KARACHI: The sales of petroleum products have sharply increased by 26 percent in February 2021 as compared with same month of the last year owing to higher economic activities after reduction in coronavirus cases. The sales of Oil Marketing Companies (OMCs) were recorded at 1.4 million tons in February 2021 as compared with 1.11 million […]
KARACHI: The US dollar retreated for seventh consecutive trading days after falling another 19 paisas against the local unit on Tuesday. The exchange rate was at Rs159.10 on February 19, 2021. Since then the local currency recovered Rs1.25 against the dollar in interbank foreign exchange market. On Tuesday the rupee closed at Rs157.85 to the […]
ISLAMABAD: Razak Dawood, Adviser to Prime Minister of Pakistan for Commerce and Investment, on Tuesday said that after a span of nine years the Istanbul-Tehran-Islamabad (ITI) Freight Train will resume operations from March 4, 2021. In a tweet message, the adviser said that Istanbul-Tehran-Islamabad (ITI) Freight Train will resume operations from March 04, 2021 after […]
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday devised a mechanism for release of imported goods of FATA/PATA residents stuck-up at Karachi ports. A meeting was held under the Chairmanship of the FBR chairman with Inland Revenue-Operations and Customs Operations Wings to sort out the issues of imported goods of FATA/PATA residents stuck-up at Karachi […]
ISLAMABAD: Investors have redeemed/enchased to the tune of Rs115 billion against bearer prize bonds of Rs25,000 denomination which were suspended by the government in December 2020. According to state media on Tuesday, the Central Directorate of National Savings (CDNS) had paid encashment of Rs 115 billion by February 28 to the investors against the suspension […]
Income Tax Ordinance, 2001 has defined the meaning of ‘start up’ for the purpose of levying income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), defined ‘startup’ as: (i) a business of a resident individual, AOP or a company that commenced on or […]
Income Tax Ordinance, 2001 has defined the meaning of ‘small company for the purpose of levying income tax. The Income Tax Ordinance, 2001 updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR), explained ‘small company as a company registered on or after the first day of July, 2005, under the […]
ISLAMABAD: The finance ministry is hopeful of achieving annual fiscal targets as half year (July – December) 2020/2021 fiscal position indicates that it will remain on track in the remaining half. The ministry of finance on Monday issued Mid-year Budget Review Report for Fiscal Year 2020/2021. The finance division said that the fiscal consolidation measures […]
ISLAMABAD: Federal Board of Revenue (FBR) on Monday suspended a BS-18 officer of Inland Revenue Service (IRS) for four months with immediate effect. A notification said that the FBR while exercising powers conferred under Rule 5 of the Civil Servants (Efficiency & Discipline) Rules, 2020, placed Muhammad Jamshed Khan (IRS/BS-18), presently posted as deputy commissioner, […]
ISLAMABAD: Member Inland Revenue (Operations) will directly receive complaints against corruption in order to provide secure channel of lodging complaints and in this regard SOP has been devised for handling of complaints. The Circular No. 10 of 2021 – Operations issued on Monday, stated that in order to allay the fears of business community and […]