In a move to streamline tax collection and enhance transparency, the Federal Board of Revenue (FBR) has issued updated rates of withholding tax on payment of dividends for the fiscal year 2021-2022.
(more…)Author: Mrs. Anjum Shahnawaz
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Meezan Bank launches COVID vaccination center
KARACHI: Meezan Bank Limited, Pakistan’s leading Islamic bank, on Saturday launched Pakistan’s largest drive-through COVID vaccination center.
The bank launched the vaccination center in collaboration with the Sindh government in Karachi.
The Facility is situated at central location of Karachi in Gulberg Town at Afghan Ground, Block 19, F.B. Area, opposite Afroze Textile and adjacent Happy Palace School.
The Vaccination Centre was inaugurated today by Barrister Murtaza Wahab – Spokesperson Government of Sindh & Administrator Karachi which was personally overseen by the Bank’s Founding President & CEO – Irfan Siddiqui.
Also present at the occasion was Taha Saleem – Deputy Commissioner, Central Karachi and the Bank’s Senior Management including Muhammad Raza – Group Head, Customer Support and Riaz Ahmed – Head Administration, among others.
With a total of twenty-four booths operating from 4:00pm to 12:00am, the facility will operate seven days a week, providing thousands of adults a safer way of getting vaccinated while observing social distancing rules.
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Turkey allows quarantine at dormitories for Pak students
ISLAMABAD: Pakistan’s students arriving in Turkey will now undergo the mandatory quarantine period at designated dormitories rather than private hotels, as announced by the Turkish government.
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Withholding tax rates on imports for 2021-2022
Federal Board of Revenue (FBR) has issued updated withholding tax rates on imports for year 2021/2022. The collector of customs collects withholding tax under Section 148 of Income Tax Ordinance, 2001 at the time of consignment clearance.
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FBR directed to continue efforts to enhance tax collection
Federal Minister for Finance and Revenue, Shaukat Tarin, has lauded the Federal Board of Revenue (FBR) for achieving record-breaking revenue collection in July 2021, signaling a robust start to the fiscal year.
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PM directs finalizing tight gas policy by next month
ISLAMABAD: Prime Minister Imran Khan on Thursday directed authorities to finalize Tight Gas Policy by end of September 2021.
The prime minister chaired a meeting to discuss the tight gas resources.
The meeting was attended by Federal Ministers Shaukat Fayyaz Tareen, Hamad Azhar, Asad Umar, Special Assistant Tabish Gohar and concerned senior officials.
The meeting discussed in detail the potential resources of Tight Gas in the country.
The meeting was informed that Pakistan is expected to have huge reserves of tight-gas. These reserves could help reduce the country’s dependence on expensive imported LNG.
The prime minister directed that the Tight Gas Policy be reviewed and finalized by the end of September 2021.
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Pakistan’s forex reserves ease to $24.853 billion
KARACHI: The foreign exchange reserves of Pakistan have eased by $23 million to $24.853 billion by the week ended July 30, 2021.
The foreign exchange reserves of the country were at $24.876 billion by the week ended July 23, 2021, State Bank of Pakistan (SBP) said on Thursday.
The official foreign exchange reserves of the SBP increased by $16 million to $17.846 billion by the week ended July 30, 2021 as compared with $17.83 billion a week ago.
The foreign exchange reserves held by commercial banks declined by $39 million to $7.007 billion by week ended July 30, 2021 as against $7.046 billion by week ended July 23, 2021.
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Tax rates on prize bond winning for tax year 2021-2022
The Federal Board of Revenue (FBR) has outlined the income tax rates applicable to prize bonds and lottery winnings under the recently updated Income Tax Ordinance, 2001, for the fiscal year 2021/2022.
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FBR starts mandatory registration of brand names
ISLAMABAD: The Federal Board of Revenue (FBR) has started registration of brand names, which is mandatory for manufacturers to sell their products.
The FBR on Tuesday issued Sales Tax General Order (STGO) No. 07 of 2021 for licensing of brand name under Section 40E of Sales Tax Act, 1990 for specified sectors.
According to the STGO made available to PKRevenue.com the FBR issued procedure for licensing of brand name for specified sectors including tobacco products, beverages, sugar, fertilizer, cement and petroleum products.
The revenue body said that all existing and new manufacturers of specified sectors are required to register their brand of each product with the FBR before selling the same in the market.
Every manufacturer will have to submit an application to the Project Director (Track & Trace System), FBR, along with the supportive documents. The application shall include all the details and operations regarding their business / activity.
The FBR said that each application for brand registration shall contain all the requisite information about the applicant. The information should contain manufacturer’s full name, trade name, STRN, NTN, date and place of incorporation, name of its lead directors and any other information to allow identification to take place.
In case of any discrepancy found in application, project director shall issue a letter to the manufacturer about the missing/incomplete details. The manufacturer will have to respond to the letter within a week to avoid cancellation of its application.
During the application process, if any information/document is found to be incorrect/fake, the registration process may be suspended immediately and manufacturer shall be issued a show cause notice to stop all the activities related to the manufacturing and sale of the rejected/not approved brand.
The FBR further said that no manufacturer shall be allowed to sell their products in the market without having their brand registered with the FBR. However, they may be allowed to sell the product from the date of application’s submission.
“If any unregistered brand’s product is found in the market, the IREN shall have the authority to confiscate all of the available stock in the market,” it added.
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KSE-100 gains 305 points amid positive sentiments
KARACHI: The benchmark KSE-100 index gained 305 points on Tuesday owing to positive sentiments prevailed over expected inflows from the IMF.
The KSE-100 of Pakistan Stock Exchange (PSX) closed at 47,758 points as against previous day’s closing of 47,453 points, showing an increase of 305 points.
The International Monetary Fund (IMF) has announced an allocation of $650 billion to boost global liquidity. Pakistan is likely to get around $2.8 billion out of the allocation by month end.
Analysts at Arif Habib Limited said that the market continued moving up today albeit with an improvement in traded volumes.
O&GMCs, Banks, Refinery, Technology and Textile sectors contributed positively to the index whereas E&P and Steel sector stocks remained under pressure.
Optimism brewed on the back of rupee depreciation that will have positive bearing on the earnings of Textile, Technology & E&P sectors; as well as upcoming financial results.
Among scrips, WTL topped the volumes with 36.3 million shares, followed by TELE (29.4 million) and BYCO (29.3 million).
Sectors contributing to the performance include Cement (+64 points), Technology (+63 points), Banks (+55 points), O&GMCs (+42 points) and Refinery (+26 points).
Volumes increased from 252.3 million shares to 443.2 million shares (+75 per cent DoD). Average traded value also increased by 75 per cent to reach US$ 98.8 million as against US$ 56.4 million.
Stocks that contributed significantly to the volumes include WTL, TELE, BYCO, TPL and CPHL, which formed 30 per cent of total volumes.
Stocks that contributed positively to the index include TRG (+51 points), HBL (+24 points), MEBL (+21 points), MLCF (+19 points) and POL (+17 points).
Stocks that contributed negatively include ENGRO (-10 points), OGDC (-10 points), HMB (-9 points), PAKT (-8 points) and HUBC (-8 points).