ICAP presents proposals for budget 2021/2022

May 6

Budget 2021-2022, Taxation

ICAP presents proposals for budget 2021/2022

ISLAMABAD: Institute of Chartered Accountants of Pakistan (ICAP) on Thursday presented proposals for budget 2021/2022 to Shaukat Tarin, minister for finance and revenue. ICAP Vice President Ashfaq Tola called on the Federal Minister for Finance and Revenue, Shaukat Tarin here at the Finance Division to present proposals on Model Federal Budget 2021-2022. SA PM on […]

by Faisal Shahnawaz

SBP allows opening of banks during Eid holidays

May 6

Money & Banking

SBP allows opening of banks during Eid holidays

KARACHI: The State Bank of Pakistan (SBP) on Thursday directed banks to open their 50 percent branches on May 10 and 11, 2021 during Eid holidays to facilitate trade and industry. In a statement, the central bank said that in order to ensure the availability of banking services to trade and industry in particular and […]

by Faisal Shahnawaz

Pakistan’s foreign exchange reserves fall by $777 million

May 6

Finance

Pakistan’s foreign exchange reserves fall by $777 million

KARACHI: Pakistan’s foreign exchange reserves have fell by $777 million during a week owing to repayment of government’s external debt, State Bank of Pakistan (SBP) said on Thursday. The country’s foreign exchange reserves fell to $22.746 billion by week ended April 30, 2021 as compared with $23.52 billion a week ago ended April 23, 2021. […]

by Mrs. Anjum Shahnawaz

MCC Hyderabad announces auction of non-duty paid motor vehicles

May 6

Auction, Taxation

MCC Hyderabad announces auction of non-duty paid motor vehicles

KARACHI: The Model Customs Collectorate (MCC) Hyderabad has announced an upcoming auction of non-duty paid motor vehicles scheduled to take place on May 19, 2021.

by Faisal Shahnawaz

Pakistan’s fiscal deficit narrows in nine months

May 6

Finance

Pakistan’s fiscal deficit narrows in nine months

ISLAMABAD: Pakistan’s fiscal deficit has narrowed to 3.6 percent of the GDP during first nine months (July – March) of the current fiscal year as compared with the deficit of 3.8 percent in the corresponding months of the last fiscal year, according to data released by the finance ministry on Thursday. According to commentary of […]

by Mrs. Anjum Shahnawaz

FBR notifies duty exemption on cotton yarn import

May 6

Pakistan Customs

FBR notifies duty exemption on cotton yarn import

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified exemption of customs duty on import of cotton yarn till June 30, 2021. The FBR issues SRO 533(I)/2021 to comply with the decision of Economic Coordination Committee of the Cabinet (ECC) to exempt whole of customs duty on import of cotton and cotton yarn. The ECC […]

by Faisal Shahnawaz

Karachi Chamber rejects few-day extension for filing sales tax return

May 6

Trade & Industry

Karachi Chamber rejects few-day extension for filing sales tax return

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Thursday rejected extension of few days for filing sales tax and federal excise returns and making payments. KCCI President Shariq Vohra, while referring to FBR’s Letter dated May 6, 2021, stated that the extension in dates of payment and submission of Sales Tax and Federal Excise […]

by Mrs. Anjum Shahnawaz

FBR extends date for filing sales tax return

May 6

Taxation

FBR extends date for filing sales tax return

The Federal Board of Revenue (FBR) has announced an extension of the deadline for filing monthly sales tax returns for the period of April 2021.

by Faisal Shahnawaz

Stock market gains 231 points ahead prolong Eid holidays

May 6

Stock & Commodity

Stock market gains 231 points ahead prolong Eid holidays

KARACHI: The stock market gained 231 points on Thursday despite extended holidays announced for Eid ul Fitr. The stock market will reopen on May 17, 2021. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,175 points as against previous day’s closing of 44,944 points, showing an increase of 231 points. Analysts at […]

by Mrs. Anjum Shahnawaz

Rupee strengthens 44 paisas against dollar

May 6

Money & Banking

Rupee strengthens 44 paisas against dollar

KARACHI: The Pak Rupee gained 44 paisas against the dollar on Thursday despite demand for import payments ahead of extended Eid holidays. The rupee ended Rs152.60 to the dollar from last day’s closing of Rs153.04 in the interbank foreign exchange market. Currency experts said that demand for dollar was remained in the market due to […]

by Mrs. Anjum Shahnawaz