pakistan Customs

FBR chairman assures customs agents of expeditious consignment clearance

KARACHI: Mohammad Javed Ghani, Chairman, Federal Board of Revenue (FBR) on Monday assured the customs clearing agents of expeditious consignment clearance by deputing additional staff at the customs station. Karachi Customs Agents Association (KCAA) in a statement said that in order to resolve certain issues relating to exports and imports the delegation of the association […]

by Mrs. Anjum Shahnawaz

Rupee gains three paisas in interbank forex market

Feb 22

Money & Banking

Rupee gains three paisas in interbank forex market

KARACHI: The Pak Rupee gained three paisas against the dollar on Monday owing to improved inflows of workers’ remittances and export payments, dealers said. The rupee ended Rs159.07 to the dollar from last Friday’s closing of Rs159.10 in the interbank foreign exchange market. Currency dealers said that the market witnessed higher demand of the foreign […]

by Mrs. Anjum Shahnawaz

Foreign direct investment plunges by 27 percent in seven months

Feb 22

Finance

Foreign direct investment plunges by 27 percent in seven months

KARACHI: The foreign direct investment FDI) has declined by $432 million or 27 percent during first seven months of the current fiscal year as compared with same months of the last fiscal year, State Bank of Pakistan (SBP) said on Monday. The net inflows of FDI fell to $1.145 billion during July – January 2020/2021 […]

by Mrs. Anjum Shahnawaz

TPL Properties announces developing Technology Park in Sindh

Feb 22

IT & Telecom

TPL Properties announces developing Technology Park in Sindh

KARACHI: TPL Properties on Monday announced to develop first ever Technology Park in Sindh with high end technology facilities. In an information shared with Pakistan Stock Exchange (PSX), the company said that in continuation to the disclosure made by TPL Properties Limited dated November 11, 2020, whereby the company had announced entering into an Agreement […]

by Mrs. Anjum Shahnawaz