KARACHI: Federal Board of Revenue (FBR) has listed classes of taxpayers, who are required to get sales tax registration to declare their monthly transactions to the tax authorities.
(more…)Author: Faisal Shahnawaz
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Rupee advances against dollar in early trade
KARACHI: The Pakistani Rupee (PKR) extended its gains against the US Dollar in early trading on Friday, buoyed by a significant reduction in the country’s current account deficit, according to currency dealers.
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Income Tax Ordinance 2001: procedure for claiming refund, additional payment for delay
KARACHI: A commissioner of Inland Revenue is responsible for making payment at KIBOR plus 0.5 percent per annum for late payment of income tax refund.
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Amendments to help Pakistan in controlling offshore tax evasion, avoidance: Vishno Raja
KARACHI: Amendments to Income Tax Ordinance, 2001 will help Pakistan in controlling offshore tax evasion and avoidance.
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KCCI expresses concerns over shifting weekly holiday rumors
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has cautioned that any move to shift weekly holiday from Sunday to Friday would be resisted and it should not be done as it will completely cutoff Pakistan from many western countries around the world for three-and-a-half consecutive days.
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FPCCI laments delay in releasing refunds, duty drawback
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented delay in issuance of refunds and duty drawback to exporters.
Engr. Daroo Khan Achakzai, FPCCI, President in a statement on Thursday urged the Finance Minister Asad Umar to release the exports sector’s overall outstanding refund claims including deferred claims; Customs Duty Drawback; DLTL etc., which have been lying pending for payment since long.
FPCCI Chief recalled that he, during the Finance Minister’s Pre-Budget visit to FPCCI Head Office Karachi on January 12, 2019 and thereafter on his post budget visit to FPCCI Regional Office Lahore had stressed the need for an early clearance of back-log of refund claims and automatic payment within the stipulated time limit as the inordinate delay had made the exporters to suffer from liquidity crunch in meeting future export orders well in time.
While referring to the Finance Supplementary (2nd Amendment) Bill, 2019 regarding issuance of Promissory Notes to exporters on annual profit of 10 percent with maturity period of 3 years for stuck-up refunds, he lamented: “There is a very slow progress in processing of the pending Sales Tax refunds and issuance of RPOs.”
He wanted that all types of refunds including DLTL, Income Tax etc, should also be included in the Promissory Note Scheme to help the exporters to overcome financial crunch and ensure availability of working capital.
He proposed that the Government may dole out funds – like for revival of PIA, Pakistan Steel Mills etc., – for clearance of stuck-up refunds, one time full-fledged.
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Current account deficit narrows by 16.8pc in seven months
KARACHI: Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.
According to statistics released by State Bank of Pakistan (SBP) on Thursday, the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.
The remittances sent by overseas Pakistanis have increased by 12.22 percent to $12.774 billion during first seven months (July – January) 2018/2019 as compared with $11.383 billion in the corresponding period of the last fiscal year.
The import bill has also come down by 5.17 percent to $32.5 billion during July – January 2018/2019 as compared with $34.265 billion in the corresponding period of the last fiscal year.
The trade deficit narrowed by 9.66 percent to the deficit of $19.264 billion during first seven months of the current fiscal year as compared with $21.324 billion in the corresponding period of the last fiscal year.
The exports exhibited 2.24 percent growth to $13.23 billion during July – January 2018/2019 as compared with $12.94 billion in the same period of the last fiscal year.
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Current account deficit narrows by 4.43pc to $7.98bn in first half
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Forex reserves decline by $101 mn to $14.795 bn
KARACHI: Pakistan’s total foreign exchange reserves declined by $101 million to $14.795 billion by week ended February 15, 2019 as compared with Rs14.895 billion a week ago, State Bank of Pakistan (SBP) said on Thursday.
During the week ending February 15, 2019, the official reserves of SBP were decreased by $163 million to $8.043 billion from $8.206 billion a week ago, due to external debt servicing and other official payments.
The reserves held by commercial banks however increased by $62 million to $6.751 billion as compared with $6.689 billion a week ago.
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Equity market plunges on selling pressure
Karachi, Pakistan – On Thursday, the equity market of Pakistan has plunged by 209 points due to selling pressure observed during the day.
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Rupee ends with 26 paisas gain to dollar
Karachi, Pakistan – In a welcome development for the Pakistani economy, the national currency, the Pak Rupee, closed with a gain of 26 paisas against the US Dollar on Thursday, driven by a sufficient supply of foreign currency in the market.
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