Pakistan Revenue
KARACHI: Importers, exporters and other stakeholders related to international trade are required to maintain transactions record for at least past five years. According to Customs Act, 1969 the stakeholders of international trade are required to maintain record under the following section: Section 211: Maintenance of record Sub-Section (1): All importers, exporters and claimants of duty […]
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KARACHI: Pakistan Tax Bar Association (PTBA) on Thursday demanded the government of recruiting accountant members of tribunals of Customs and Inland Revenue should be through Federal Public Service Commission (FPSC) and approved by Supreme Court / High Court. The PTBA has sent communication to Dr. Farough Naseem, Federal Minister of Law & Justice, Asad Umar, […]
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KARACHI: Sindh Revenue Board (SRB) has suspended the sales tax registration of M/s. Z.Y. & Co. Bulk Terminals (Private) Limited for defaulting payment and e-filing of monthly sales tax returns. The SRB said that the scrutiny of tax profile revealed that the company failed: — To make payment of Sindh sales tax on services pertaining […]
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KARACHI: Pakistan’s foreign exchange reserves have increased by $743 million to $15.709 billion with inflows of $1 billion from UAE. The total reserves of the country increased to $15.709 billion by week ended March 15, 2019 as against $14.966 billion a week ago, according to data of State Bank of Pakistan (SBP) issued on Thursday. […]
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ISLAMABAD: Federal Board of Revenue (FBR) has asked sales tax refund claimants to avail option of bonds by March 25, 2019. “Those who wish to be included in the first phase of bond issuance may furnish their options by March 25, 2019,” the FBR said in a notice on Thursday. The FBR said that in […]
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KARACHI: The equity market ended with decline of 163 points on Thursday in its ongoing loss making trail. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,385 points as against 38,548 points showing a decline of 163 points. Analysts at Arif Habib Limited said that KSE-100 index continued the loss making trail […]
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KARACHI: The Pak Rupee depreciated by five paisas against the US dollar on Thursday due to import and corporate payments. The rupee ended Rs139.49 to the dollar from previous day’s closing of Rs139.44 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs139.48 and Rs139.50. The market recorded […]
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ISLAMABAD: Federal Board of Revenue (FBR) on Thursday notified promotions of steno-typists and supervisors/head clerks of Inland Revenue Department to BS-16 with immediate effect.
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ISLAMABAD: The investment into premium prize bonds of Rs40,000 has registered significant increase of 30 percent owing to attractive avenue for persons having legitimate money. The investment into the premium prize bonds increased to Rs5.86 billion by January 2019 as compared with Rs4.52 billion in the same period of the last year. In order to […]
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KARACHI: Income tax return filers can claim adjustment of advance tax paid on educational fee. According to updated Income Tax Ordinance, 2001 issued by Federal Board of Revenue (FBR) the advance tax collected on education fee under Section 236I is adjustable against total income tax liability of a taxpayer. Section 236I: Collection of advance tax […]
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