Normal corporate tax rate for banking sector recommended

KARACHI: Foreign investors have recommended that corporate tax rates for the banking sector should be aligned with other sectors. At present the banking sector is paying 35 percent corporate tax rate as compared with 29 percent corporate tax rate for other sectors. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget […]

by Mrs. Anjum Shahnawaz

Car sales register 37pc growth in nine months

Apr 13

Automotive

Car sales register 37pc growth in nine months

KARACHI: The sales of locally assembled cars registered 37 percent growth in first nine months (July – March) 2020/2021 owing to higher demand following ease in coronavirus restriction during the period. According to Pakistan Automotive Manufacturers Association (PAMA) the car sales recorded 134,522 units during first nine months of the current fiscal year as compared […]

by Mrs. Anjum Shahnawaz

Share market gains 71 points in narrow range trading

Apr 13

Stock & Commodity

Share market gains 71 points in narrow range trading

KARACHI: The share market increased by 71 points on Tuesday in narrow range trading session, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,048 points as against previous day’s closing of 44,978 points, showing an increase of 71 points. Analysts at Arif Habib Limited said that the market traded in […]

by Mrs. Anjum Shahnawaz

Rupee falls by eight paisas on higher import payment demand

Apr 13

Money & Banking

Rupee falls by eight paisas on higher import payment demand

KARACHI: The Pak Rupee fell by eight paisas against the dollar on Tuesday owing to bank holiday a day ahead that may create pressure on import payment demand. The rupee ended Rs152.83 to the dollar from previous day’s closing of Rs152.75 in the interbank foreign exchange market. Currency experts said that the rupee witnessed a […]

by Mrs. Anjum Shahnawaz

Abolishing withholding tax, reducing sales tax rate on telecom services recommended

Apr 13

Budget 2021-2022, IT & Telecom, Taxation

Abolishing withholding tax, reducing sales tax rate on telecom services recommended

KARACHI: Federal Board of Revenue (FBR) has been urged to abolish withholding tax rate at 12 percent on telecom services to promote the accessibility of internet/data services to the low-income group. Similarly, Federal Excise Duty (FED) is charged at 17 percent on telecom services which is on higher side as compared to other sectors, and […]

by Mrs. Anjum Shahnawaz

367,159 taxpayers pay surcharge to enroll on ATL-2020

Apr 13

Taxation

367,159 taxpayers pay surcharge to enroll on ATL-2020

ISLAMABAD: Around 367,159 taxpayers have paid surcharge for appearance in the Active Taxpayers List (ATL) for availing exempt or reduced rates of withholding tax on various transactions. According to weekly updated ATL for tax year 2020 issued on Monday the number of active taxpayers increased to 2,545,622 on the basis of income tax return filed […]

by Mrs. Anjum Shahnawaz