FBR collection target may be fixed at Rs5,829 billion for 2021/2022

ISLAMABAD: The government likely to fix Rs5,829 billion as revenue collection target for next fiscal year 2021/2022, sources said on Wednesday. The tax target for the next fiscal year is around Rs134 billion less than the projected revenue collection by the International Monetary Fund (IMF). The IMF has projected an amount of Rs5,963 billion as […]

by Mrs. Anjum Shahnawaz

FBR notifies transfer, postings of IR officers

Jun 2

Taxation

FBR notifies transfer, postings of IR officers

KARACHI: The Federal Board of Revenue (FBR) on Wednesday announced transfers and postings of Inland Revenue (IR) officers with immediate effect until further orders. The FBR announced transfers and postings of the following officers: Transfers/Postings of the following officers of the Inland Revenue Service 01. Syed Bilal Mahmood Jafri (Inland Revenue Service/BS-18) has been transferred […]

by Mrs. Anjum Shahnawaz

Stock market eases by 64 points in range bound trading

Jun 2

Stock & Commodity

Stock market eases by 64 points in range bound trading

KARACHI: The stock market witnessed a decline of 64 points on Wednesday while trading in range bound trading during the day. The Index closed at 48,127 points as against previous day’s closing of 48,191 points, showing a decline of 64 points. Analysts at Arif Habib Limited said that the market traded range bound today, oscillating […]

by Mrs. Anjum Shahnawaz

Rupee falls by 23 paisas on import demand

Jun 2

Money & Banking

Rupee falls by 23 paisas on import demand

KARACHI: The Pak Rupee fell by 23 paisas against dollar on Wednesday owing to demand for import payment. The rupee closed at Rs 145.77 to the dollar from previous day’s closing of Rs 154.54 in the interbank foreign exchange market. Currency experts said that due to fiscal year end the local currency was under pressure […]

by Mrs. Anjum Shahnawaz

SBP amends regulations to promote real estate sector

Jun 2

Money & Banking

SBP amends regulations to promote real estate sector

Karachi: In order to provide further support to the development of real estate sector, State Bank of Pakistan (SBP) has amended its capital adequacy regulations by significantly lowering the applicable risk weight (from 200% to 100%) on banks/ DFIs’ investments in the units of Real Estate Investment Trusts (REITs). REITs are companies that raise funding […]

by Mrs. Anjum Shahnawaz

FBR collects Rs108 billion from auto sector during 11 months

Jun 2

Automotive, Taxation

FBR collects Rs108 billion from auto sector during 11 months

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs108 billion from auto sector during first eleven months of the current fiscal year, showing 51 percent growth despite coronavirus pandemic, a statement said on Wednesday. The FBR issued details of revenue collection from major sectors during July – May 2020/2021. Tax revenue of Rs. 108 billion […]

by Mrs. Anjum Shahnawaz

Income tax return filing increases by 11.4pc to 2.93 million

Jun 2

Taxation

Income tax return filing increases by 11.4pc to 2.93 million

ISLAMABAD: The Federal Board of Revenue (FBR) has received 2.93 million income tax returns for tax year 2020 by end of May 2021. According to statement issued on Wednesday, the FBR said in an effort to broaden the tax base the income tax return filing increased significantly. As on May 31, 2021, income tax returns […]

by Mrs. Anjum Shahnawaz