Oct 5

Share market sheds 378 points on exchange rate

KARACHI: The share market plunged by 378 points on Tuesday owing to rising concerns over the exchange rate and rupee depreciation. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 44,667 points as against the previous day’s close of 45,044 points. Analysts at Arif Habib Limited said that market lost further ground […]

by Mrs. Anjum Shahnawaz

Dollar maintains record high level in interbank

Oct 5

Money & Banking

Dollar maintains record high level in interbank

KARACHI: The dollar maintained the highest peak against the Pak Rupee in the interbank foreign exchange market on Tuesday. The rupee ended Rs170.80 to the dollar, which is also the same previous day’s closing level in the interbank foreign exchange market. The dollar is at the highest level against the local unit. Currency experts said […]

by Mrs. Anjum Shahnawaz

State Bank reduces retention period for foreign exchange

Oct 5

Money & Banking

State Bank reduces retention period for foreign exchange

KARACHI: The State Bank of Pakistan (SBP) on Monday reduced the retention period of foreign exchange in the shape of export receipts and remittances of export commission. The central bank issued a circular related to retention of export proceeds with authorized dealers upon realization and remittance of export commission, brokerage and discount. Through the circular […]

by Mrs. Anjum Shahnawaz

KSE-100 index gains 173 points in mixed trading

Oct 4

Stock & Commodity

KSE-100 index gains 173 points in mixed trading

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) gained 173 points on Monday amid mixed trading during the day. The index closed at 45,045 points as against last Friday’s closing of 44,872 points. Analysts at Arif Habib Limited said that increased foreign outflow (due to reclassification of Pakistan from MSCI EM to […]

by Mrs. Anjum Shahnawaz

Proceedings under tax ordinance to be treated as judicial

Oct 3

Taxation

Proceedings under tax ordinance to be treated as judicial

Section 224 of Income Tax Ordinance, 2001 explicitly declares that any proceedings before the Commissioner, Commissioner (Appeals), or Appellate Tribunal are to be treated as judicial proceedings.

by Mrs. Anjum Shahnawaz

Appearance of authorized representative of taxpayer

Oct 3

Taxation

Appearance of authorized representative of taxpayer

Section 223 of Income Tax Ordinance, 2001 allowed a taxpayer to nominate a representative for an appearance on his/her behalf before the tax authorities. 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 Section 223 of Income Tax Ordinance, 2001: […]

by Mrs. Anjum Shahnawaz

Commissioner may appoint expert for audit, valuation

Oct 3

Taxation

Commissioner may appoint expert for audit, valuation

Section 222 of Income Tax Ordinance, 2001 empowered a commissioner of Inland Revenue to appoint an expert for the purpose of audit or valuation. 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 Section 222 of Income Tax Ordinance, 2001: […]

by Mrs. Anjum Shahnawaz

“FBR not to take action directly against non-filers”

Oct 2

Trade & Industry

“FBR not to take action directly against non-filers”

KARACHI: The Federal Board of Revenue (FBR) will not take any action directly against non-filers or under-filers, Finance Minister Shaukat Tarin assured the members of Karachi Chamber of Commerce and Industry (KCCI). A statement issued by the KCCI stated that Finance Minister Shaukat Tarin had assured to review the matter of filers and non-filers and […]

by Mrs. Anjum Shahnawaz

Oct 2

Stock & Commodity

PSX worst performing market in third quarter

KARACHI: Pakistan Stock Exchange (PSX) is one of the worst-performing markets in the third quarter of 2021, according to analysts. Pakistan was one of the worst-performing markets in 3Q2021 (as per Bloomberg). Brazil (-19 per cent) and Hong Kong (-15 per cent) were the only other markets that performed poorly than Pakistan. The leading markets […]

by Mrs. Anjum Shahnawaz

Oct 2

Stock & Commodity

Weekly Review: stock market likely to move positively

KARACHI: The stock market is expected to move positively during the next week as scrips are trading at attractive valuations. Analysts at Arif Habib Limited said that IMF Review is starting from October 4, 2021, which if successful may provide much-needed respite to the ailing investment sentiment. Moreover, the recent statement of the US Secretary […]

by Mrs. Anjum Shahnawaz