The Federal Board of Revenue (FBR) has allowed 100 per cent input tax adjustments of sales tax to eight sectors. A sales tax notification, SRO1190 of 2019, issued on Thursday, said the restriction of 90pc of output tax would not apply to persons registered in electrical energy sector, oil marketing companies and petroleum refineries and fertiliser manufacturers. The restrictions will also not apply to persons … Continue reading Input tax adjustments Allowed
The first quarter is over; and back of the envelope calculations depict the government is likely to meet all the quantitative targets of the IMF for quarter end. There are six quantitative performance criteria- and five are likely to be met (read:”IMF targets- all but primary deficit in place”). The basic calculations assert that primary deficit is likely to be met despite over around Rs114 … Continue reading No need of any mini budget or to increase the GST from 17 to 18 % – FBR
The Federal Board of Revenue (FBR) has asked the city’s big retailers to furnish documents of proof related to imported goods on sale at their stores after ongoing anti-smuggling surveys, sources said on Thursday. The Federal Board of Revenue (FBR) has asked the city’s big retailers to furnish documents of proof related to imported goods on sale at their stores after ongoing anti-smuggling surveys, sources … Continue reading 45 big retailers asked to submit import papers by FBR
Cement industry posted a marginal growth of around three percent year-on-year in sales and exports to 11.133 million tons during the first quarter of the current fiscal year of 2019/20, industry data showed on Wednesday. An industry’s official termed the subdued growth to double-digit decline in uptake from cement factories in southern region. Cement dispatches stood at 10.855 million tons in the corresponding quarter a … Continue reading Exports increase 12.5%
The Financial Action Task Force (FATF) under its 27 action plan has asked Pakistan to regulate non-profit organisations, trusts and other activities undertaken on name of welfare so scrutiny of all those is requirement for compliance under the FATF review conditions. In order to ensure compliance on FATF requirements, FBR Chairman Shabbar Zaidi has written letters to all banks and sought details of trust funds … Continue reading FBR looking in Trust Funds Bank Accounts
The Securities and Exchange Commission of Pakistan has revoked the licences of 22 ‘not-for-profit’ organisations for failing to provide financial details, a press release by the Commission said on Wednesday. According to the press release, the licences to operate were cancelled under the Companies Act, 2017, which necessitated that they provide a statement of accounts to the Commission for the first financial quarter (July-September) of … Continue reading SECP revokes licenses
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
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
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.
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
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