Pakistan Revenue
KARACHI: Ghandhara Nissan Limited, the assembler of light commercial and heavy vehicles in Pakistan, has posted significant decline in net profit by 44 percent for nine-month period ended March 31, 2019. The company submitted its finance results for July – March 2018/2019 to Pakistan Stock Exchange (PSX) on Monday. The company declared Rs135.92 million profit […]
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KARACHI: Persons making taxable supplies but failed to get registration with tax department then such persons are liable to three years imprisonment, which may be extendable. According to updated Sales Tax Act, 1990 issued by Federal Board of Revenue (FBR), the fines and penalties had been prescribed for persons deliberately violated the laws. According to […]
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KARACHI: State Bank of Pakistan (SBP) will expedite issuance of payment licenses to FinTech companies in order to accelerate financial inclusion program. A report on “Roadmap for Stability and Growth” issued by Finance Ministry, regarding financial inclusion program, stated that SBP to expedite issuance of Payment licenses to Fintech companies with established customer base; development […]
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KARACHI: Federal Board of Revenue (FBR) has identified that large number of retailers are suppressing electricity consumption to avoid mandatory registration. A tax unit in Karachi in its budget proposals for fiscal year 2019/2020, asked the FBR Headquarters to review the present regime of sales tax registration for retailers as they were taking undue advantage. […]
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ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs on Sunday reviewed the proposed tax amnesty scheme with officials of Federal Board of Revenue (FBR). A statement said that the adviser to PM on Finance, Revenue and Economic Affairs reviewed the proposed Assets Declaration Scheme – 2019 in detail […]
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KARACHI: The import of completely built unit (CBU) cars has sharply declined by 80 percent in March 2019 owing to mandatory requirement of paying duty and taxes through foreign exchange. According to Pakistan Bureau of Statistics (PBS) the import of motor cars fell 80 percent to $6.14 million in March 2019 when compared with $30.5 […]
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The prices of essential commodities have risen for the third consecutive week this month, signaling high headline inflation for April 2019. According to data released by the Pakistan Bureau of Statistics (PBS), the Sensitive Price Indicator (SPI) has consistently increased in the weeks ending April 4, 11, and 18, reflecting a challenging trend for consumers.
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KARACHI: Federal Board of Revenue (FBR) has been empowered under sales tax law to appoint special audit panels for conducting audit of any registered person. The updated Sales Tax Act, 1990 issued by the FBR, the Section 32A explains the powers of the revenue body for appointment of special audit panels. Section 32A: Audit by […]
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ISLAMABAD: Federal Tax Ombudsman (FTO) has taken suo moto notice and initiated investigation in open sale of Iranian oil in Balochistan and tax evasion in the garb of agriculture tax. The annual report 2018 issued by the office of FTO, stated that during the year the FTO proactively invoked powers to take action on own […]
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The official website of Pakistan’s Ministry of Finance continues to show Asad Umar as the Finance Minister, despite Dr. Abdul Hafeez Shaikh assuming the role of Adviser to the Prime Minister on Finance and Revenue.
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