Part II, Second Schedule of the Income Tax Ordinance, 2001 has provided reduced rates of tax for incomes or classes of income, or persons or classes of persons.
ISLAMABAD: Prime Minister Imran Khan on Wednesday announced food subsidy package of Rs120 billion providing 30 percent discount at ghee, flour and pulses. The prime minister, in his televised address to the nation, said 20 million families would benefit from the subsidy package to be funded jointly by the federal and provincial governments. Under the […]
KARACHI: The fertilizer industry is playing a critical role in ensuring food security and managing food inflation in Pakistan through adequate and affordable supply of urea at one fifth the international prices. In a media briefing on Wednesday, Imran Ahmed, CFO of Engro Fertilizers, highlighted that food inflation is one of the biggest challenges being confronted […]
ISLAMABAD: Federal Tax Ombudsman (FTO) has reconstituted the advisory committee (South) for the year 2021. The Federal Tax Ombudsman is pleased to reconstitute the Advisory Committee (South) for the year 2021, as follows:- 1. Dr. Asif Mahmood Jah, Federal Tax Ombudsman : Chairman 2. The President Federation of Pakistan Chamber of Commerce & Industry, Federation […]
ISLAMABAD: Pakistani Telecom Company, Ufone has secured its largest syndicated financing facility jointly led by MCB Bank Limited (MCB) (Agent bank), Allied Bank Limited (ABL), Bank of Punjab (BoP), National Bank of Pakistan (NBP), and United Bank Limited (UBL) to fund the acquisition and rollout of its 4G services across Pakistan. President and Group CEO, […]
KARACHI: The stocks have ended down by 80 points on Wednesday in a range bound trading activity. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,032 points as against 47,113 points showing an decrease of 80 points. Analysts at Arif Habib Limited said that the market remained range-bound today due to concerns […]
State Bank of Pakistan
KARACHI: State Bank of Pakistan (SBP) has selected eight banks for lending collateral-free loan to Small and Medium Enterprises (SMEs), a statement said on Wednesday. Governor State Bank of Pakistan, Dr. Reza Baqir announced that banks have shown overwhelming response to an innovative financing scheme for collateral free lending to SMEs introduced by the State […]
KARACHI: The Pak Rupee (PKR) appreciated for sixth consecutive day on Wednesday as dollar fell below Rs170 in the interbank foreign exchange market. The rupee gained 57 paisas to close at Rs169.97 against the dollar from previous day’s closing of Rs170.54 in the interbank foreign exchange market. The local currency is making a continuous recovery […]
Section 9 of the Sales Tax Act, 1990 provides a framework for the issuance of debit and credit notes by registered persons.
Section 8B of Sales Tax Act, 1990 has defined provision for input tax adjustment. 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. Following is the text of section 8B of Sales Tax Act, 1990: 8B. Adjustable input tax.– (1) Notwithstanding anything contained in this Act, […]