Daily Archives: September 7, 2017

US DFS fines Habib Bank NY Branch $225m for non-compliance

KARACHI: New York Department of Financial Services (DFS) of the US on Thursday fined Habib Bank and its New York branch $225 million for failure to comply with New York laws and regulations designed to combat money laundering.

NAB decides to file four references against Sharif family, Ishaq Dar

National-Accountability-Bureau

ISLAMABAD: The executive board of National Accountability Court (NAB) on Thursday decided to file four references in PANAMA Case: three against Nawaz Sharif family and one against Ishaq Dar.

Cabinet approves amending taxation treaties with three countries

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ISLAMABAD: The federal cabinet on Thursday approved amending the existing conventions of avoidance of double taxation treaties with three countries.

SECP defers notification of Whistleblowing Regulations

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has deferred notification of Whistleblowing Regulations, 2017, the regulator said in a statement on Thursday.

FBR allows conditional fixed tax regime for builders, developers for tax year 2017

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ISLAMABAD: Federal Board of Revenue (FBR) has explained the changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said the fixed tax regime for builders and developers would remain applicable for tax year 2017 subject to certain conditions.

New concept of tax on undistributed profits introduced for tax year 2017 and onwards: FBR

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ISLAMABAD: Federal Board of Revenue (FBR) has explained the changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that a new concept of tax on undistributed profits has been introduced for tax year 2017 and onwards.

IT companies registered in July 2012 can avail exemption allowed to start-ups

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ISLAMABAD: Federal Board of Revenue (FBR) has explained the changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that IT companies registered in July 2012 onwards can avail exemption under definition of start-ups.

E-commerce entities to pay 0.5pc minimum tax

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ISLAMABAD: Federal Board of Revenue (FBR) has explained the changes to Income Tax Ordinance, 2001 through Finance Act, 2017 and said that 0.5 percent income tax has been introduced for e-commerce entities during tax year 2018.