KTBA recommends daily update of ATL file; banks not relying on online verification

KARACHI: Karachi Tax Bar Association (KTBA) has advised the Federal Board of Revenue (FBR) to update Active Taxpayers List (ATL) on daily basis instead weekly as banks were not relying on the online verification of the active taxpayers for purpose of withholding tax deduction. The KTBA on Saturday said that many taxpayers are making payment […]

by Mrs. Anjum Shahnawaz

Mar 6

Stock & Commodity

Weekly Review: share market likely rebound sharply on successful PM confidence vote

KARACHI: The share market likely to rebound after Prime Minister Imran Khan successfully attained vote of confidence from the parliament on Saturday. Analysts at Arif Habib Limited said that a fresh vote of confidence in the PM and his government is certain to stimulate renewed confidence and optimism in the investment climate. However markets could […]

by Mrs. Anjum Shahnawaz

FBR signs contract to launch track and trace system from July 01

Mar 6

Taxation

FBR signs contract to launch track and trace system from July 01

ISLAMABAD: Federal Board of Revenue (FBR) on Friday signed a contract with AJCL along with its lead partner Authentix Inc. USA and Mitas Corporation of South Africa to operationalize Track and Trace Solution on Tobacco, Cement, Sugar and Fertilizer Sectors. Dr. Muhammad Ashfaq Ahmed, Member (IR-Operations), FBR, Kevin McKenna, CEO, Authentix, Sten Bertelsen, from Mitas […]

by Mrs. Anjum Shahnawaz

Large number of taxpayers denied active status

Mar 6

Taxation

Large number of taxpayers denied active status

ISLAMABAD: Pakistan Tax Bar Association (PTBA) has informed the Federal Board of Revenue (FBR) that a large number of taxpayers who have file returns but their names are not on the new Active Taxpayers List (ATL), which was issued on March 01, 2021 for tax year 2020. The PTBA in a letter to FBR chairman […]

by Mrs. Anjum Shahnawaz

MCB Bank pays penalties amounting Rs191.76 million

Mar 6

Money & Banking

MCB Bank pays penalties amounting Rs191.76 million

KARACHI: MCB Bank has paid an amount of Rs191.76 million as penalties for various regulatory violations during the year ended December 31, 2020. According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs191.76 million to the State Bank of Pakistan (SBP) as penalties […]

by Mrs. Anjum Shahnawaz