Monthly Archives: February 2017

Senior customs officials reshuffled; Manzoor Memon made Chief Collector (Enforcement)

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ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday reshuffled the senior officers of Pakistan Customs Service (PCS) of BS-20-21 and posted Manzoor Hussain Memon as Chief Collector of Customs (Enforcement) Karachi with immediate effect until further order.

SECP declares nine brokers as defaulters; recovers 100pc from four defaulters

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ISLAMABAD: Zafar Hijazi, Chairman, Securities and Exchange Commission of Pakistan (SECP) has said that about nine brokers have been declared defaulters.

SECP issues guidelines for issue of shares at discount

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ISLAMABAD: Securities and Exchange Commission (SECP) has issued guidelines for issue of shares at discount. The SECP said that the guidelines will apply to issue of shares at a discount by any company to whom the Companies (Issue of Capital) Rules, 1996 apply.

FBR invites proposals to simplify tax laws

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ISLAMABAD: Federal Board of Revenue (FBR) has invited proposals for simplification of tax laws for the budget 2017/2018.

FBR notifies new sales tax rates on POL products

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ISLAMABAD: The government has enhanced sales tax on supply of petrol and high speed diesel (HSD) oil to be effective during the month of March 2017.

FBR suspends zero-rate facility on gas consumption to Agar Textile

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KARACHI: Federal Board of Revenue (FBR) has withdrawn the facility of zero-rated sales tax on consumption of gas given to M/s. Agar Textile (Private) Limited.

Infrastructure sector’s payable to banks increases by 28pc

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KARACHI: The amount payable by infrastructure sector to banks and Development Finance Institutions (DFIs) has increased by 28 percent to Rs471 billion by December-end 2016 as compared to the Rs368.4 billion by end-December 2015, according to a report issued by State Bank of Pakistan (SBP) on Monday.

SBP relaxes conditions for Afghan imports through I-Form

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KARACHI: State Bank of Pakistan (SBP) on Monday simplified procedure for Pakistani importers for carrying out import transactions through Electronic Import Form (EIF) with Afghan exporters.

Trade, industry stand united against FBR raids

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KARACHI: About 14 chambers and 20 associations of the country on Monday formulated strategy against discretionary powers used by officials of Federal Board of Revenue (FBR) in raiding business premises and freezing bank accounts.

FBR issues active taxpayers list; return filers at 1.213 million

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ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued the weekly Active Taxpayers List (ATL) for tax year 2015, showing further increased in number for return filers to 1.213 million.