Trading restores at PSX after technical fault
The Pakistan Stock Exchange (PSX) experienced a temporary suspension in trading on April 25, 2019, lasting for over an hour due to a technical fault.
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Author: Faisal Shahnawaz
Withholding tax rates on imports updated through Finance Supplementary (Second Amendment) Act 2019
KARACHI: Federal Board of Revenue (FBR) issued withholding tax rates on imports for tax year 2019 updated as per Finance Supplementary (Second Amendment) Act, 2019. The withholding tax rates updated up to March 09, 2019 on import under Section 148 of Income Tax Ordinance, 2001 as follow: The collector of customs shall collect withholding tax […]
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Sales Tax Act 1990: One year jail for unauthorized access to FBR computerized system
KARACHI: Any persons attempted to gain unauthorized access to computerized system of Federal Board of Revenue (FBR) is liable to penalty and imprisonment up to one year. According to updated Sales Tax Act, 1990 issued by the FBR, the person trying to get unlawful access to computerized system would face harsh action. The law explained: […]
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FBR asked not to send notices for turnover tax
KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has urged Federal Board of Revenue (FBR) to issue necessary instructions to all RTOs to refrain from sending notices for demanding the unjust annual turnover Tax to members of Pakistan Yarn Merchants Association (PYMA) till the issue is resolved as the Annual Turnover Tax, which was 0.1 […]
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KTBA, RTOs discuss budget proposals
KARACHI: The office bearers of Karachi Tax Bar Association (KTBA) discussed budget proposals 2019/2020 with Chief Commissioners of Inland Revenue on Wednesday. The chief commissioners Inland Revenue from Regional Tax Offices (RTOs) Karachi including Shafqat Kehar, Badaruddin Ahmed Qureshi and Muhammad Ali Khan. The chief commissioners visited the KTBA and met newly elected office bearers. […]
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Withholding tax rate on telephone cards
KARACHI: The decision of Supreme Court of Pakistan has paved way for Federal Board of Revenue (FBR) to collect withholding tax on telephone usages under Section 236 of Income Tax Ordinance, 2001. The apex court on Wednesday restored taxes on pay cards to use mobile phone services. The court suspended the levy of taxes on […]
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Korea extends $500 million concessional loan to Pakistan
ISLAMABAD: Pakistan and Korea signed a framework arrangement amounting to $500 million on Wednesday. The ceremony was witnessed by Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs. Secretary, Economic Affairs Division, Noor Ahmed and Ambassador of the Republic of Korea, Kwak Sung-Kyu, signed the Framework Arrangement on behalf […]
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FBR starts collecting withholding tax on cell phones after apex court decision
ISLAMABAD, September 14, 2024 – The Federal Board of Revenue (FBR) and provincial revenue authorities are set to resume the collection of withholding tax on mobile phone top-ups following a decision by the Supreme Court of Pakistan (SCP) on Wednesday.
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Stock market ends in green on banks earning
KARACHI: The stock market ended in green mainly on positive earning declared by banks on Wednesday. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,504 points as against 36,404 points showing an increase of 100 points. Analysts at Arif Habib Limited said that the market went green today and went up by […]
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Rupee remains unchanged for eighth consecutive trading day
KARACHI: The Pak Rupee remained unchanged against dollar for eighth consecutive trading day on Wednesday amid lackluster demand for import and corporate payments. The rupee ended Rs141.40 to the dollar, the same last day’s closing, in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40. The […]
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