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
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
At least six oil refineries are at different stages of completion to ramp up crude oil refining capacity in Pakistan by around five percent with the government offering ‘unprecedented’ incentives to downstream sector to meet growing energy demand, officials said on Tuesday. A senior official said currently as many as six projects, investment initiatives and proposals in oil refining sector are in pipeline and at … Continue reading Oil Production Boost by 1.1m barrels per day
The Securities and Exchange Commission of Pakistan (SECP) on Monday announced that it has approved a revision in tariff structures of the National Clearing Company of Pakistan Limited (NCCPL) and the Central Depository Company of Pakistan Limited (CDC). According to a press release issued by the commission, the decision was taken to foster capital market development and broaden the investor base. “The SECP had advised … Continue reading SECP reduces and waives off some Tariffs
Notices were sent to the jewelers on Thursday. FBR says an inquiry will be initiated and fine imposed if it doesn’t receive replies within seven days. Unregistered jewelers have been directed by the FBR to get their sales tax registration done. The notices have been sent by the Islamabad regional tax office. The jewelers have been asked to submit complete details of their business, including … Continue reading FBR drive against Jewelers in Islamabad
The government has completely pulled out restriction on brokers to sell their stake in the Pakistan Stock Exchange (PSX), a move that is likely to give a shot in their arm with liquidity and diversify shareholders. The Securities and Commission of Pakistan (SECP) withdrew ban on sale of 15 percent PSX shares held by brokers following completion of one year of the stock market’s public … Continue reading Brokers can now Sell Shares – PSX
The Auditor General of Pakistan (AGP) has discovered variations of Rs201.39 billion in the figures of tax receipts, and referred to these as ‘evasion’ in the audit report on the accounts of the Federal Board of Revenue (FBR) for 2017-18. The AGP has recommended various measures for the recovery of evaded taxes from the FBR along with fixing of responsibility. Those found responsible be proceeded … Continue reading PKR 201 Billion refered as Tax Evasion
Tax Asaan is a mobile application with selected functionality of Iris web application. This mobile application provides the taxpayers a quick and on-the-go access of basic verification features like Active Taxpayers List (ATL), Online NTN/STRN Inquiry, Exemption Certificate and CPR Utilization Status etc. A new and simplified functionality is provided under Tax Asaan mobile application for the users to get register for Sales Tax. Now … Continue reading Tax Asaan- FBR APP Initiative for Sales Tax
The overall storage capacity of Motor Spirit (MS) and High Speed Diesel (HSD) oil witnessed around 13.07 percent increase during the fiscal year 2018-19 as compared to the corresponding year. According to official data – the storage capacity for both the MS and HSD oil has been increased from 1,712,691 MT to 1,936,550 MT during the period under review. The MS oil storage capacity was … Continue reading Motor Spirit and High Speed Diesel Oil- capacity increased
Around Rs177 billion has been documented since the termination of Rs40,000 denomination bearer prize bonds, announced by the fiscally strapped government in June as part of its ongoing clampdown on the rampant black economic activities. According to official statistics made available to The News on Friday, the total investment in bearer prize bonds of Rs40,000 denomination fell to Rs81.38 billion by July-end 2019 as compared … Continue reading Termination of PKR 40,000 bonds leads to PKR 177.4Billion documentaries
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