OTP requirement abolished for USC purchases

Jun 27

National

OTP requirement abolished for USC purchases

ISLAMABAD: The government has abolished the requirement of One-Time Password (OTP) for purchases from Utility Stores Corporate (USC) at subsidized rates. Keeping in view the plight of the public, Prime Minister Shehbaz Sharif has abolished the One Time Password System used for purchases at utility stores, according to a statement issued on Sunday. READ MORE: […]

by Anjum Shah

Leadership’s role crucial for Pakistan’s progress: Arif Alvi

Jun 27

National

Leadership’s role crucial for Pakistan’s progress: Arif Alvi

ISLAMABAD: The role of leadership is very crucial in challenging times; it is about understanding issues and being persistent in the pursuit of solutions. If the leadership is clear-headed, it can lead the nation on the path to progress. Dr. Arif Alvi, President of the Islamic Republic of Pakistan said in an exclusive interview with […]

by Anjum Shah

Pakistan’s salaried class unhappy over new tax changes

Jun 25

Budget 2022-2023, National, Taxation, Top stories

Pakistan’s salaried class unhappy over new tax changes

ISLAMABAD: The salaried class in Pakistan is in shock over the recent changes announced by the government and revert its decision to exempt income of salaried persons up to Rs1.2 million. The government on June 10, 2022 presented the federal budget 2022/2023 announced major tax relief for salaried class by enhancing threshold from Rs600,000 to […]

by Anjum Shah

Pakistan imposes fixed tax on gold shops

Jun 25

Budget 2022-2023, Taxation, Top stories

Pakistan imposes fixed tax on gold shops

ISLAMABAD: Pakistan on Friday introduced a fixed tax regime for jewelers and decided to impose the fixed tax on gold shops measures a certain area. Finance Minister Miftah Ismail while addressing on the floor of the house, stated that only twenty two gold shops out of thirty thousand are registered. “A fixed tax will be […]

by Anjum Shah

Pakistan tax offices to work extended hours for revenue collection

Jun 24

Taxation

Pakistan tax offices to work extended hours for revenue collection

ISLAMABAD: Pakistan tax offices have been directed to work extended hours on the last two days of the current fiscal year i.e. June 29, 2022 and June 30, 2022 for collection of duty and taxes. The Federal Board of Revenue (FBR) on Friday directed that all Large Tax Offices (LTOs), Medium Tax Office (MTO), Corporate […]

by Anjum Shah

Pakistan slaps super tax on industries, individuals

Jun 24

Taxation, Top stories

Pakistan slaps super tax on industries, individuals

ISLAMABAD: Pakistan on Friday imposed a 10 per cent super tax on earnings of certain industrial sectors and on income of high net worth individuals. Prime Minister Shehbaz Sharif announced to impose the 10 percent super tax on over 12 large industries and also on affluent persons with more than Rs 150 million annual income […]

by Anjum Shah

HBL ordered to compensate bank fraud victim

Jun 22

Money & Banking, National, Top stories

HBL ordered to compensate bank fraud victim

ISLAMABAD: President of Pakistan, Dr. Arif Ali Alvi, on Wednesday ordered Habib Bank Limited (HBL) to immediate compensate a victim of bank fraud. President Dr Arif Alvi reprimanded HBL for unnecessarily dragging the matter of reimbursement of a trivial amount of Rs. 39,000 to the victim of bank fraud. READ MORE: SBP takes measures for […]

by Anjum Shah

Procedure notified for TAD under Afghan transit trade

Jun 22

Pakistan Customs, Top stories

Procedure notified for TAD under Afghan transit trade

ISLAMABAD: The Federal Board of Revenue (FBR) has notified procedure for issuance of temporary admission document (TAD) under Afghan Transit Trade. The FBR issued SRO 802(I)/2022 to amend Customs Rules, 2001 by inserting new rule 482A. In March 2022, Pakistan and Afghanistan implemented movement of transit and bilateral trade through TAD for commercial vehicles. Under […]

by Anjum Shah

FBR appoints Dr. Faiz Illahi Memon as Member Admin

Jun 20

Taxation

FBR appoints Dr. Faiz Illahi Memon as Member Admin

ISLAMABAD: The Federal Board of Revenue (FBR) has appointed Dr. Faiz Illahi Memon, a senior BS-22 officer of Inland Revenue Service (IRS) as Member Admin/Human Resource. According to a notification dated June 18, 2022, the FBR transferred and posted Dr. Faiz Illahi Memon to the post of Member (Admn/HR) FBR HQ, with immediate effect from […]

by Anjum Shah

Prices of essential items surge by 28% in Pakistan

Jun 18

Finance, National, Top stories

Prices of essential items surge by 28% in Pakistan

ISLAMABAD: The prices of essential items have recorded 28 per cent increase Year on Year (YoY) by week ended June 16, 2022, Pakistan Bureau of Statistics (PBS) said on Friday. The surge in prices have been seen following the massive increase in prices of petroleum products by the government during last three rounds: first on […]

by Anjum Shah