KARACHI: A chartered accountant firm has highlighted proposed amendments to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Bill, 2019.
(more…)Author: Mrs. Anjum Shahnawaz
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Reform package exempts withholding tax for rupee accounts receiving foreign remittances
KARACHI: The new reform package has allowed exemption from collection of withholding tax on cash withdrawals from a bank account maintained in local currency where deposits are made through foreign remittances.
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Bill proposes valuation in US Dollar for imported mobile phones to collect smart phone levy
KARACHI – The Finance Supplementary (Second Amendment), 2019 has introduced a proposed overhaul in the valuation and levy structure for imported mobile phones, shifting from Pakistani Rupees to US Dollars.
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Rupee gains 20 paisas in open market
KARACHI – In a positive development for the Pakistani economy, the Pakistani Rupee gained 20 paisas against the US Dollar in the open market on Saturday.
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Customs, regulatory duties on 135 tariff lines to be reduced / eliminated for raw materials
In a major move aimed at boosting both the export sector and domestic industrial production, the Pakistani government has unveiled plans to eliminate or reduce customs duty, additional customs duty, and regulatory duty on 135 tariff lines associated with crucial raw materials.
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Changes to sales tax exemptions proposed
Changes to sales tax exemption have been proposed through Finance Supplementary (Second Amendment) Bill of 2019.
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PBC resents restoration of final tax regime for commercial importers
The business association representing multinational companies (MNCs), the Pakistan Business Council (PBC), has strongly criticized the proposed restoration of the Final Tax Regime (FTR) for commercial importers, urging the government to reconsider its decision. The PBC’s concerns were voiced in response to the Finance Supplementary (Second Amendment) Bill of 2019.
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Cabinet approves 20pc increase for EOBI pensioners
In a significant move, the federal cabinet has approved a landmark 20% increase in pensions for over 450,000 pensioners of the Employees Old-Age Benefits Institution (EOBI).
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SECP asked to review CSR guidelines to align with SDGs
Ms. Zubaida Jalal, the Federal Minister for Defence Production, has called on the Securities and Exchange Commission of Pakistan (SECP) to review its guidelines pertaining to Corporate Social Responsibility (CSR) for the business sector, aligning them with the United Nations’ Sustainable Development Goals (SDGs) for 2030.
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Equity market witnesses buying on rating reports
The equity market of Pakistan Stock Exchange (PSX) experienced a day of mixed trading activities, marked by buying and selling patterns, following the news of Fitch Ratings downgrading Pakistan’s rating. The benchmark KSE-100 index closed at 40,264 points, exhibiting a slight decline of 24 points compared to the previous day’s closing at 40,289 points.
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