Author Archives: Anjali

FBR notifies withholding tax rates for goods transports vehicles

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KARACHI: Federal Board of Revenue (FBR) has notified different withholding tax rates for goods transport vehicles to be paid by filers and non-filers of income tax return.

Customs intelligence recovers Rs166.16 million worth smuggled goods, three vehicles

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KARACHI: Directorate General of Intelligence and Investigation, Customs, Karachi has recovered smuggled goods worth Rs166.16 million and seized three vehicles in an action against a bonded carrier.

FDI sharply increases by 162.8pc in July 2017

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KARACHI: Foreign Direct Investment (FDI) has registered massive growth of 162.8 percent in July 2017 to $222.6 million as compared with $84.7 million in the same month of last year, according to foreign investment data released by State Bank of Pakistan (SBP) on Wednesday.

KTBA objects to draft income tax return

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KARACHI: Karachi Tax Bar Association (KTBA) has informed the tax authorities that without knowing the changes made to draft income tax return for tax year 2017 it will not able to send feedback.

SBP discontinues requirement of monthly foreign exchange returns

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KARACHI: State Bank of Pakistan (SBP) has discontinued the requirement of monthly foreign exchange returns for banks. However, the financial institution shall submit hard copies of Export Forms and details of advance export payment manually.

Withholding tax paid by stock members on sale, purchase of shares made final liability

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KARACHI: Federal Board of Revenue (FBR) has made withholding tax as final tax liability paid by members of stock exchange on commission earned on purchase or sale of shares.

FBR notifies withholding tax rates for brokerage, commission income

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KARACHI: Federal Board of Revenue (FBR) has notified withholding tax rates to be deducted from filers and non-filers on brokerage and commission income.

SBP issue procedure for processing 300,000MT sugar export

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KARACHI: State Bank of Pakistan (SBP) has laid down procedure for banks to process the cases for export of 300,000 metric tons sugar.

Remittances grow by 16pc in July 2017

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KARACHI: Remittances sent home by overseas Pakistanis have registered 16 percent growth in the first month of current fiscal year. The overseas Pakistani workers remitted $1.541 billion in the first month (July) of 2017/2018 as compared with $1.328 billion received during the same month in the preceding year, State Bank of Pakistan (SBP) said on Thursday.

Manufacturers to collect Rs450,000 from non-filers on sale of above 3,000CC vehicle

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KARACHI: The Federal Board of Revenue (FBR) has said that a non-filers of income tax return is required to pay up to Rs450,000 as withholding tax on purchase of motor vehicle.