CCP issues notices to 19 poultry feed companies for cartelization

May 25

Finance

CCP issues notices to 19 poultry feed companies for cartelization

ISLAMABAD: Competition Commission of Pakistan (CCP) on Tuesday issued show cause notices to 19 poultry feed companies for collusive activities and entering into prohibited agreements. A statement issued by the commission stated that it had taken suo motu notice of the concern and complaints regarding a concurrent increase in the feed prices and initiated an […]

by Mrs. Anjum Shahnawaz

May 25

Stock exchange recommends elimination of minimum tax

KARACHI: Pakistan Stock Exchange (PSX) has recommended elimination of minimum tax regime for listed companies in order to promote documentation in the country. The PSX in its proposals for budget 2021/2022 recommended the elimination of minimum tax regime for listed companies. It said that though the concept of minimum tax is prevalent in a few […]

by Mrs. Anjum Shahnawaz

May 25

Trade & Industry

PLGMEA disowns FPCCI advertisement

KARACHI: Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA) on Tuesday disowned itself from an advertisement issued by the country’s apex trade body. PLGMEA Chairman Danish Khan has strongly condemned the advertisement by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), and said that the apex trade body had used the name without […]

by Mrs. Anjum Shahnawaz

SBP grants commercial license to PayFast

May 25

Money & Banking

SBP grants commercial license to PayFast

KARACHI: PayFast, the indigenous payments solution by APPS, has become first payment gateway to receive a commercial license from the State Bank of Pakistan (SBP), a statement said on Tuesday. It said that the payment system enables merchants, billers and aggregators to receive payments from their customers through a variety of methods such as bank […]

by Mrs. Anjum Shahnawaz

KSE-100 index gains 204 points in mixed trading

May 25

Stock & Commodity

KSE-100 index gains 204 points in mixed trading

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Tuesday increased by 204 points in mixed trading activities during the day. The Index closed at 46,301 points as against previous day’s closing of 46,097 points, showing an increase of 204 points. Analysts at Arif Habib Limited said that the market remained positive today […]

by Mrs. Anjum Shahnawaz

Duty free import of Land Cruiser vehicles allowed

May 25

Taxation

Duty free import of Land Cruiser vehicles allowed

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday allowed exemption of federal excise duty (FED) on import of Land Cruiser vehicles for the purpose of locust control. The FBR issued SRO 591(I)/2021 to exempt whole of FED payable on the import of ten soft skin land cruiser 79 series pick-up 4.2 L-3 vehicles having […]

by Mrs. Anjum Shahnawaz

FBR exempts income tax on import of oxygen generators

May 25

Taxation

FBR exempts income tax on import of oxygen generators

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday exempted withholding income tax on import of oxygen generators and oxygen gas in order to ensure sufficient supply of products for treatment of coronavirus pandemic. The FBR issued SRO 589(I)/2021 to make amendment in the Second Schedule of the Income Tax Ordinance, 2001. The FBR said […]

by Mrs. Anjum Shahnawaz

Rupee weakens by 67 paisas against dollar

May 25

Money & Banking

Rupee weakens by 67 paisas against dollar

KARACHI: The Pak Rupee weakened by 67 paisas against the dollar on Tuesday as demand increased for import and corporate payments. The rupee ended Rs154.37 to the dollar from last Friday’s closing of Rs153.70 in the interbank foreign exchange market. Currency experts that the improved GDP growth forecast would escalate the domestic demand for imported […]

by Faisal Shahnawaz

KTBA presents proposals for budget 2021/2022

May 25

Budget 2021-2022, Taxation

KTBA presents proposals for budget 2021/2022

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday presented proposals for budget 2021/2022 to the Federal Board of Revenue (FBR). In its proposals the KTBA said that the tax-to-GDP ratio was a soaring issue for country’s economic managers. “On the other hand, tax measures undertaken in Pakistan have traditionally created higher taxation on formal economy […]

by Mrs. Anjum Shahnawaz

Karachi Tax Bar suggests reduction in corporate tax rate

May 25

Budget 2021-2022, Taxation

Karachi Tax Bar suggests reduction in corporate tax rate

KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday suggested reduction of corporate tax rate to 25 percent from existing 29 percent in order to promote documentation of economy and discouraging tax evasion. The KTBA in its recommendations for the budget 2021/2022, stated that currently corporate rate of tax in Pakistan is 29 percent which due […]

by Mrs. Anjum Shahnawaz