May 24

FBR announces panel of advocates for customs service

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday announced panel of advocates, who will represent the tax authorities in cases relating to matters of Pakistan Customs Service (PCS). The panel of advocates has been appointed for a period of three years. Pakistan Customs (North) 1. Arslal Amjad Hashmi North 2. Malik Nasir Abbas 3. […]

by Mrs. Anjum Shahnawaz

FBR allows duty free import of oxygen manufacturing plants

May 24

Taxation

FBR allows duty free import of oxygen manufacturing plants

The Federal Board of Revenue (FBR) in Pakistan announced on Monday the grant of duty exemption on the import of critical oxygen-related goods.

by Mrs. Anjum Shahnawaz

IR intelligence unearths Rs4.27bn sales tax fraud

May 24

Taxation

IR intelligence unearths Rs4.27bn sales tax fraud

ISLAMABAD: The Directorate General of Intelligence and Investigation (Inland Revenue) has unearthed a sales tax fraud to the tune of Rs4.27 billion by M/s. Innovative Biscuits (Pvt). A statement issued by the Federal Board of Revenue (FBR) on Monday said that the Directorate of Intelligence & Investigation (IR), Lahore on receipt of credible information related […]

by Mrs. Anjum Shahnawaz

Rs137.8bn cash withdrawn through ATMs during Eid Holidays: SBP

May 24

Money & Banking

Rs137.8bn cash withdrawn through ATMs during Eid Holidays: SBP

KARACHI: State Bank of Pakistan (SBP) on Monday said that general public made cash withdrawal to the tune of Rs137.8 billion during holidays of Eid ul Fitr. A record Rs.827.2 billion were withdrawn through 63.2 million transactions during Ramadan and Eid holidays, whereas Rs.137.8 billion were withdrawn through 11.6 million transactions during Eid holidays only. […]

by Mrs. Anjum Shahnawaz

Commerce ministry issues guidelines for joining Amazon

May 24

Finance

Commerce ministry issues guidelines for joining Amazon

ISLAMABAD: The ministry of commerce has issued guidelines for local businessmen to join Amazon – one of the world’s largest e-Commerce platform – as Pakistani seller. The ministry of commerce on Monday said that Pakistan had been added in the sellers list of Amazon—one of the world’s largest e-Commerce platform. This marks the accomplishment of […]

by Mrs. Anjum Shahnawaz

Stock market gains 182 points on GDP growth projection

May 24

Stock & Commodity

Stock market gains 182 points on GDP growth projection

KARACHI: The stock exchange gained 182 points on Monday on official GDP growth projection and Moody’s assessment. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 46,097 points as against last Friday’s closing of 45,915 points, showing an increase of 182 points. Analysts at Arif Habib Limited said that the market posted decent […]

by Mrs. Anjum Shahnawaz

Procedure issued for enrollment with FBR system of AJK/GB registered persons

May 24

Taxation

Procedure issued for enrollment with FBR system of AJK/GB registered persons

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday issued standard operating procedure for enrollment with FBR system of persons registered with Azad Jammu Kashmir (AJK) and Gilgit-Baltistan (GB). The FBR said that the Sales Tax Act, 1990 mandates a Registered Person (RP) registered with Federal Board of Revenue (FBR) to claim input tax credit […]

by Mrs. Anjum Shahnawaz

Exchange companies allowed export foreign currencies on consignment basis

May 24

Money & Banking

Exchange companies allowed export foreign currencies on consignment basis

KARACHI: The State Bank of Pakistan (SBP) on Monday allowed exchanged companies to export foreign currencies other than US Dollars on consignment basis. The SBP said that under Exchange Companies Manual the exchange companies are allowed to export permissible foreign currencies other than US Dollars. “In order to further streamline the business of Exchange Companies […]

by Mrs. Anjum Shahnawaz

SBP allows banks to issue guarantees on behalf of Pakistani firms

May 24

Money & Banking

SBP allows banks to issue guarantees on behalf of Pakistani firms

KARACHI: The State Bank of Pakistan (SBP) on Monday allowed banks to issue guarantees on behalf of Pakistani firms and companies against the back to back / counter – guarantees of banks/development financial institutions (DFIs) rated at least A or equivalent by a credit rating agency on approved panel of the SBP. The SBP amended […]

by Mrs. Anjum Shahnawaz

May 24

Money & Banking

Rupee falls by 34 paisas against dollar

KARACHI: The Pak Rupee fell by 34 paisas against the dollar on Monday owing to demand for import and corporate payments. The rupee ended Rs153.70 to the dollar from last Friday’s closing of Rs153.36 in the interbank foreign exchange market. Currency experts said that due to first day of the week the demand for import […]

by Mrs. Anjum Shahnawaz