Daily Archives: September 21, 2020

FBR’s Tax Credit Formula is Absurd & Unfair: Fawad Chaudhry

Federal Minister for Science and Technology, Fawad Chaudhry, has raised objections on the Federal Board of Revenue’s (FBR) tax credit formula and termed it as absurd. In a Twitter post, the Minister wrote: He added that we suffer environmental and infrastructure hazards but tax credit goes elsewhere. For the unversed, a tax credit is an

SECP Orders to Raise Red Flags Against Individuals/Entities Involved in Money Laundering

The Securities and Exchange Commission of Pakistan (SECP) has directed the securities brokers, futures brokers, insurance companies, Takaful Operators, non-banking finance companies (NBFCs), and Modarabas to raise red flags/indicators for the identification of persons or entities suspected to be acting on behalf of designated/proscribed individuals or entities involved in money laundering/terrorist financing. The commission has

All Imports Worth Rs. 5,000 or More Can be Detained by Customs: FBR

Any product imported into Pakistan through postal or air courier services with a declared value up to Rs. 5,000 will be examined, checked, and could be detained by the customs authorities to revise and verify the declared values of imported goods for accurate assessment of duties and taxes. This new measure has been taken by

Govt to Set Up a Common Expo Centre for Sialkot, Gujrat, Gujranwala & Wazirabad

In a bid to boost the industrial sector, a new common Expo Centre will be established for cities of Sialkot, Gujrat, Wazirabad, and Gujranwala. This was agreed in principle by Advisor to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, during an official visit to Gujrat Chamber of Commerce and Industries (GCCI). The

SBP Leaves Interest Rate Unchanged at 7%

SBP expects the economy to recover to slightly above 2pc in FY21 primarily through manufacturing and construction, but warns against risks of the second wave of Covid-19 and locust attacks The State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 7 percent. This was revealed by the central bank in

KP collects Rs.42b revenue from own resources: Jhagra

KP Minister for Finance, Taimur Saleem Jhagra has said that the provincial government during last financial 2019-20 has collected record revenue of Rs.42 billion from its own resources. In a tweet, he said that despite coronavirus pandemic the provincial government had collected 33% additional revenue as compare to financial year 2018-19 that is a good