ISLAMABAD: Federal Board of Revenue (FBR) has assigned first posting to 40 probationary officers of Inland Revenue Service (IRS) BS-17 on completion of training from Directorate General of Training and Research (IR), Lahore with immediate effect.
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PTCL converting exposures in local currency after Rs323 million exchange loss
KARACHI — Pakistan Telecommunication Company Limited (PTCL) has announced a strategic shift in its approach towards currency exposure, opting to convert its exposures into Pak Rupee instead of the US dollar.
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SRB suspends sales tax registration of logistic company
KARACHI: Sindh Revenue Board (SRB) on Thursday suspended sales tax registration of a logistic company for depositing short payment.
According to a notice the SRB suspended the sales tax registration of M/s. AY Logistics for depositing short paid amount of Rs1,074,212 pertaining to tax periods September 2017 to July 2018.
The SRB said that non-payment of sales tax on services and null filing of returns even if one is providing taxable services is contravention of Sindh Sales Tax Act, 2011 and the rules made thereunder.
Record available shows that M/s. Opneport Pakistan (Pvt) Limited and M/s. Agility Logistic (Pvt) Limited have declared purchases of Rs12,874,183 from M/s. AY Logistics during September 2017 to July 2018, however, M/s. AY Logistics have declared sales of Rs1,105,000 during November 2018 with SRB leading to sales suppression of Rs11,769,183 and short payment of sales tax on services of Rs1,074,212.
This is serious violation of provincial sales tax laws, the SRB added.
The SRB directed the taxpayer to comply the notice by February 22, 2019 and take action, included:
To declare all sales and discharge all Sindh sales tax dues along with default surcharge
To e-file the true and correct monthly sales tax returns for the tax periods.
Submit details of all sales and purchases record for the tax periods with copies of income tax returns of 2016/2017 and 2017/2018 and copies of sales tax returns file with other provincial sales tax authorities.
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KSE-100 index ends down on profit taking
KARACHI — The Pakistan Stock Exchange (PSX) experienced a decline on Thursday as profit-taking in various stocks influenced the benchmark KSE-100 index.
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Rupee ends flat on lackluster dollar demand
The Pakistani Rupee held steady against the US dollar on Thursday, closing at Rs138.93 in the interbank foreign exchange market.
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Return filers entitled to many reductions, rebate and credits
The Federal Board of Revenue (FBR) has released a comprehensive facilitation guide outlining the various tax reductions, rebates, and credits available to income tax return filers.
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SBP directs banks to display contact details to facilitate customers
The State Bank of Pakistan (SBP) has issued directives to all banks, urging them to prominently display contact details to facilitate customers in addressing complaints and resolving issues effectively.
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Requirement of wealth statement
The Federal Board of Revenue (FBR) has recently introduced amendments to the Income Tax Ordinance, 2001, shedding light on the requirement for taxpayers to submit a wealth statement alongside their annual income return.
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Rupee gains in early trading on investment announcement
KARACHI – In early day trading on Thursday, the Pakistani Rupee demonstrated resilience, gaining two paisas against the US dollar, trading at Rs138.92 in the interbank foreign exchange market.
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Investment in unregistered prize bonds increases to Rs922.78 bn
KARACHI – According to the latest debt statistics issued by the State Bank of Pakistan (SBP), the investment in unregistered prize bonds has witnessed a significant surge, recording an increase of 17 percent to reach Rs922.78 billion by the end of December 2018.
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