Investment into premium prize bonds post 46pc growth

Aug 13

Exclusive, Finance

Investment into premium prize bonds post 46pc growth

KARACHI: The investment in premium prize bonds of Rs40,000 denomination has increased by over 46 percent as the government stopped the circulation of bearer bonds of same denomination and launched campaign to document the economy. According to statistics released by State Bank of Pakistan (SBP) the total investment into premium prize bonds of Rs40,000 denomination […]

by Mrs. Anjum Shahnawaz

FBR notifies last date of payment, sales tax return filing by electricity, gas companies

Aug 11

Exclusive, Taxation

FBR notifies last date of payment, sales tax return filing by electricity, gas companies

ISLAMABAD: Federal Board of Revenue (FBR) has notified date for payment and filing monthly sales tax returns by electricity and gas distribution companies. The FBR amended Rule 18 of Sales Tax Rules, 2006 through SRO 918(I)/2019 dated August 07, 2019, under which registered persons are required to file monthly sales tax electronic returns. According to […]

by Mrs. Anjum Shahnawaz

Investment in saving certificates rises by 19 percent to Rs2,217 billion

Aug 11

Exclusive, Finance

Investment in saving certificates rises by 19 percent to Rs2,217 billion

KARACHI: The investment in saving certificates has registered 19 percent growth to increase Rs2,217 billion in the last fiscal year owing to better rate of interest and safe investment avenue. The data released by State Bank of Pakistan (SBP) revealed that the investment increased to Rs2,217 billion by June 2019 as compared with Rs1,865 billion […]

by Mrs. Anjum Shahnawaz

Pakistan cuts trade ties with India; notifications issued

Aug 9

Exclusive, Finance, National

Pakistan cuts trade ties with India; notifications issued

ISLAMABAD: Pakistan has completely cut trade ties with India as the ministry of commerce issued notification for banning import and exports with the neighboring country. The ministry of commerce on Friday issued SRO 927(I)/2019 and SRO 928(I)/2019 to impose ban on trade with India. Through SRO 927 (I)/2019, the ministry of commerce amended Import Policy […]

by Mrs. Anjum Shahnawaz

SBP imposes penalty on four banks for violating AML/KYC

Aug 8

Exclusive, Money & Banking

SBP imposes penalty on four banks for violating AML/KYC

KARACHI: The State Bank of Pakistan (SBP) has imposed penalty of Rs184.64 million upon four commercial banks for violating laws related to Anti-Money Laundering (AML)/Know Your Customer (KYC). The central bank on Thursday said that these penalty amount was imposed during the month of July 2019 against banks included: The Bank of Punjab; JS Bank […]

by Mrs. Anjum Shahnawaz

FBR streamlines anti-benami regime to stop white collar crimes

Jul 31

Exclusive, Taxation

FBR streamlines anti-benami regime to stop white collar crimes

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday issued official note to streamline Anti-Benami Regime to stop white collar crimes. The FBR said that Benami Transactions, entailing the phenomenon of Benami moveable and immoveable properties, Bank A/Cs, Luxury Vehicles, off shore investments and stocks & shares is one of the biggest economic and financial threats, […]

by Mrs. Anjum Shahnawaz

FBR promotes 30 appraising officers of customs department

Jul 31

Exclusive, Pakistan Customs, Taxation

FBR promotes 30 appraising officers of customs department

ISLAMABAD: Federal Board of Revenue (FBR) has promoted 30 appraising officers to the post of principal appraisers (BS-16) with immediate effect and until further orders, a notification said on Wednesday. According to notification made available to PkRevenue.com, the following Appraising Officer of Pakistan Customs Department are promoted to the post of Principal Appraiser (BS-16)with immediate […]

by Mrs. Anjum Shahnawaz

SRB suspends sales tax registration of stock broker firm

Jul 23

Exclusive, Taxation

SRB suspends sales tax registration of stock broker firm

The Sindh Revenue Board (SRB) has taken stringent action against a stock broker firm M/s. Reliance Securities Limited, suspending its sales tax registration due to a failure to fulfill tax payment obligations and non-compliance with filing monthly returns.

by Mrs. Anjum Shahnawaz

FBR issues withholding tax rates for sale, purchase of immovable properties

Jul 21

Exclusive, Taxation

FBR issues withholding tax rates for sale, purchase of immovable properties

KARACHI: Federal Board of Revenue (FBR) has notified withholding tax rate for active and non-active taxpayers at the time of sale and purchase of immovable properties as amended through Finance Act, 2019 and applicable from July 01, 2019. The FBR said that every person registering, recording or attesting or transfer including local authorities, housing authorities, […]

by Mrs. Anjum Shahnawaz

Withholding Tax Card: Non-ATL to pay up to 30pc tax on profit from bank deposits, saving schemes

Jul 19

Exclusive, Taxation

Withholding Tax Card: Non-ATL to pay up to 30pc tax on profit from bank deposits, saving schemes

ISLAMABAD: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 effective from July 01, 2019 under which persons receiving profit from bank deposits or investment in national saving schemes shall pay up to 30 percent, if not on the Active Taxpayers List (ATL).

by Mrs. Anjum Shahnawaz