Cabinet ratifies agreement between Pakistan, Hong Kong for avoidance of double taxation

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ISLAMABAD: The federal cabinet has ratified agreement between Pakistan and Hong Kong – Special Administrative Region of the People’s Republic of China – for the avoidance of double taxation and the prevention of fiscal evasion with respect of taxes on Income.

FBR issue advisory against fake e-mails asking for taxpayers bank account details

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ISLAMABAD: Federal Board of Revenue (FBR) has advised taxpayers for not sharing their bank account details and password to any email sent from a fake FBR email address.

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.

Dar directs customs officers to double efforts in achieving revenue target

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ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar has directed customs officers to double their efforts to meet collection target for the current fiscal year.

FBR notifies transfers, postings of BS-19-20 IRS officers

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ISLAMABAD: Federal Board of Revenue (FBR) on Friday notified transfers and postings of BS-19-20 officers of Inland Revenue Service (IRS) with immediate effect and until further orders.

SECP extends date to Sept 30 for providing information of shareholders having interest in foreign companies

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended the deadline to September 30, 2017 for companies for providing information of shareholders having interest in foreign companies.

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.