FTO recommends restricting tax officials’ powers

Mar 31

Budget 2021-2022, Taxation

FTO recommends restricting tax officials’ powers

ISLAMABAD: Federal Tax Ombudsman (FTO) has recommended restricting powers of tax officials in recovery of outstanding account through freezing bank account of taxpayers. The FTO in its proposals for budget 2021/2022 said that coercive recoveries through attachment of bank accounts without notice and subsequent delay in restoring the account, hits the taxpayers very hard. It […]

by Mrs. Anjum Shahnawaz

Mar 31

Money & Banking

Dollar falls to Rs152.25 in early trade

KARACHI: The US Dollar has fallen by 84 paisas to Rs152.25 in early day trade in interbank foreign exchange market on Wednesday, dealers said. The dollar has fallen around 21 and half months and being traded at Rs152.25 from previous day’s closing of Rs153.09 in the interbank foreign exchange market. Currency experts said that the […]

by Mrs. Anjum Shahnawaz

Pakistan receives $498.7 million IMF tranche

Mar 30

Finance

Pakistan receives $498.7 million IMF tranche

KARACHI: Pakistan has successfully received a tranche of $498.7 million under the Extended Fund Facility (EFF) from the International Monetary Fund (IMF), as confirmed by the State Bank of Pakistan (SBP) on Tuesday.

by Mrs. Anjum Shahnawaz

FBR urged to remove CNIC condition on sales up to Rs100,000 by distributors

Mar 30

Budget 2021-2022, Trade & Industry

FBR urged to remove CNIC condition on sales up to Rs100,000 by distributors

KARACHI: Federal Board of Revenue (FBR) has been urged to withdraw condition of CNIC on supplies made by distributors to unregistered persons on sales up to Rs100,000. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2021/2022 stated that under section 23(1)(b) of the Sales Tax Act, 1990 exclusion has been provided […]

by Mrs. Anjum Shahnawaz

FBR notifies promotion of customs officers to BS-19

Mar 30

Pakistan Customs

FBR notifies promotion of customs officers to BS-19

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday announced promotion of officers of Pakistan Customs Service (PCS) from BS-18 to the posts of Additional Collectors of Customs (BS-19) on regular basis with immediate effect. Following officers have been promoted to BS-19: 01. Asma Bashir 02. Khaldun Ul Haq 03. Muhammad Moazzam Raza 04. Ali Waheed […]

by Mrs. Anjum Shahnawaz

FBR includes five export oriented associations for reduced power, gas tariff

Mar 30

Taxation

FBR includes five export oriented associations for reduced power, gas tariff

ISLAMABAD: Federal Board of Revenue (FBR) has included five associations of export oriented sector (erstwhile zero-rated sector) in the concessionary tariff regime of electricity, RLNG and gas. The FBR issued Sales Tax Circular No. 01 of 2021 on Tuesday to include the members of five associations for providing concessionary tariff of electricity, RLNG and gas. […]

by Mrs. Anjum Shahnawaz

Stock market gains 59 points in mixed trading

Mar 30

Stock & Commodity

Stock market gains 59 points in mixed trading

KARACHI: The stock market increased by 59 points on Tuesday in mixed trading sessions during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,491 points as against previous day’s closing of 43,755 points, showing an increase of 59 points. Analysts at Arif Habib Limited said that the market reacted passively […]

by Mrs. Anjum Shahnawaz

Banks directed to extend hours for duty, tax collection

Mar 30

Money & Banking

Banks directed to extend hours for duty, tax collection

KARACHI: State Bank of Pakistan (SBP) on Tuesday directed banks to observe extended banking hours to facilitate collection of duty and taxes. The SBP said that to facilitate the collection of government receipts/ duties / taxes, it has been decided that the field officers of SBP Banking Services Corporation (SBP-BSC) and authorized branches of National […]

by Mrs. Anjum Shahnawaz

FBR offices to observe extended working hours for revenue collection

Mar 30

Taxation

FBR offices to observe extended working hours for revenue collection

ISLAMABAD: The offices of Inland Revenue have been directed to observe extended working hours on March 31, 2021 to facilitate taxpayers in payment of duty and taxes. The Federal Board of Revenue (FBR) on Tuesday issued a circular and directed all Large Taxpayers Offices (LTOs), Medium Tax Office, Corporate Tax Offices and Regional Tax Offices […]

by Mrs. Anjum Shahnawaz

Rupee recovers Rs14.58 against dollar during current fiscal year

Mar 30

Money & Banking

Rupee recovers Rs14.58 against dollar during current fiscal year

KARACHI: The rupee recovered Rs14.58 against the dollar during first nine months (July – March) of fiscal year 2020/2021. The rupee ended Rs153.09 on closing of March 30, 2021 as it was started the fiscal year Rs167.67 to the dollar. The rupee gained 95 paisas to close at Rs153.09 to the dollar on Tuesday as […]

by Mrs. Anjum Shahnawaz