Daily Archives: June 9, 2017

SRB includes virtual business in sales tax on services regime

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KARACHI: Sindh Revenue Board (SRB) has brought virtual business in the definition of sales tax of services. As per changes introduced through provincial finance bill 2017, the scope of the expression ‘place of business’ is proposed to be broadened to include persons carrying on economic activity in Sindh through virtual presence, website, web portal or any other form of E-commerce.

SECP notifies draft regulations for issuing licenses to charitable, NPOs

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has issued draft regulations for obtaining licenses by charitable and non-profit association.

$2.73bn needed in June to achieve remittances target of $20.2bn

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KARACHI: The country needs $2.73 billion in the month of June 2017 to achieve remittances target of $20.2 billion for fiscal year 2016/2017.

Pakistan Customs intercepts heroin smuggling to UK

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KARACHI: Pakistan Customs has recovered huge quantity of narcotics worth Rs77.5 million from a passenger leaving for UK from Jinnah International Airport, Karachi.

SBP issues instructions on AML-CFT regulations

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KARACHI: State Bank of Pakistan (SBP) on Friday clarified that the obligations/ prohibitions regarding proscribed entities and persons mentioned in the AML/CFT Regulations and Guidelines on Compliance of United Nations Security Council (UNSC) Resolutions.

PRA empowered to recover tax arrears against taxpayers from third party

ISLAMABAD: Punjab Revenue Authority (PRA) has made amendments to sales tax on services laws to recover arrears of tax against a taxpayer from third party, who has relation to the extent of transactions.

FBR creating gulf between government and private sector: FPCCI

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KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday said that Federal Board of Revenue (FBR) has deliberately proposed such amendments to tax laws through Finance Bill 2017 to create gulf between the government and private sector.