Sep 20

Taxation

Revised taxation for banks applicable January 01, 2021

ISLAMABAD: The Federal Board of Revenue (FBR) has revised taxation for banks from tax year 2022 (starting from January 01, 2021, to December 31, 2021) onwards. An important amendment has been introduced through Tax Laws (Third Amendment) Ordinance, 2021, which was promulgated through a presidential ordinance. Through Finance Act, 2021, a sub-rule (6A) in rule […]

by Faisal Shahnawaz

Three-year jail for false statement under income tax law

Sep 20

Taxation

Three-year jail for false statement under income tax law

Section 192 of the Income Tax Ordinance, 2001, as updated up to June 30, 2021, through the Finance Act, 2021, recommends a three-year jail term for individuals found guilty of making false statements before the Commissioner Inland Revenue (IR).

by Faisal Shahnawaz

Measures against non-, under-filers in ordinance: Tarin

Sep 20

Trade & Industry

Measures against non-, under-filers in ordinance: Tarin

KARACHI: Finance Minister Shaukat Tarin has explained the measures have been taken against non-filers and under-filers who are declaring zero income. Talking at a meeting with office bearers of Karachi Chamber of Commerce and Industry (KCCI) a day earlier, Shaukat Tarin categorically stated that victimization was definitely not the purpose of the Ordinance which was […]

by Mrs. Anjum Shahnawaz

Stocks end down by 108 points amid low volumes

Sep 20

Stock & Commodity

Stocks end down by 108 points amid low volumes

KARACHI: The stock market ended down by 108 points on Monday amid low volumes recorded during the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 46,528 points as against last Friday’s closing of 46,636 points. Analysts at Arif Habib Limited said that the market took a bantering on the first […]

by Mrs. Anjum Shahnawaz

Sep 20

Money & Banking

KIBOR rates on September 20, 2021

KARACHI: State Bank of Pakistan (SBP) on Monday issued the following Karachi Interbank Offered Rates (KIBOR) on September 20, 2021. Tenor BID OFFER 1 – Week 6.96 7.46 2 – Week 7.02 7.52 1 – Month 7.09 7.59 3 – Month 7.32 7.57 6 – Month 7.50 7.75 9 – Month 7.66 8.16 1 – Year 7.82 8.32

by Faisal Shahnawaz

SBP announces first policy rate increase in 26 months

Sep 20

Money & Banking

SBP announces first policy rate increase in 26 months

KARACHI: The State Bank of Pakistan (SBP) on Monday announced first increase in key policy rate by 25 basis points in past 25 months. Previously, the SBP announced the increase in policy rate of 100 basis points to 13.25 per cent. The SBP kept the policy rate unchanged at 13.25 per cent till March 17, […]

by Faisal Shahnawaz

Asad Tahir appointed as official FBR spokesperson

Sep 20

Taxation

Asad Tahir appointed as official FBR spokesperson

The Federal Board of Revenue (FBR) has announced the appointment of Muhammad Asad Tahir, a seasoned BS-20 officer of the Inland Revenue Service (IRS), as the official spokesperson for the organization.

by Faisal Shahnawaz

Sep 20

Money & Banking

Dollar up by 53 paisas against PKR

KARACHI: The US dollar makes a gain against the Pak Rupee (PKR) rupee on Monday. The dollar retreated in the past two sessions during the last week. The rupee fell by 53 paisas to close at Rs168.72 to the dollar from last Friday’s closing of Rs168.19 in the interbank foreign exchange market. One of the […]

by Faisal Shahnawaz