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
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
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
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
Property owners in the capital have seen an unprecedented 200% hike in property tax with little time to pay the charges. The Metropolitan Corporation Islamabad (MCI) approved the increase in property tax last December, making it applicable from July 1, but tensions between the MCI and Capital Development Authority (CDA) over who would control the revenue directorate responsible for collecting property tax meant that the … Continue reading 200% Tax Hike in Islamabad Properties
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
National Investment Trust Limited (NITL), Pakistan’s first and largest asset management company, has announced that all branches of NIT are now online, with an objective of expanding its outreach to the investors and providing convenience to their unitholders. NIT has 27 branches nationwide, out of which 23 branches were already online. The remaining branches, including in Hyderabad, Sukkur, Quetta and Azad Jammu Kashmir (AJK), have … Continue reading NITL goes Online
For the third consecutive week, the stock market maintained the positive momentum. The benchmark KSE-100 index was up 2 per cent week-on-week and closed with gain of 630 points at 32,111. It took the three-week cumulative return to 8pc. On the economic front, the week kicked off on a positive note with Monetary Policy Committee (MPC) announcement of status quo on key interest rate at … Continue reading PSX trending Positive
The National Accountability Bureau (NAB) team has arrested former chairman of the Jacobabad Municipal Committee, Ghulam Abbas Jakhrani, in assets beyond known sources of income, ARY News reported on Saturday. According to accountability bureau sources, Jakhrani has accumulated assets beyond his known sources of income being chairman of the Jacobabad Municipal Committee and is also accused of giving a bulletproof vehicle to former President Asif … Continue reading NAB arrests Aijaz Jakhrani- alleged front man of PPP leader
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