Sep 27

PTBA identifies ambiguity in property value declaration

Pakistan Tax Bar Association (PTBA) on Tuesday identified ambiguity in declaring of immovable property in income tax return filing. PTBA President Rana Munir Hussain in a letter to the chairman of Federal Board of Revenue (FBR) stated that the apex tax bar had received several representations from the members of different affiliated tax bars across […]

by Anjum Shah

PKR strengthens sharply to dollar during last three sessions

Sep 27

PKR strengthens sharply to dollar during last three sessions

KARACHI: Pakistani Rupee (PKR) gained sharply against the US dollar during last three sessions on Tuesday on lower international oil prices and nomination of Ishaq Dar as finance minister. The local unit strengthened by PKR 5.80 against the dollar during the last three sessions. The exchange rate reached near to record low of PKR 239.71 […]

by Faisal Shah

Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates

Sep 27

Energy, National, Top stories

Pakistan reviews petroleum prices on Sept 30, 2022 amid crash in global rates

Pakistan is set to review petroleum prices on September 30, 2022 for the next fortnight starting from October 01, 2022. The government will review the prices when the prices in international markets have been crashed to multi months low. According to Reuters news agency oil prices fell $2 a barrel a day earlier, settling at […]

by Hamza Shah

Dollar plunges to PKR 233.50 in early interbank trading on September 27, 2022

Sep 27

Money & Banking, Top stories

Dollar plunges to PKR 233.50 in early interbank trading on September 27, 2022

KARACHI: US dollar plunged to Pakistan Rupee (PKR) 233.50 in early day trading on Tuesday September 27, 2022 owing to change of finance minister and falling international oil prices. The foreign currency lost PKR 3.52 and was being traded at PKR 233.50 by 10:00 AM (Pakistan Standard Time) as compared with last day closing of […]

by Faisal Shah

Dollar tumbles to PKR as market welcomes Dar nomination

Sep 26

Money & Banking, Top stories

Dollar tumbles to PKR as market welcomes Dar nomination

KARACHI: The US dollar tumbled against the Pakistani Rupee (PKR) by Rs2.63 on Monday on the nomination of Ishaq Dar as finance minister of the country. The exchange rate recorded a gain of Rs2.63 in rupee value to end at Rs237.02 to the dollar from last Friday’s closing of Rs239.65 in the interbank foreign exchange […]

by Faisal Shah

Miftah resigns as finance minister after taking tough decisions

Sep 25

Finance, Top stories

Miftah resigns as finance minister after taking tough decisions

Dr. Miftah Ismail has resigned the post of the finance minister on Sunday. Ismail has taken many tough decisions for the country’s economy during his stay since April 2022. “In a meeting with Mian Nawaz Sharif and Prime Minister Shehbaz Sharif today [Sunday September 25, 2022], I have verbally resigned as Finance Minister. I will […]

by Anjum Shah

PTBA suggests measures to resolve refund adjustment ahead return filing deadline

Sep 25

Taxation, Top stories

PTBA suggests measures to resolve refund adjustment ahead return filing deadline

Pakistan Tax Bar Association (PTBA) has suggested measures to tax authorities to resolve the issue of refund adjustment just ahead of the deadline to file income tax return tax year 2022. It is important to note that the last date for filing income tax return is September 30, 2022. READ MORE: Penalties for failure to […]

by Hamza Shah

Penalties for failure to file return tax year 2022 within due date

Sep 24

National, Taxation, Top stories

Penalties for failure to file return tax year 2022 within due date

Tax laws have prescribed penalties for failure to file return for tax year 2022 within due date. The last date for filing income tax return for tax year 2022 is September 30, 2022. The Federal Board of Revenue (FBR) recently announced it would not extend the last date beyond September 30, 2022. Sources in the […]

by Faisal Shah

SBP documents foreign currency transactions above $2,000

Sep 23

Money & Banking, Top stories

SBP documents foreign currency transactions above $2,000

KARACHI: State Bank of Pakistan (SBP) on Friday made it mandatory the transactions of foreign currency above $2,000 through banking channels in order to document sales and purchases of the foreign currency. In this regard, the central bank amended Exchange Companies Manual to ensure documentation of buying and selling of the foreign currency. READ MORE: […]

by Faisal Shah

FBR fails to remove return filing glitches; KTBA seeks legal time

Sep 23

National, Taxation, Top stories

FBR fails to remove return filing glitches; KTBA seeks legal time

A leading tax bar on Friday pointed out failure of the Federal Board of Revenue (FBR) in removing errors/glitches in the return filing as only a week left for the last date. Karachi Tax Bar Association (KTBA) in its letter to FBR chairman and other higher authorities to resolve issues in online return filing for […]

by Faisal Shah