Harmonization of sales tax to complete by June

ISLAMABAD: Harmonization of sales tax between federal and provincial tax authorities may be completed by end-June 2021, officials in the Federal Board of Revenue (FBR) said on Wednesday. The FBR said that the authorities were in the process of harmonizing the service sales tax across provincial jurisdictions, with support from the World Bank, which will […]

by Mrs. Anjum Shahnawaz

ECC approves customs duty withdrawal on cotton, yarn import

Apr 14

Finance

ECC approves customs duty withdrawal on cotton, yarn import

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved the withdrawal of customs duty to ensure smooth supply of cotton and cotton yarns to the value-added industry, while bridging the gap between domestic production and overall demand for the inputs. Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar, chaired […]

by Mrs. Anjum Shahnawaz

Karachi Tax Bar highlights issues in input tax adjustment on provincial invoices

Apr 14

Taxation

Karachi Tax Bar highlights issues in input tax adjustment on provincial invoices

KARACHI: Karachi Tax Bar Association (KTBA) on Wednesday wrote a letter to chairman of the Federal Board of Revenue (FBR) highlighting issues faced by taxpayers on disallowance of input adjustment against entry of provincial invoices. The tax bar said: this is with reference to above cited subject and the following intimation uploaded on the web […]

by Mrs. Anjum Shahnawaz

FBR recommended to reduce minimum tax for chemical companies

Apr 14

Budget 2021-2022, Trade & Industry

FBR recommended to reduce minimum tax for chemical companies

KARACHI: Federal Board of Revenue (FBR) has been urged to reduce minimum tax rate for chemical companies having large turnover with low profit margins. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021/2022 submitted to the FBR, recommended that minimum tax rate should be reduced to 0.2 percent for large […]

by Mrs. Anjum Shahnawaz

Stock market gains 262 points on corporate results

Apr 14

Stock & Commodity

Stock market gains 262 points on corporate results

KARACHI: The stock market gained 262 points on Wednesday as investors were remained positive on quarterly financial corporate results. The benchmark KSE-100 index closed at 45,311 points as against previous day’s closing of 45,048 points, showing an increase of 262 points. Analysts at Arif Habib Limited said that first day of Ramadan marked positive opening […]

by Mrs. Anjum Shahnawaz