NEC approves GDP growth target at 4.8pc for 2021/2022

ISLAMABAD: Prime Minister Imran Khan on Monday chaired a meeting of the National Economic Council. Chief Ministers of all the Provinces and other members of the NEC participated in the meeting. The NEC approved the Macroeconomic Framework for Annual Plan 2021-2022. The NEC also approved the GDP growth projections for the financial year 2021-2022. The […]

by Mrs. Anjum Shahnawaz

Introduction of new tax regime under consideration: Tarin

Jun 7

Budget 2021-2022, Stock & Commodity, Taxation

Introduction of new tax regime under consideration: Tarin

ISLAMABAD: Finance Minister Shaukat Tarin on Monday said that the government is considering to introduce a new tax regime that is in accordance with the changing economic environment. The finance minister said this at a meeting with Managing Director / CEO Pakistan Stock Exchange Farrukh H. Khan to review proposals for Federal Budget 2021-2022. The […]

by Mrs. Anjum Shahnawaz

Wearing uniform made mandatory for all Customs officers

Jun 7

Pakistan Customs

Wearing uniform made mandatory for all Customs officers

ISLAMABAD: The Federal Board of Revenue (FBR) has made it mandatory of wearing uniform for officials in the grades up to BS-21 of Pakistan Customs Service (PCS). The FBR issued SRO 722(I)/2021 on Monday to notify draft rules for making mandatory the wearing of uniform by all customs officials from July 01, 2021. The FBR […]

by Mrs. Anjum Shahnawaz

Stock market gains 91 points amid selling pressure

Jun 7

Stock & Commodity

Stock market gains 91 points amid selling pressure

KARACHI: The stock market witnessed a gain of 91 points on Monday amid heavy selling despite positive news flows related to budgetary measures. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 48,303 points as against last Friday’s closing of 48,212 points, showing an increase of 91 points. Analysts at Arif Habib Limited […]

by Mrs. Anjum Shahnawaz

Rupee falls by 69 paisas on import payment demand

Jun 7

Money & Banking

Rupee falls by 69 paisas on import payment demand

KARACHI: The Pak Rupee fell by 69 paisas against the dollar on Monday owing to higher demand for import payments as the market opened after two weekly holidays. The rupee ended Rs155.31 to the dollar from last Friday’s closing of Rs154.62 in the interbank foreign exchange market. Currency experts said that the rupee was weakened […]

by Mrs. Anjum Shahnawaz

FBR urged to issue FTNs against withholding tax deduction

Jun 7

Budget 2021-2022, Taxation

FBR urged to issue FTNs against withholding tax deduction

KARACHI: Tax practitioners have urged the Federal Board of Revenue (FBR) to issue Fee Tax Numbers (FTNs) to persons who are not liable for withholding tax. In its proposals for budget 2021/2022, the Karachi Tax Bar Association (KTBA) said that Section 49(3) of the Income Tax Ordinance, 2001 has specified that any payment received by […]

by Mrs. Anjum Shahnawaz

KTBA proposes amendments to automatic stay in recovery cases

Jun 7

Budget 2021-2022, Taxation

KTBA proposes amendments to automatic stay in recovery cases

KARACHI: Karachi Tax Bar Association (KTBA) has recommended amendments to provisions of the Income Tax Ordinance, 2001 related to automatic stay in recovery notices. It is proposals for budget 2021/2022, the KTBA said that Sub-Section (2) of Section 138 if Income Tax Ordinance, 2001 provides that If the amount referred to in the notice issued […]

by Mrs. Anjum Shahnawaz