Mar 25

Taxation

FBR reminds taxpayers of updating profile by March 31

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday reminded taxpayers to update their profile by March 31, 2021 to avoid penal action. “Statutory deadline for furnishing/updating of taxpayers’ profile under section 114A of the Income Tax Ordinance, 2001 is March 31, 2021,” the FBR said and urged taxpayers to update profile before the deadline in […]

by Mrs. Anjum Shahnawaz

SBP issues revised mark-up subsidy for low cost house financing

Mar 25

Money & Banking

SBP issues revised mark-up subsidy for low cost house financing

KARACHI: State Bank of Pakistan (SBP) on Thursday issued revised mark up subsidy allowed by the government for low cost housing scheme. The SBP issued instructions to the banks for implementation of the revised mark up subsidy approved by the government. In view of the feedback received from various stakeholders, Government of Pakistan (GoP) has […]

by Mrs. Anjum Shahnawaz

Foreign exchange reserves increase to $20.435 billion

Mar 25

Finance

Foreign exchange reserves increase to $20.435 billion

KARACHI: The liquid foreign exchange reserves of the country have increased by $276 million to $20.435 billion by week ended March 19, 2021, State Bank of Pakistan (SBP) said on Thursday. The foreign exchange reserves of the country were at $20.159 billion by week ended March 12, 2021. The official reserves of the State Bank […]

by Mrs. Anjum Shahnawaz

KSE-100 index gain 182 points on IMF funds

Mar 25

Stock & Commodity

KSE-100 index gain 182 points on IMF funds

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 182 points on Thursday owing to positive sentiments of investors after release of IMF fund for Pakistan. The Index closed at 45,726 points as against previous day’s closing of 45,544 points, showing an increase of 182 points. Analysts at Arif Habib Limited said that […]

by Mrs. Anjum Shahnawaz

Rupee gains 38 paisas on IMF funds approval for Pakistan

Mar 25

Money & Banking

Rupee gains 38 paisas on IMF funds approval for Pakistan

KARACHI: The Pak Rupee gained 38 paisas against the dollar on Thursday as IMF approved transfer of $500 million to Pakistan under Extended Fund Facility (EFF). The rupee ended Rs155.01 to the dollar from previous day’s closing of Rs155.39 in the interbank foreign exchange market. Currency experts said that the market was remained positive due […]

by Mrs. Anjum Shahnawaz

Tax Laws (Second Amendment) Ordinance, 2021 likely today

Mar 25

Taxation

Tax Laws (Second Amendment) Ordinance, 2021 likely today

ISLAMABAD: The government to withdraw a large number of tax exemptions through an ordinance on Thursday after the approval of President of Pakistan. The federal cabinet has approved the amendments to the Income Tax Ordinance, 2001 to withdraw tax exemptions. Tax Laws (Second Amendment) Ordinance, 2021 to be promulgated after the approval of the president. […]

by Mrs. Anjum Shahnawaz

IMF relaxes requirements on Pakistan’s FY 2016 misreporting

Mar 25

Finance

IMF relaxes requirements on Pakistan’s FY 2016 misreporting

Washington, DC: International Monetary Fund (IMF) on Wednesday said that the Pakistani authorities have shown strong commitment in providing accurate data in future so the Executive Board of the IMF decided not to require further remedial action in connection with the breach obligations. A statement issued by the IMF said that the Executive Board of […]

by Mrs. Anjum Shahnawaz

Mar 25

Finance

IMF board allows $500 million disbursement for Pakistan

Washington, DC: The Executive Board of the International Monetary Fund (IMF) on Wednesday allowed disbursement of $500 million under Extended Fund Facility (EFF) for Pakistan. The IMF board completed the second through fifth reviews of the Extended Arrangement under the EFF for Pakistan. The board’s decision allows for an immediate disbursement of SDR 350 million […]

by Mrs. Anjum Shahnawaz

Mar 24

Stock & Commodity

PSX introduces compliance calendar

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday introduced a compliance calendar to facilitate listed companies for timely compliance with the PSX Regulations. The stock exchange said that the compliance calendar will offer multiple benefits including: — It tracks and centralizes applicable requirements of PSX Regulations at one place; — It will facilitate the listed companies […]

by Mrs. Anjum Shahnawaz

KCCI proposes single digit sales tax rate

Mar 24

Budget 2021-2022, Trade & Industry

KCCI proposes single digit sales tax rate

KARACHI: Business community has recommended to bring the sales tax rate to a single digit in order to incentivize documentation and improve compliance. Karachi Chamber of Commerce and Industry (KCCI) in its proposals for budget 2021/2022 said that the rate of sales tax at 17 percent in Pakistan is among the highest in the region. […]

by Mrs. Anjum Shahnawaz