Income tax exemption granted to international buying houses

Jul 5

Taxation

Income tax exemption granted to international buying houses

ISLAMABAD: Federal Board of Revenue (FBR) has said that international buying house act as facilitator for exports from Pakistan to their principals abroad. “In order to reduce disputes the amount remitted in foreign exchange to meet the expense of these buying houses by their principals has been exempted from tax,” the FBR said while explaining […]

by Mrs. Anjum Shahnawaz

Withholding tax exemption allowed on purchase of used motor vehicles

Jul 5

Automotive, Taxation

Withholding tax exemption allowed on purchase of used motor vehicles

ISLAMABAD: Federal Board of Revenue (FBR) has said that exemption from withholding tax has been granted on purchase of used motor vehicles from general public. The FBR while explaining major changes made to Income Tax Ordinance, 2001 through Finance Act, 2021 said that used vehicle market is working in an undocumented environment. In order to […]

by Mrs. Anjum Shahnawaz

IT exports, services granted 100% income tax credit

Jul 5

IT & Telecom, Taxation

IT exports, services granted 100% income tax credit

ISLAMABAD: The government has granted 100 percent tax credit to persons engaged in exports and services of Information Technology (IT), sources in Federal Board of Revenue (FBR) said on Monday. Through Finance Act, 2021 incomes of persons engaged in IT exports and services have be allowed a tax credit equal to one hundred per cent […]

by Mrs. Anjum Shahnawaz

Jul 5

Taxation

Procedure issued for taxation of cooperative housing societies

ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued a circular to streamline the taxation on cooperative housing societies. In the Circular No. 03 of Income Tax (Operations), the FBR said that taxation of Cooperative Housing Societies (CHS) registered under the Cooperative Societies Act, 1925, has historically faced challenges – majorly on three counts. One, […]

by Mrs. Anjum Shahnawaz

SBP reintroduces incentive scheme for banks for promoting inflow of home remittances

Jul 5

Money & Banking

SBP reintroduces incentive scheme for banks for promoting inflow of home remittances

KARACHI: State Bank of Pakistan (SBP) on Monday reintroduced incentive scheme for banks to attract home remittances through formal channels. The SBP said that in order to further encourage promotion of home remittances through formal channels, the government of Pakistan has approved reintroduction of subject scheme with effective from July 01, 2021 to June 30, […]

by Mrs. Anjum Shahnawaz

Stock market sheds 257 points in lackluster activity

Jul 5

Stock & Commodity

Stock market sheds 257 points in lackluster activity

KARACHI: The stock market fell by 257 points on Monday in lackluster trading activities duty the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,429 points as against last Friday’s closing of 47,686 points, showing a decline of 257 points. Analysts at Arif Habib Limited said that post closure of financial […]

by Mrs. Anjum Shahnawaz

Foreign investors pay Rs1.4 trillion as annual tax revenue in Pakistan

Jul 5

Trade & Industry

Foreign investors pay Rs1.4 trillion as annual tax revenue in Pakistan

KARACHI: The foreign firms operating in Pakistan have paid around Rs1.4 trillion as duty and taxes during fiscal year 2020/2021, said Overseas Investors Chamber of Commerce and Industry (OICCI) on Monday. The OICCI is the chamber of leading over 200 foreign investors in Pakistan belonging to 35 countries. It released the consolidated financial contribution of […]

by Mrs. Anjum Shahnawaz

Jul 5

Money & Banking

KIBOR rates on July 05, 2021

KARACHI: State Bank of Pakistan (SBP) on Monday issued following Karachi Interbank Offered Rates (KIBOR) on July 05, 2021. Tenor BID OFFER 1 – Week 6.90 7.40 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

Meezan Bank Sharia Board approves issuance of Ijara Sukuk

Jul 5

Money & Banking

Meezan Bank Sharia Board approves issuance of Ijara Sukuk

KARACHI: Meezan Bank’s Shariah Board, In its 51st Shariah Board meeting, approved Shariah structure for issuance of new Government of Pakistan (GoP) Ijarah Sukuks. The 51st Shariah Board meeting of Meezan Bank at Dar ul Uloom, Korangi, Karachi. The meeting was chaired by Justice (Retd.) Mufti Muhammad Taqi Usmani – Chairman Shariah Supervisory Board, Meezan […]

by Mrs. Anjum Shahnawaz

Rupee depreciates by 31 paisas against dollar

Jul 5

Money & Banking

Rupee depreciates by 31 paisas against dollar

KARACHI: The Pak Rupee ended down by 31 paisas against the dollar on Monday owing to demand of the foreign currency on the first day of the week. The rupee ended at Rs158.18 to the dollar from last Friday’s closing of Rs157.87 in the interbank foreign exchange market. Currency experts said that the demand for […]

by Mrs. Anjum Shahnawaz