Faisal Shah

PBC suggests measures for broadening tax base by enhancing withholding tax rates on non-filers, unregistered persons

May 6, 2019April 2, 2021Faisal Shahnawaz

KARACHI: Pakistan Business Council (PBC) has suggested measures for broadening tax base through enhancing withholding tax rates on non-filers and unregistered persons in various sectors. The PBC – the advisory council of large corporate entities – in its budget proposals for 2019/2020 said that the concept of separate withholding tax rates for filers and non-filers […]

OMCs sales sharply decline by 25pc in 10 months

May 6, 2019April 2, 2021Faisal Shahnawaz

KARACHI: The sales of Oil Marketing Companies (OMCs) massively declined by 25 percent during first ten months (July – April) of current fiscal year owing to slowdown in economic activities. The sales of OMCs fell to around 15.28 million tons during July – April 2018/2019 as compared with 20.4 million tons in the same period […]

Meeting reviews progress on FATF Action Plan

May 6, 2019February 24, 2021Faisal Shahnawaz

ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs on Monday chaired a meeting to review progress on Financial Action Task Force (FATF) Action Plan. The Secretary Finance updated all the key stakeholders on the critical nature of the meeting, serious challenges at hand and top priority that is […]

KSE-100 index falls by 518 points on upcoming MSCI review

May 6, 2019April 2, 2021Faisal Shahnawaz

KARACHI: The stock exchange fell by 518 points on Monday owing to upcoming MSCI review and reports of tax laden budget. The benchmark KSE-100 index of Pakistan Stock Exchange closed at 35,605 points as against 36,123 points showing a decline of 518 points. Market continued negative drive today amidst issues like MSCI review on May […]

Shabbar Zaidi appointed as 26th FBR chairman

May 6, 2019December 31, 2023Faisal Shahnawaz

The federal government has appointed Shabbar Zaidi as the Chairman of the Federal Board of Revenue (FBR). This significant announcement, made by Prime Minister Imran Khan during a media interaction on Monday, marks a departure from tradition as Zaidi becomes the first chairman selected from the private sector.

Rupee makes gain against dollar on inflows

May 6, 2019April 2, 2021Faisal Shahnawaz

KARACHI: The rupee gained against dollar on Monday after sufficient inflows were available in the market. The rupee gained three paisas to end at Rs141.29 against dollar from last Friday closing of Rs141.32 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.20 and Rs141.25. The market recorded […]

Withholding tax rates on payment for goods and services during Tax Year 2019

May 6, 2019February 15, 2021Faisal Shahnawaz

KARACHI: Federal Board of Revenue (FBR) has updated withholding tax card for tax year 2019 amendment through Finance Supplementary (Second Amendment) Act, 2019. Following are the withholding tax rates applicable on payment for goods and services under Section 153 of Income Tax Ordinance, 2001. Under this section every withholding agent prescribed under the ordinance shall […]

Sales Tax Act 1990: No suit shall lie against government servant

May 6, 2019April 2, 2021Faisal Shahnawaz

KARACHI: The sales tax law had explained that no suit, prosecution or other legal proceeding shall lie against the federal government or against any public servant in respect of any order passed in good faith. The updated Sales Tax Act, 1990 issued by the Federal Board of Revenue (FBR) explained the bar of suits, prosecution […]

FBR provisionally revokes sales tax registration suspension of Hascol Petroleum

May 6, 2019May 28, 2026Faisal Shahnawaz

KARACHI: Federal Board of Revenue (FBR) has provisionally revoked the suspension of sales tax registration of M/s. Hascol Petroleum Limited on directives issued by Sindh High Court.

Reza Baqir assumes charge as SBP governor

May 6, 2019April 2, 2021Faisal Shahnawaz

KARACHI: Dr. Reza Baqir assumed the charge of Governor State Bank of Pakistan (SBP) on Sunday after President of Pakistan appointed him as Governor State Bank of Pakistan for a period of three years. A statement issued by the SBP said that Dr. Reza Baqir has eighteen years of experience with the IMF and two […]

Author: Faisal Shahnawaz

PBC suggests measures for broadening tax base by enhancing withholding tax rates on non-filers, unregistered persons

OMCs sales sharply decline by 25pc in 10 months

Meeting reviews progress on FATF Action Plan

KSE-100 index falls by 518 points on upcoming MSCI review

Shabbar Zaidi appointed as 26th FBR chairman

Rupee makes gain against dollar on inflows

Withholding tax rates on payment for goods and services during Tax Year 2019

Sales Tax Act 1990: No suit shall lie against government servant

FBR provisionally revokes sales tax registration suspension of Hascol Petroleum

Reza Baqir assumes charge as SBP governor

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