Pakistan Revenue
This tag provides stories related to insurance. Pakistan Revenue is committed to provide updates on article related to insurance. Insurance has significance in Pakistan economy.
KARACHI: The provincial tax authorities have been urged to exclude insurance from taxable services in order to provide incentives to insurance industry. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2020/2021 submitted to Sindh Revenue Board (SRB), said that each year, the life/health insurance companies have been approaching the SRB […]
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ISLAMABAD: Securities and Exchange Companies of Pakistan (SECP) on Wednesday directed insurance companies to allow one month free coverage to motor insurance policy holders. The regulator in a press release said that in light of the outbreak of COVID-19 (Coronavirus) it has been advised non-life insurance companies to grant one month free of cost extension […]
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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended license renewal date for insurance brokers in the wake of coronavirus outbreak. The SECP issued Circular No. 12 on Monday to extend the date for license renewal for insurance business. The SECP said that considering the gravity of the pandemic coronavirus (COVID-19) on public health […]
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ISLAMABAD: Securities and Exchange Commission (SECP) has directed life insurers to provide details of their Family Takaful operations. The SECP issued Circular No. 15 dated November 18, 2019 and amended rules for financial reporting of family window Takaful operations by life insurers. The regulator amended the rules and directed to insurance companies having window Takaful […]
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KARACHI: Federal Board of Revenue (FBR) has issued updated rules for the computation of profits and gains of the insurance business under Income Tax Ordinance, 2001.
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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 […]
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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 […]
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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, […]
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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 […]
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KARACHI: The tax authorities have allowed tax credit for an individual against investment made in shares and insurance.
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