Transit Trade open at Gwadar Port
Gwadar Port has been opened for transit trade and the first ship in this regard is set to arrive next week, a sub-committee of the Senate Standing Committee on Maritime Affairs was informed on Tuesday. Officials of the Ministry of Maritime Affairs briefed the sub-committee regarding transit trade and transshipment. The body was informed that the Afghan Trade Transit (ATT) Module required some changes that … Continue reading Transit Trade open at Gwadar Port
Forex Movement to regulate Money Laundry- NA passes Bill
National Assembly passes bill to amend Foreign Exchange Regulation Act 1947. The bill was moved by Minister of State for Parliamentary Affairs Ali Muhammad Khan. National Assembly Monday passed a bill to amend Foreign Exchange Regulation Act 1947 to further regulate foreign exchange movement besides approving another bill to enhance punishment for money laundering. Minister of State for Parliamentary Affairs Ali Muhammad Khan moved the … Continue reading Forex Movement to regulate Money Laundry- NA passes Bill
Monthly Statements mandatory for Brokers
Securities and Exchange Commission of Pakistan (SECP) will make it mandatory for securities brokers to file monthly statements of net capital balance and liquid capital with the securities exchange and clearing house. According to the SRO 1162 (I)/2019 issued here on Monday, the FBR has issued draft amendments to the Securities Brokers (Licensing and Operations) Regulations, 2016. Under the new regulations, a securities broker shall … Continue reading Monthly Statements mandatory for Brokers
Citizen Portal App add FBR as separate category.
Upon the directives of the Prime Minister of Pakistan, Imran Khan a separate category added to ‘citizen’s portal’ application. Federal Board of Revenue (FBR) had made a formal request for their category to appear in the mobile and computer application. With the new feature, people will be able to register their complaints directly to the concerned authorities, easily and more conveniently. Chairman FBR had given … Continue reading Citizen Portal App add FBR as separate category.
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Forever 21 files for bankruptcy and will close up to 350 stores
Forever 21, the teenage clothing emporium that rode America’s mall boom and bust, has filed for bankruptcy. The chain said it is planning to overhaul its global business, closing between 300 and 350 stores, including as many as 178 in the United States. It also plans to exit “most of its international locations in Asia and Europe.” The company, which currently has 549 US stores … Continue reading Forever 21 files for bankruptcy and will close up to 350 stores
FBR extends deadline for 2019 TAX RETURNS
The Federal Board of Revenue (FBR) extended the deadline to file income tax returns and statements for the tax year 2019, according to a circular released Monday, revising it from September 30 to October 31 instead. In its statement, the FBR said the people who, as of September 30, “failed to file their income tax returns/statements are hereby allowed to file their returns/statements by 31st … Continue reading FBR extends deadline for 2019 TAX RETURNS
SECP receives recommendation from Capital Markets Committee
 A committee, formed to find ways to break the capital market bottlenecks, has submitted its recommendations with Securities and Exchange Commission of Pakistan (SECP), which will assess them for further action, a statement said on Thursday. Capital Markets Committee was constituted earlier this month by the SECP. It comprised representatives of the stockbrokers, mutual fund association, professionals with banking experience and CEOs of Pakistan Stock … Continue reading SECP receives recommendation from Capital Markets Committee
Special audits to maximise Tax
In order to maximise tax collection, the FBR has started scrutiny of special audits of giant sectors including sugar, cement, oil refineries, beverages and others to identify loopholes and gaps for the purpose of effective enforcement. Official sources in the FBR disclosed that the domestic GST so far showed impressive growth in the range of 50 percent in first two months and now the FBR … Continue reading Special audits to maximise Tax
Supreme Court directs FBR in Tax Fraud
The Supreme Court on Thursday directed the Federal Board of Revenue (FBR) to submit a report within two weeks on measures taken to recover money from individuals receiving undue tax refunds through fraud. FBR Chairman Shabbar Zaidi told the court that the body had sent a summary to the Prime Minister’s Office for approval in order to initiate an inquiry against three people who are … Continue reading Supreme Court directs FBR in Tax Fraud
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