Pakistan Revenue
KARACHI: The stock market ended down by 237 points on Thursday as bearish trend prevailed over IMF talks and forthcoming budget. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,548 points as against 36,784 points showing a decline of 237 points. Analysts at Arif Habib Limited said that the market remained under […]
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KARACHI: The Pak Rupee has gained 10 paisas against dollar on Thursday in interbank foreign exchange market owing to inflows of remittances and export receipts. The rupee ended Rs141.29 to the dollar from previous day’s close of Rs141.39 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.37 […]
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The State Bank of Pakistan (SBP) has granted an extension for the implementation of IFRS 16 for banks, development financial institutions (DFIs), and microfinance banks (MFBs) in Pakistan. The new deadline for compliance has been extended from January 1, 2019, to June 30, 2019.
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ISLAMABAD: The headline inflation has surged by 8.8 percent on year on year (YoY) in April 2019 as compared to an increase of 9.4 percent in previous month and 3.7 percent in April 2018, said Pakistan Bureau of Statistics (PBS) on Thursday. The Consumer Price Index (CPI) based inflation on month-on-month basis, it increased by […]
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KARACHI: The officers of Inland Revenue have vast powers under sales tax laws to recover outstanding amount from taxpayers. Section 48 of updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of outstanding amount from taxpayers. Section 48: Recovery of arrears of tax. Sub-Section […]
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KARACHI: Federal Board of Revenue (FBR) will start proceeding to blacklist a major oil marketing company after suspending this week for non-compliance and suppressing sales to evade taxes. The FBR suspended the sales tax registration of M/s. Hascol Petroleum Limited earlier this week for evading sales tax to the tune of Rs3.9 billion by concealing […]
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KARACHI: Model Customs Collectorate (MCC) Gwadar has announced auction of confiscated vehicles to be held on May 04, 2019 at Custom House Gwadar. The collectorate announced the auction of following vehicles: 01. Toyota Axio Luxel 1800CC, Model 2007, Chassis No.ZRE142-6007330 02. Toyota Hilux Surf SSR-X 2700CC, Model 2000, Chassis No. VZN185-9041829 03. Suzuki Jimmy Jeep […]
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ISLAMABAD: Federal Board of Revenue (FBR) has significantly reduced the sales tax rates up to 88 percent on supply of petroleum products for five days. The FBR issued SRO 499(I)/2019 dated April 30, 2019 to announced reduction in sales tax rates on petroleum products. The government a day earlier announced not to immediately pass on […]
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KARACHI: The sales tax laws have authorized suo moto powers to Federal Board of Revenue (FBR) and Commissioner of Inland Revenue (IR) to call for records from department and taxpayers. The Section 45 of updated Sales Tax Act, 1990 explained the suo moto powers of FBR and IR commissioner to call for records in any […]
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KARACHI: Byco Petroleum Pakistan Ltd. has posted around 80 percent decline in net profit for nine-month period ended March 31, 2019, according to financial results presented to Pakistan Stock Exchange (PSX) on Tuesday. Earnings per share of the company also fell to Rs 0.14 compared to Rs 0.66 last year. The company attributed the decline […]
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