FBR needs Rs1,306 billion to achieve annual collection target

Mar 31

Taxation

FBR needs Rs1,306 billion to achieve annual collection target

ISLAMABAD: Federal Board of Revenue (FBR) is required Rs1,306 billion during the last quarter (April-June) to achieve revised downward target of Rs4,700 billion set for the current fiscal year. According to provisional figures released by the FBR on Wednesday, the net collection was Rs3,394 billion during the first nine months (July – March) 2020/2021 as […]

by Mrs. Anjum Shahnawaz

Petrol price reduced to Rs110.35 per liter

Mar 31

Energy

Petrol price reduced to Rs110.35 per liter

ISLAMABAD: The government on Wednesday announced a decline of Rs1.55 per liter petrol to Rs110.35 for the next fortnight starting April 01, 2021. According to revised petroleum prices issued by the finance division the price of petrol has been revised downward by Rs1.55 per liter to Rs110.35 from existing price of Rs111.90. The price of […]

by Mrs. Anjum Shahnawaz

FTO proposes simplification of income tax return forms

Mar 31

Budget 2021-2022, Taxation

FTO proposes simplification of income tax return forms

ISLAMABAD: Federal Tax Ombudsman (FTO) has advised the Federal Board of Revenue (FBR) to simplify income tax return forms in consultation with stakeholders to facilitate the taxpayers. In its proposals for the budget 2021/2022, the FTO recommended simplification of returns forms in consultations with small taxpayers along with availability of option of filing the returns […]

by Mrs. Anjum Shahnawaz

ECC approves cotton, yarn import from India

Mar 31

Finance

ECC approves cotton, yarn import from India

ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved import of cotton and yarn from India. This was disclosed by Abdul Razak Dawood, Adviser to Prime Minister of Pakistan for Commerce and Investment, in a tweet. “To keep the momentum of our value-added exports, ECC in its meeting held today approved import of […]

by Mrs. Anjum Shahnawaz

PM praises FBR for achieving 41pc growth in March collection

Mar 31

Taxation

PM praises FBR for achieving 41pc growth in March collection

ISLAMABAD: Prime Minister Imran Khan on Wednesday praised the Federal Board of Revenue (FBR) for posting an unprecedented growth of 41 percent in revenue collection for the month of March 2021. “I commend FBR efforts, achieving historic growth of 41 percent in March 2021 with collections recorded at Rs460 billion,” the prime minister said in […]

by Mrs. Anjum Shahnawaz

Mar 31

Corporate, Energy

Byco Petroleum changes name

KARACHI: Byco Petroleum Pakistan Limited has changed its official name to Cinergyco PK Limited, according to information shared with Pakistan Stock Exchange (PSX) on Wednesday. It said that the board of directors has considered and approved a change in company’s name from Byco Petroleum Pakistan Limited to Cinergyco PK Limited. Consequently, for such purpose, the […]

by Mrs. Anjum Shahnawaz

Foreign investors propose abolishing FTR, adjustable all withholding tax provisions

Mar 31

Budget 2021-2022, Trade & Industry

Foreign investors propose abolishing FTR, adjustable all withholding tax provisions

KARACHI: Foreign investors operating in Pakistan have suggested the government to abolish Final Tax Regime (FTR) and make all provisions pertaining to withholding tax as adjustable. In its proposals for budget 2021/2022, the Overseas Investors Chamber of Commerce and Industry (OICCI) on Wednesday said it had submitted comprehensive taxation proposals for the Federal Budget 2021-2022 […]

by Mrs. Anjum Shahnawaz

Karachi Chamber welcomes appointment of Hammad Azhar as Finance Minister

Mar 31

Trade & Industry

Karachi Chamber welcomes appointment of Hammad Azhar as Finance Minister

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Wednesday welcomed the government decision to appoint Hammad Azhar as the finance minister of the country. Chairman Businessmen Group (BMG) & Former President KCCI Zubair Motiwala and President KCCI Shariq Vohra, while warmly welcoming the appointment of Hammad Azhar as Federal Finance Minister, stated that the […]

by Mrs. Anjum Shahnawaz

Stock market gains 97 points amid Eurobond launch

Mar 31

Stock & Commodity

Stock market gains 97 points amid Eurobond launch

KARACHI: The stock market gained 97 points on Wednesday amid positive sentiments on launch of Eurobonds by Pakistan. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,588 points as against previous day’s close of 44,491 points, showing an increase of 97 points. Analysts at Arif Habib Limited said that Pakistan’s launch of […]

by Mrs. Anjum Shahnawaz

Mar 31

Money & Banking

Rupee gains 33 paisas against dollar

KARACHI: The Pak Rupee gained 33 paisas against the dollar on Wednesday owing to improved external position. The rupee ended Rs 152.76 to the dollar from previous day’s closing of 153.09 in the interbank foreign exchange market. Currency experts said that the improved external position after the inflows of around $498 million under IMF loan […]

by Mrs. Anjum Shahnawaz