Tax officials given arrest powers on concealment above Rs200 million; changes made to Finance Bill 2021

Jun 27

Budget 2021-2022, Taxation

Tax officials given arrest powers on concealment above Rs200 million; changes made to Finance Bill 2021

ISLAMABAD: The government has reviewed the proposal related to power of tax officials to arrest persons under criminal proceedings for concealment of income. The power to make arrest may be restricted to concealment of Rs200 million and above, sources in Federal Board of Revenue (FBR) said. Through Finance Bill 2021, it is proposed to substitute […]

by Mrs. Anjum Shahnawaz

FBR announces reduction in sales tax rates on petroleum products

Jun 27

Energy, Taxation

FBR announces reduction in sales tax rates on petroleum products

ISLAMABAD: Federal Board of Revenue (FBR) has announced reduction in sales tax rates on supply of petroleum products in order to ensure availability of fuel at lower rates. The FBR issued SRO 807(I)/2021 dated June 26, 2021 for notifying the reduction in sales tax on petroleum products. According to the SRO the sales tax rate […]

by Mrs. Anjum Shahnawaz

How much a phone call will cost after new tax?

Jun 26

IT & Telecom, Taxation

How much a phone call will cost after new tax?

Persons making calls through their cell phones will cost 38 percent more following the implementation of proposed change in tax rate effective from July 01, 2021. The government has proposed one rupee additional burden on a phone call having duration above five minutes. This was announced by Finance Minister Shaukat Tarin a day earlier at […]

by Mrs. Anjum Shahnawaz

Jun 26

Stock & Commodity

Weekly Review: stock market likely witness mixed trend

KARACHI: The stock market likely to witness mixed trading activities during next week owing to grey list status of Pakistan and budget incentives. Analysts at Arif Habib Limited said that the market to depict a mixed to positive trend in the upcoming week attributable to: FATF’s announcement to keep Pakistan on Grey List; and sectors […]

by Mrs. Anjum Shahnawaz

Finance minister urged to allow tax exemption on raw salt sales

Jun 26

Trade & Industry

Finance minister urged to allow tax exemption on raw salt sales

KARACHI: Ismail Suttar, President, Employers’ Federation of Pakistan, and Chairman of Salt Manufacturers’ Association of Pakistan (SMAP), while appreciating the people-friendly Federal Budget of 2020-21, appealed to the Finance Minister, Shaukat Tareen to reconsider for exemption raw salt from tax regime. In an appeal to the Finance Minister, EFP Chief stressed that table salt is […]

by Mrs. Anjum Shahnawaz

Gas supply suspension cripples industries, halts production

Jun 26

Trade & Industry

Gas supply suspension cripples industries, halts production

KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) and its affiliated industrial town associations have shown deep distress towards non-supply of gas to industries of Karachi for the last 14 days since 11 June, 2021 with ZERO gas pressure which has crippled industries and halted production that will ultimately lead to huge losses. According […]

by Mrs. Anjum Shahnawaz

New tax slabs for property income proposed

Jun 26

Taxation

New tax slabs for property income proposed

ISLAMABAD: The Finance Bill 2021 has proposed amendment to the withholding tax slab rates applicable in case of withholding agents other than company on account of payment of rent of immovable property under Section 155 of the Income Tax Ordinance, 2001. Following are the proposed rates are: Gross amount of rent: 01. Where the gross […]

by Mrs. Anjum Shahnawaz

Stocks end down by 359 points amid selling pressure

Jun 25

Stock & Commodity

Stocks end down by 359 points amid selling pressure

KARACHI: The stock market witnessed a decline of 359 points on Friday as across the board selling pressure observed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,604 points as against previous day’s close of 47,963 points, showing a decline of 359 points. Analysts at Arif Habib Limited said […]

by Mrs. Anjum Shahnawaz

Jun 25

Money & Banking

KIBOR rates on June 25, 2021

KARACHI: State Bank of Pakistan (SBP) on Friday issued following Karachi Interbank Offered Rates (KIBOR) on June 25, 2021. Tenor BID OFFER 1 – Week 6.87 7.37 2 – Week 6.92 7.42 1 – Month 7.01 7.51 3 – Month 7.21 7.46 6 – Month 7.44 7.69 9 – Month 7.50 8.00 1 – Year […]

by Mrs. Anjum Shahnawaz

IR offices to remain open till midnight of June 30 for collection of duty, taxes

Jun 25

Taxation

IR offices to remain open till midnight of June 30 for collection of duty, taxes

ISLAMABAD: Federal Board of Revenue (FBR) on Friday said that the offices of Inland Revenue (IR) will observe extended working hours and remain open till mid-night on June 30, 2021 for collection of duty and taxes. In an official notification the FBR directed all tax offices to observe extended working hours till 12:00 midnight on […]

by Mrs. Anjum Shahnawaz