Jun 25

SBP seeks Supreme Court guidance on Riba case judgement

KARACHI: The State Bank of Pakistan (SBP) on Saturday said it had approached Shariat Appelate Bench of the Supreme Court for guidance on decision of Federal Shariat Court in Riba case. In a statement the central bank said the SBP welcomes the Federal Shariat Court’s Judgement of April 28, 2022 on Riba case, as has […]

by Hamza Shah

Pakistan’s salaried class unhappy over new tax changes

Jun 25

Budget 2022-2023, National, Taxation, Top stories

Pakistan’s salaried class unhappy over new tax changes

ISLAMABAD: The salaried class in Pakistan is in shock over the recent changes announced by the government and revert its decision to exempt income of salaried persons up to Rs1.2 million. The government on June 10, 2022 presented the federal budget 2022/2023 announced major tax relief for salaried class by enhancing threshold from Rs600,000 to […]

by Anjum Shah

Pakistan imposes fixed tax on gold shops

Jun 25

Budget 2022-2023, Taxation, Top stories

Pakistan imposes fixed tax on gold shops

ISLAMABAD: Pakistan on Friday introduced a fixed tax regime for jewelers and decided to impose the fixed tax on gold shops measures a certain area. Finance Minister Miftah Ismail while addressing on the floor of the house, stated that only twenty two gold shops out of thirty thousand are registered. “A fixed tax will be […]

by Anjum Shah

Pakistan slaps super tax on industries, individuals

Jun 24

Taxation, Top stories

Pakistan slaps super tax on industries, individuals

ISLAMABAD: Pakistan on Friday imposed a 10 per cent super tax on earnings of certain industrial sectors and on income of high net worth individuals. Prime Minister Shehbaz Sharif announced to impose the 10 percent super tax on over 12 large industries and also on affluent persons with more than Rs 150 million annual income […]

by Anjum Shah

State Bank’s reserves dip to 32-month low at $8.238 billion

Jun 23

Finance, Top stories

State Bank’s reserves dip to 32-month low at $8.238 billion

KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low at $8.238 billion by week ended June 17, 2022, official data revealed on Thursday. The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 […]

by Hamza Shah

Dollar retreats to Rs207.23 at interbank closing

Jun 23

Money & Banking, Top stories

Dollar retreats to Rs207.23 at interbank closing

KARACHI: The US dollar retreated against the Pakistan Rupee (PKR) on Thursday after the country entered in a deal of $2.3 billion, which is likely to be transferred in a day. The rupee gained Rs4.70 to end at Rs207.23 to the dollar from previous day’s closing at Rs211.93 in interbank foreign exchange market. The rupee […]

by Faisal Shah

HBL ordered to compensate bank fraud victim

Jun 22

Money & Banking, National, Top stories

HBL ordered to compensate bank fraud victim

ISLAMABAD: President of Pakistan, Dr. Arif Ali Alvi, on Wednesday ordered Habib Bank Limited (HBL) to immediate compensate a victim of bank fraud. President Dr Arif Alvi reprimanded HBL for unnecessarily dragging the matter of reimbursement of a trivial amount of Rs. 39,000 to the victim of bank fraud. READ MORE: SBP takes measures for […]

by Anjum Shah

OGDCL discovers oil, gas reserves in Sindh

Jun 22

Energy, Top stories

OGDCL discovers oil, gas reserves in Sindh

KARACHI: Oil and Gas Development Company Limited (OGDCL), a public limited company of Pakistan with 75 percent share of the government, on Wednesday announced a discovery of oil and gas reserves in Tando Allha Yar, Sindh Province. The Joint Venture of Nim Block Comprising OGDCL as Operator (95 per cent) and Government Holdings (Private) Limited […]

by Faisal Shah

Rupee slips to new low at Rs211.93 against dollar

Jun 22

Money & Banking, Top stories

Rupee slips to new low at Rs211.93 against dollar

KARACHI: The Pakistan Rupee (PKR) slipped to new historic low at Rs211.93 against dollar on Wednesday in interbank foreign exchange market. The rupee fell by 45 paisas to end at Rs211.93 to the dollar from previous day’s closing of Rs211.48 in the interbank foreign exchange market. READ MORE: Free-fall in rupee continues; dollar peaks at […]

by Faisal Shah

Procedure notified for TAD under Afghan transit trade

Jun 22

Pakistan Customs, Top stories

Procedure notified for TAD under Afghan transit trade

ISLAMABAD: The Federal Board of Revenue (FBR) has notified procedure for issuance of temporary admission document (TAD) under Afghan Transit Trade. The FBR issued SRO 802(I)/2022 to amend Customs Rules, 2001 by inserting new rule 482A. In March 2022, Pakistan and Afghanistan implemented movement of transit and bilateral trade through TAD for commercial vehicles. Under […]

by Anjum Shah