Nov 10

ITFC provides $761.5 million for Pakistan oil, gas import

ISLAMABAD: The International Islamic Trade Finance Corporation (ITFC) will provide financing of an amount $761.5 million to Pakistan for import of oil and gas. In this regard a financing agreement amounting to $761.5 million has been signed between the Ministry of Economic Affairs, Government of Pakistan and International Islamic Trade Finance Corporation (ITFC) for import […]

by Mrs. Anjum Shahnawaz

Nov 10

Taxation

LTO Karachi, PBC discuss tax issues

KARACHI: A team of senior officials from Large Taxpayers Office (LTO) Karachi visited Pakistan Business Council (PBC) on Wednesday. Shahid Iqbal Baloch, Chief Commissioner Inland Revenue, Large Taxpayers Office (LTO) Karachi headed the team of tax officials. Kazi Hifzur Rehman, Commissioner Inland Revenue, Audit Zone-ll, LTO, Karachi also part of the team. LTO Karachi is […]

by Hamza Shahnawaz

Nov 10

Money & Banking

KIBOR rates on November 10, 2021

KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the following Karachi Interbank Offered Rates (KIBOR) on November 10, 2021. Tenor BID OFFER 1 – Week 7.26 7.76 2 – Week 7.30 7.80 1 – Month 7.39 7.89 3 – Month 8.38 8.63 6 – Month 8.65 8.90 9 – Month 8.93 9.43 1 – Year 9.12 9.62

by Faisal Shahnawaz

FPCCI proposes enhancing SME turnover to Rs1.5 billion

Nov 10

Trade & Industry

FPCCI proposes enhancing SME turnover to Rs1.5 billion

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed to increase the turnover of Small and Medium Enterprises (SMEs) to Rs1.5 billion from existing Rs250 million for treatment of income tax. FPCCI President Mian Nasser Hyatt Maggo, while praising the government for launching the SME Policy, said the defined annual sales turnover […]

by Mrs. Anjum Shahnawaz

SBP for digital transformation of Islamic financial services

Nov 10

Money & Banking

SBP for digital transformation of Islamic financial services

KARACHI: The State Bank of Pakistan (SBP) has stressed the need of digital transformation of global Islamic financial services for its growth. Digital transformation of the global Islamic financial Services industry has become a necessity for its growth and it needs to focus on innovative ways of service delivery that aligns with expectations of today’s […]

by Faisal Shahnawaz

KSE-100 index gains 230 points on positive sentiments

Nov 10

Stock & Commodity

KSE-100 index gains 230 points on positive sentiments

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 230 points on Wednesday as positive sentiments prevailed during the day. The index closed at 46,630 points as against previous day’s closing of 46,400 points. Analysts at Arif Habib Limited said that the index stayed in the green zone throughout the day as the […]

by Hamza Shahnawaz

Nov 10

Taxation

FBR’s power to issue sales tax ATL

Section 21A of the Sales Tax Act, 1990 grants the Federal Board of Revenue (FBR) the authority to compile and maintain an Active Taxpayers List (ATL).

by Hamza Shahnawaz

Dollar advances to Rs172.93 at interbank closing

Nov 10

Money & Banking, Top stories

Dollar advances to Rs172.93 at interbank closing

KARACHI: The US dollar advanced to Rs172.93 at the closing of the interbank foreign exchange market on Wednesday. The dollar recorded the gain for the third consecutive gain. The rupee lost Rs1.30 against the dollar to close at Rs172.93 from the previous day’s closing of Rs171.63 in the interbank foreign exchange market. The currency dealers […]

by Faisal Shahnawaz

SBP issues customers exchange rates for November 10

Nov 10

Money & Banking

SBP issues customers exchange rates for November 10

Karachi, November 10, 2021 – The State Bank of Pakistan (SBP) has released the official exchange rates for customers as of November 10, 2021.

by Faisal Shahnawaz

Income tax computation of banking companies

Nov 10

Money & Banking, Taxation

Income tax computation of banking companies

Seventh Schedule of Income Tax Ordinance, 2001 has explained the income tax computation of banking companies. 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 is the text of Seventh Schedule of Income Tax Ordinance, 2001: 1. Subject to the provisions of Chapter VII […]

by Faisal Shahnawaz