Oct 7

PSX suspends trading of two insurance companies

KARACHI: Pakistan Stock Exchange (PSX) has suspended trading of two insurance companies for violating regulations and stopping commercial activities. In a notice issued on Monday, the stock exchange said pursuant to the directive received from Securities and Exchange Commission of Pakistan (SECP) through on October 04, 2019, following companies in the public interest, shall remain […]

by Mrs. Anjum Shahnawaz

Insurance sector growth continues; assets increase to Rs1,207 billion

Sep 8

Money & Banking

Insurance sector growth continues; assets increase to Rs1,207 billion

KARACHI: The assets for the Life Insurance sector grew by 11.92 percent to Rs1,207 billion for CY18 as life insurers increased their Total Investments by 13.52 percent to Rs997 billion; investments now constitute 82.63 percent of total assets, State Bank of Pakistan (SBP) said in a report. Low insurance penetration (0.83 percent of GDP) indicates […]

by Mrs. Anjum Shahnawaz

2019/2020: Withholding tax rates on insurance premium

Aug 8

Taxation

2019/2020: Withholding tax rates on insurance premium

ISLAMABAD: The insurance companies are required to deduct/collect withholding tax only from persons not appearing on the Active Taxpayers List (ATL) at the time of collection of insurance premium. Federal Board of Revenue (FBR) issued withholding tax card for tax year 2019/2020 and updated tax on insurance premium under Section 236U of Income Tax Ordinance, […]

by Mrs. Anjum Shahnawaz

Sindh exempts sales tax on insurance services

May 9

Exclusive, Taxation

Sindh exempts sales tax on insurance services

KARACHI: The Sindh government has exempted the insurance services from payment of sales tax up to June 30, 2019. Sindh Revenue Board (SRB) on Wednesday issued a notification stating that with the approval of the provincial government it had exempted the insurance services (other than its related re-insurance services) from the whole of the sales […]

by Faisal Shahnawaz