Jan 27

Rules amended on remittances on behalf of Hajj, Umrah organizers

KARACHI: The State Bank of Pakistan (SBP) on Thursday amended instructions in Foreign Exchange Manual regarding remittances on behalf of Hajj group and Umrah organizers. The central bank invited attention of banks and exchange companies to Para 45A and 45B, Chapter 17 (Travel) of Foreign Exchange Manual in terms of which banks and exchange companies […]

by Hamza Shah

Services tax on forex companies under provincial ambit

Jan 27

Taxation, Top stories

Services tax on forex companies under provincial ambit

ISLAMABAD: The Federal Board of Revenue (FBR) has said that the tax collection provided by foreign exchange companies on services is under the jurisdiction of provinces. “Services provided by foreign exchange dealers in provinces are not chargeable to Federal Excise under Federal Excise Act, 2005,” the FBR said in a clarification issued on a news […]

by Anjum Shah

FBR issues updated rates of duty, taxes on mobile phones

Jan 26

IT & Telecom, Taxation, Top stories

FBR issues updated rates of duty, taxes on mobile phones

ISLAMABAD: The Federal Board of Revenue (FBR) has issued the updated applicable rates of duty and taxes for clearance of mobile phones. The FBR said that following rate of duty and taxes for the clearance of mobile phones shall be applicable during (2021-2022) (with passport applied within 60 days of arrival in Pakistan): READ MORE: […]

by Anjum Shah

FBR eyes Rs6 trillion collection in current fiscal year

Jan 26

Taxation, Top stories

FBR eyes Rs6 trillion collection in current fiscal year

ISLAMABAD: Dr. Ashfaq Ahmed, Chairman, Federal Board of Revenue (FBR) on Wednesday hoped that the revenue collection for the current fiscal year will increase to Rs6 trillion – surpassing the target of Rs5.83 trillion. “Our revenue target is Rs 5.830 trillion which is expected to increase till Rs6 trillion by June 2022. We have collected […]

by Anjum Shah

Rupee sinks for third straight day against dollar

Jan 26

Money & Banking, Top stories

Rupee sinks for third straight day against dollar

KARACHI: The Pak Rupee (PKR) fell against the dollar for the third straight day on Wednesday. The rupee recorded decline of 26 paisas against the dollar to end at Rs176.98 to the dollar from previous day’s closing of Rs176.72 in the interbank foreign exchange market. The local unit cumulatively declined by 74 paisas during past […]

by Faisal Shah

DG Customs Valuation powers strengthened

Jan 26

Pakistan Customs, Taxation, Top stories

DG Customs Valuation powers strengthened

ISLAMABAD: The powers of Director General Customs Valuation have been strengthened through amendments made through Finance (Supplementary) Act, 2022. The powers of Customs Collector to determine customs valuation have been withdrawn through Finance (Supplementary) Act, 2022. Sources in Federal Board of Revenue (FBR) on Tuesday said that through the Finance (Supplementary) Act, 2022 amendment had […]

by Anjum Shah

Customers get Rs709 million in complaints against banks

Jan 25

Money & Banking, National, Top stories

Customers get Rs709 million in complaints against banks

Banking customers have been provided relief of an amount of Rs709 million in complaints lodged against banks, according to a statement issued on Tuesday. The Banking Mohtasib Pakistan (BMP) has provided relief amounting to Rs 709 million to the banking customers by disposing of 32,592 complaints during the year, 2021 out of 37,364 complaints which […]

by Faisal Shah

Mini-budget likely to push up inflation: SBP

Jan 24

Finance, Money & Banking, Top stories

Mini-budget likely to push up inflation: SBP

KARACHI: The State Bank of Pakistan (SBP) on Monday said that inflation likely to increase due to cost-push pressure from removal of exemptions in the mini-budget and rise in energy tariff. “Together with low base effects, one-off cost-push pressures from energy tariff increases and the removal of tax exemptions in the Finance (Supplementary) Act are […]

by Faisal Shah

Tax imposed to protect domestic entertainment industry

Jan 24

Taxation, Top stories

Tax imposed to protect domestic entertainment industry

ISLAMABAD: The Federal Board of Revenue (FBR) said that tax has been imposed on foreign produced dramas and advertisements in order to protect domestic media industry. The FBR in Circular No. 12 of 2022 issued to explain Finance (Supplementary) Act, 2022, said that in order to encourage domestic media industry, advance tax on foreign produced […]

by Anjum Shah

Pakistan’s current account deficit balloons to $9.1 bn

Jan 22

Finance, Top stories

Pakistan’s current account deficit balloons to $9.1 bn

KARACHI: Pakistan’s current account deficit ballooned to $9.1 billion during first half (July – December) 2021/2022 as compared with a surplus of $1.25 billion in the corresponding half of the last fiscal year, State Bank of Pakistan (SBP) said on Saturday. READ MORE: Pakistan’s CAD balloons to $7.1 billion in five months The significant current […]

by Anjum Shah