Karachi, September 16, 2021 – The State Bank of Pakistan (SBP) has released the exchange rates for customers on Thursday, September 16, 2021.
(more…)Author: Faisal Shahnawaz
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FBR collects Rs107.38 billion as FED from cigarettes
The Federal Board of Revenue (FBR) has reported a substantial increase in the collection of Federal Excise Duty (FED) during the fiscal year 2020/2021, with the duty on cigarette sales leading the way.
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Dollar comes down against PKR in early trade
KARACHI: The Pak Rupee (PKR) has made a sharp recovery of Rs1.07 against the dollar in early trade on Thursday.
The dollar is being traded at Rs168.05 to the dollar from last day’s historic close of Rs169.12 in the interbank foreign exchange market.
Market sources said that the central bank had intervened earlier in the day to support the rupee.
They said that the demand for dollar remained high for import and corporate payments. The import payments have increased due to higher prices of commodities in the international market.
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Telenor gets Rs1.36bn contract for broadband services
ISLAMABAD: Telenor has been granted a contract worth Rs1.36 billion for providing high speed broadband services in Chaghi and Nushki districts of Balochistan.
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Active taxpayers’ list under ITO
The Federal Board of Revenue (FBR) has fortified its tax administration toolkit with Section 181A of the Income Tax Ordinance, 2001, which delineates the creation and regulation of the Active Taxpayers’ List (ATL).
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Registration of taxpayers for income tax
Section 181 of the Income Tax Ordinance, 2001 provides a framework for the registration of taxpayers.
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KIBOR rates on September 15, 2021
KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the following Karachi Interbank Offered Rates (KIBOR) on September 15, 2021.
Tenor BID OFFER 1 – Week 6.89 7.39 2 – Week 6.95 7.45 1 – Month 7.04 7.54 3 – Month 7.23 7.48 6 – Month 7.49 7.74 9 – Month 7.57 8.07 1 – Year 7.66 8.16 -
SBP issues customers exchange rates for September 15
Karachi, September 15, 2021 – The State Bank of Pakistan (SBP) has announced the exchange rates for customers on Wednesday, September 15, 2021.
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Additional customs duty reduced to 2% on auto parts
ISLAMABAD: The Federal Cabinet on Tuesday approved a significant reduction in additional customs duty on the import of auto parts, lowering it from seven percent to two percent. This decision aims to boost the indigenous production of vehicles in Pakistan and promote local manufacturing.
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KTBA demands barcode printing on sales tax notices
KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday demanded the tax authorities to implement printing of barcodes on all communication under the sales tax regime.
In this regard, the KTBA has sent a letter to the chairman of the Federal Board of Revenue (FBR). The tax bar demanded the chairman of ensuring the implementation of barcode printing on all notices of sales tax.
The KTBA and its members are consistently receiving unauthorized and designed notices/ communications from the field formations.
In the year 2015, the FBR introduced a scheme of using barcodes on notices/communications under the income tax regime, which eliminated unauthorized notices.
As of today, declarations under the sales tax regime are broadly regulated through old e.fbr portal; on the other hand, the field formations have started issuing notices for audit and late filing via IRIS. However, in addition to the above, notices on various counts are issues manually which subsequently are withdrawn for obvious reasons, the tax bar said.
The KTBA recommended that the practice of communicating all notices and correspondence in the sales tax regime in manual should be replaced with a barcode methodology with an option to reply online as in the case of the income tax regime.