KARACHI – The State Bank of Pakistan (SBP) has unequivocally rejected a news report published in a prominent English language newspaper regarding the bank accounts of Pakistan Tehreek-i-Insaf (PTI) being submitted to the Election Commission of Pakistan (ECP).
(more…)Author: Mrs. Anjum Shahnawaz
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Remittances grow by 10pc to $10.7 billion in July – December
Overseas Pakistani workers have continued to make a significant contribution to the country’s economy, with remittances totaling $10.719 billion during the first half of the fiscal year 2018-2019 (July to December).
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Pakistan’s forex reserves fall by $240 million
Pakistan’s foreign exchange reserves have witnessed a notable decline, falling by $240 million to $13.597 billion by the end of the week, compared to the previous week’s figure of $13.837 billion, as reported by the State Bank of Pakistan (SBP) on Thursday.
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Regulatory Duty imposition affects Pak-Sri Lanka trade
Regulatory duty imposition is affecting trade between Pakistan and Sri Lanka, this was stated by the Consul General of Sri Lanka, G. L. Gnanatheva.
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KSE-100 gains 169 points on activities in E&P sector
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed with a gain of 169 points on Thursday, largely driven by increased activity in the exploration and production (E&P) sector.
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Rupee gains value against dollar
Karachi, January 10, 2019 – The Pakistani rupee experienced a modest gain of five paisas against the US dollar on Thursday, attributed to increased inflows from remittances and export receipts, as reported by dealers to PkRevenue.com.
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Profit on Debt: FBR makes mandatory for banks to provide details of account holders
Islamabad, January 10, 2019 – The Federal Board of Revenue (FBR) has issued a new mandate that compels banks to provide details of individuals receiving profits on their deposits exceeding a certain threshold.
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Cement dispatches down to 3.87 million tons in December
Karachi, January 4, 2019 – Provisional cement data for the month of December 2018 has revealed a 1 percent month-on-month (MoM) decline in cement dispatches, totaling 3.87 million tons, compared to November 2018 when it stood at 3.90 million tons.
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Rupee strengthens against dollar
The Pakistani rupee saw an upswing against the US dollar on Tuesday, as demand for imports and corporate payments surged, according to dealers in Karachi.
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FBR issues withholding tax card for year 2018/2019
KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2018/2019 as per the amendments made through Finance Act, 2018 to Income Tax Ordinance, 2001.
1. Where the taxable income does not exceed Rs. 400,000: the tax rate shall be 0%.
2. Where the taxable income exceeds Rs.400,000 but does not exceed Rs. 800,000: the tax rate shall beRs.1,000
3. Where the taxable income exceeds Rs.800,000 but does not exceed Rs. 1,200,000: the tax rate shall be Rs.2,000
4. Where the taxable income exceeds Rs.1,200,000 but does not exceed Rs.2,400,000: the tax rate shall be 5% of the amount exceeding Rs.1,200,000
5. Where the taxable income exceeds Rs.2,400,000 but does not exceed Rs.4,800,000: the tax rate shall be Rs.60,000+10% of the amount exceeding Rs.2,400,000
6. Where the taxable income exceeds Rs.4,800,000: the tax rate shall be Rs.300,000+15% of the amount exceeding Rs.4,800,000.
Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.