Jul 2

Form-E requirement to be abolished for PSW exports

KARACHI: State Bank of Pakistan (SBP) on Friday said that requirement of Electronic Form-E (EFE) will be eliminated for carrying out exports through Pakistan Single Window (PSW). In this regard SBP has notified revisions in foreign exchange regulations for export of goods from Pakistan (Chapter 12 of the Foreign Exchange Manual). The key changes include […]

by Mrs. Anjum Shahnawaz

Dollar gains 33 paisas on foreign payment demand

Jul 2

Money & Banking

Dollar gains 33 paisas on foreign payment demand

KARACHI: The US dollar on Friday strengthened by 33 paisas against the Pak Rupee on higher demand for foreign payments. The rupee ended at Rs157.87 to the dollar from the previous day’s closing of Rs157.54 in the interbank foreign exchange market. Experts said that demand for the foreign currency remained higher during the day because […]

by Mrs. Anjum Shahnawaz

Jul 2

Money & Banking

KIBOR rates on July 02, 2021

KARACHI: State Bank of Pakistan (SBP) on Friday issued following Karachi Interbank Offered Rates (KIBOR) on July 02, 2021. Tenor BID OFFER 1 – Week 6.91 7.41 2 – Week 6.95 7.45 1 – Month 7.01 7.51 3 – Month 7.20 7.45 6 – Month 7.42 7.67 9 – Month 7.51 8.01 1 – Year […]

by Mrs. Anjum Shahnawaz

SBP issues customers exchange rates on July 02, 2021

Jul 2

Money & Banking

SBP issues customers exchange rates on July 02, 2021

KARACHI: The State Bank of Pakistan (SBP) on Friday issued customers’ exchange rates on the basis of weighted average rates of commercial banks. The SBP said that the data is compiled and disseminated for information only. These Exchange Rates are an estimate of the Exchange Rates quoted by various Commercial Banks to their clients. They […]

by Mrs. Anjum Shahnawaz

Law amended to prevent tax avoidance on gifts

Jul 2

Taxation

Law amended to prevent tax avoidance on gifts

KARACHI: The Finance Act, 2021 has amended Income Tax Ordinance, 2001 to prevent tax avoidance on giving away gifts, official sources said on Friday. The Federal Board of Revenue (FBR) while explaining the Finance Act, 2021 stated that tax law had provided a special mechanism for treatment of transfer of assets under certain transactions. The […]

by Mrs. Anjum Shahnawaz

FBR explains changes to tax on property income through Finance Act 2021

Jul 2

Taxation

FBR explains changes to tax on property income through Finance Act 2021

ISLAMABAD: The Federal Board of Revenue (FBR) has explained changes brought in tax on property income through Finance Act, 2021. The FBR said that the block taxation for property income available to non-corporate entities has been done away with. Following changes governing taxation of income chargeable to tax under the head income from property have […]

by Mrs. Anjum Shahnawaz

Profit from government securities to be taxed at 15%

Jul 2

Taxation

Profit from government securities to be taxed at 15%

ISLAMABAD: The Federal Board of Revenue (FBR) has said that interest income earned from investment in federal government securities will be taxed at the rate of 15 per cent under Final Tax Regime (FTR) with effect from July 01, 2021. In an explanation to Finance Act, 2021, the FBR said that interest income earned by […]

by Mrs. Anjum Shahnawaz