April 26, 2024

Pkrevenue.com

Pakistan Revenue

Day: October 29, 2021

Definitions of Sales Tax Act, 1990
Oct 29
Taxation

Definitions of Sales Tax Act, 1990

Section 2 of Sales Tax Act, 1990 has defined various provisions of the act to better understand the law. The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021. 2. Definitions.― In this Act, unless there is anything repugnant in the subject or context,– […]

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Merchants demand duty concession on yarn import
Oct 29
Trade & Industry

Merchants demand duty concession on yarn import

KARACHI: Pakistan Yarn Merchants Association (PYMA) has demanded the government to reduce customs duty and abolish anti-dumping duty on import of polyester yarn. In a statement on Friday, Saqib Naseem, Central Chairman Pakistan Yarn Merchants Association (PYMA), Muhammad Junaid Teli, Vice Chairman, Sind & Balochistan region, has urged the government to cut the customs duty on […]

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KIBOR rates on October 29, 2021
Oct 29
Money & Banking

KIBOR rates on October 29, 2021

KARACHI: State Bank of Pakistan (SBP) on Friday issued the following Karachi Interbank Offered Rates (KIBOR) on October 29, 2021.  Tenor BID OFFER 1 – Week 7.22 7.72 2 – Week 7.26 7.76 1 – Month 7.31 7.81 3 – Month 8.10 8.35 6 – Month 8.61 8.86 9 – Month 8.76 9.26 1 – Year 8.93 9.43

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Tax on sale of immovable property during Tax Year 2022
Oct 29
Taxation

Tax on sale of immovable property during Tax Year 2022

The rates of income tax on sale of immovable property during tax year 2022 to be applicable under Second Schedule of Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021. Following are the rates on sale or transfer […]

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SBP slaps Rs280 million penalty on National Bank State Bank of Pakistan
Oct 29
Money & Banking, Top stories

SBP slaps Rs280 million penalty on National Bank

KARACHI: The State Bank of Pakistan (SBP) has slapped a heavy monetary penalty of over Rs280 million on the National Bank of Pakistan (NBP) for violating instructions pertaining to Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT). The central bank imposed a monetary penalty on four banks during the quarter ended September 30, 2021. […]

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