PTBA advises FBR stop interfering judicial function of Commissioner Appeals

Feb 23

Taxation

PTBA advises FBR stop interfering judicial function of Commissioner Appeals

ISLAMABAD: Pakistan Tax Bar Association (PTBA) has urged the Federal Board of Revenue (FBR) to stop interference in judicial function of Commissioner Appeals. In a letter to FBR Chairman Muhammad Javed Ghani on Tuesday, the PTBA while referring to the instructions by the Legal Wing of the FBR to Commissioners Appeals, expressed serious concerns in […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 161 points in narrow range trading

Feb 23

Stock & Commodity

Stock market ends down by 161 points in narrow range trading

KARACHI: The stock market ended down by 161 points on Tuesday after trading in a narrow range activity during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,729 points as against previous day’s closing of 45,890 points showing a decline of 161 points. Analysts at Arif Habib Limited said that […]

by Mrs. Anjum Shahnawaz

FBR allows income tax exemption on sugar import

Feb 23

Taxation

FBR allows income tax exemption on sugar import

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday allowed exemption from income tax on import of raw and refined sugar. The FBR issued SRO 235(I)/2021 in pursuance to the federal cabinet decision dated January 26, 2021. Through the SRO the FBR amended Second Schedule of the Income Tax Ordinance, 2001. According to the amendments, the […]

by Mrs. Anjum Shahnawaz

SECP proposes making payment of cash dividends in three days

Feb 23

Stock & Commodity

SECP proposes making payment of cash dividends in three days

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday proposed to reduce time limit to three days for making payment of cash dividends. The SECP issued SRO 229(I)/2021 dated February 18, 2021 to introduce draft amendment in the Companies (Distribution of Dividends) Regulations, 2017. According to the draft an amendment has been proposed […]

by Mrs. Anjum Shahnawaz

USC to announce special discount package for Ramazan

Feb 23

National

USC to announce special discount package for Ramazan

In an effort to provide relief to the public during the holy month of Ramazan, the Utility Stores Corporation (USC) is set to unveil a special discount package starting from April 1, 2021.

by Mrs. Anjum Shahnawaz

Feb 23

Money & Banking

Rupee gains 18 paisas against dollar

KARACHI: The Pak Rupee gained 18 paisas against the dollar on Tuesday owing to improved supply of the foreign currency and current account remained in surplus during the first seven months of the current fiscal year, dealers said. The rupee ended Rs158.89 to the dollar as compared with the previous day’s closing of Rs159.07 in […]

by Mrs. Anjum Shahnawaz

NCCPL directs stock brokers to complete customers’ verification by Feb 28

Feb 23

Stock & Commodity

NCCPL directs stock brokers to complete customers’ verification by Feb 28

KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Tuesday directed stock brokers and clearing members to complete customers’ verification by February 28, 2021 in order to avoid restrictions. The NCCPL while issuing the final reminder to authorized intermediaries (AIs) that it had previously issued notification on December 04, 2020 advising the AIs to complete […]

by Mrs. Anjum Shahnawaz

Concept of person defined for levy of income tax

Feb 23

Definitions

Concept of person defined for levy of income tax

Income Tax Ordinance, 2001 has defined the concept of person for the collection and deduction of tax on income. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), the “person” means a person as defined in section 80 of the Ordinance. Section 80 defines person […]

by Mrs. Anjum Shahnawaz

What is permanent establishment under income tax law?

Feb 23

Definitions

What is permanent establishment under income tax law?

Income Tax Ordinance, 2001 has defined the meaning of permanent establishment of a foreign entity operating in Pakistan. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue 9FBR), defined as “permanent establishment” in relation to a person, means a fixed place of business through which the […]

by Mrs. Anjum Shahnawaz