ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday reduced sales tax to 16.40 per cent ad valorem on supply of petrol. The FBR issued SRO 860(I)/2021 to reduce the sales tax on petrol. Through the SRO the sales tax rate on petrol has been reduced to 16.40 per cent ad valorem from 17 per […]
KARACHI: The State Bank of Pakistan (SBP) on Tuesday decided to impose penalty of banks for falling disbursement of housing loans below given targets. The SBP said that through Circular No. 03 of 2021, whereby Government’s Mark-up Subsidy Scheme (G-MSS) for Housing Finance was issued. Banks are expected to make all-out efforts to harness full […]
KARACHI: State Bank of Pakistan (SBP) on Tuesday announced timeline for implementing International Financial Reporting Standards 9 (IFRS 9). The central bank said that it has been decided to implement the IFRS 9 from January 01, 2022. The SBP said that through Circular No. 04 dated October 23, 2019 wherein the effective date of IFRS […]
KARACHI: The stock market ended down by 83 points on Tuesday in a range bound trading activity during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,346 points as against previous day’s closing of 47,429 points, showing a decline of 83 points. Analysts at Arif Habib Limited said that the […]
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued following Karachi Interbank Offered Rates (KIBOR) on July 06, 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 7.41 7.66 9 – Month 7.50 8.00 1 – Year […]
KARACHI: In order to avail concessionary rate of duty and taxes, the Federal Board of Revenue (FBR) has made it mandatory for car manufacturers to pay KIBOR+3 on late delivery of motor vehicles. In order to implement the decision, the FBR issued SRO 837(I)/2021. The FBR said: “The concessionary customs duty for various models of […]
KARACHI: The Pak Rupee depreciated by 19 paisas against the dollar on Tuesday owing to higher demand for import payments, dealers said. The rupee ended at Rs158.37 to the dollar from the previous day’s closing of Rs158.18 in the interbank foreign exchange market. The dealers said that payment demand for import had witnessed an increase […]
KARACHI: The State Bank of Pakistan (SBP) on Tuesday 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 […]
GWADAR: Prime Minister Imran Khan on Monday inaugurated the first phase of Gwadar Free Zone besides performing the groundbreaking of its second phase spread over 2,200 acres and also inaugurated three factories. Addressing the launch of development projects and the signing ceremony of Memoranda of Understanding here in the port city, the prime minister said […]
ISLAMABAD: Work for Iran’s trade through the Gwadar Port (in and out) is in progress and the trade will start soon through the port, Chairman China Pakistan Economic Corridor (CPEC) Authority Lt. Gen. (Retd) Asim Saleem Bajwa said on Monday. “The Ramadan-Gabd crossing point near Gwadar is active and fully functional now, fencing work with […]