The Income Tax Ordinance, 2001 outlines the collection of withholding tax at the import stage in Pakistan. This is a crucial revenue collection mechanism and is primarily administered by the Collector of Customs.
(more…)Author: Mrs. Anjum Shahnawaz
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Pakistani Rupee Gains One Paisa Against US Dollar in Early Trading
KARACHI: In a development that signals positivity for the Pakistani economy, the Pakistani Rupee has shown resilience by gaining one paisa against the US dollar in early trading today, as reported by dealers on Thursday.
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Mobile phone import declines by 18.69pc on unregistered IMEI blocking
The import of mobile phones in Pakistan witnessed a significant decline of 18.69 percent in December 2018, attributed to the government’s stringent measures to block unregistered International Mobile Equipment Identity (IMEI) numbers.
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Hopes of oil, gas discovery in offshore drilling by April
Pakistan is hoping major discovery of oil and gas in offshore drilling by April of this year, according to a statement of the petroleum minister.
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Car imports fall sharply by 43pc on regulatory duty, currency devaluation
The car imports in Pakistan experienced a substantial decline by 43 percent due to significant devaluation of local currency and imposition of regulatory duty.
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SBP Allows Reimbursement Charges to Banks Against Donations to Dam Fund
The State Bank of Pakistan (SBP) allows reimbursement charges to cover donations and contributions made by overseas Pakistanis for the ‘Prime Minister and Chief Justice of Pakistan Fund for Diamer Bhasha and Mohmand Dam.’
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FPCCI blames former government for misusing GIDC
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has blamed the former government for misusing Gas and Infrastructure Development Cess (GIDC) and urged the authorities to urgently address the persistent issue.
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Equity Market Plunges By 342 points on Negative Sentiments
The Pakistan equity market witnessed a decline of 342 points on Wednesday, as negative trading sentiments and profit-taking activities influenced market performance.
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PSX asks brokers to file suspicious transaction report to FMU
KARACHI – The Pakistan Stock Exchange (PSX) has issued a significant directive, compelling stock brokers to file Suspicious Transaction Reports (STR) with the Financial Monitoring Unit (FMU) as part of efforts to combat money laundering and financing terrorism.
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Salary tax slab of above Rs800,000 to pay Rs2,000 as minimum tax
Islamabad – The Federal Board of Revenue (FBR) has introduced a minimum tax for salary individuals with taxable income exceeding Rs800,000 but not exceeding Rs12,000 for Tax Year 2019.
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