SECP warns companies of penal action on giving gifts to shareholders

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has warned companies of penal action regarding grant of gifts to their shareholders.

FTO directs FBR to simplify procedure to improve tax-to-GDP ratio

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ISLAMABAD: Federal Tax Ombudsman (FTO) Mushtaq Ahmed Sukhera has directed Federal Board of Revenue (FBR) to simplify procedures to attract taxpayers and improve tax-to-GDP ratio.

Overseas Pakistanis remit $11.38bn in seven months

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KARACHI: Overseas Pakistanis have remitted $11.38 billion foreign exchange during first seven months (July – January) of the current fiscal year, showing 3.5 percent growth, when compared with the remittance sent home during the corresponding months of the last fiscal year, State Bank of Pakistan (SBP) said on Monday.

Dr. Iqbal given additional charge of Member IR Operations

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ISLAMABAD: Federal Board of Revenue (FBR) on Monday given additional charge of Member Inland Revenue (Operations) to Dr. Muhammad Iqbal, BS-21, who is already holding the key position of Member Inland Revenue (Policy).

FBR allows zero-rate purchase of POL products, coal to textile unit

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ISLAMABAD: Federal Board of Revenue (FBR) has allowed sales tax zero-rated purchases of petroleum products and coal to M/s Kohinoor Mills Limited – a leading textile unit – for the in-house consumption and for manufacturing purpose.

China agrees on electronic data exchange

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ISLAMABAD: China has agreed to allow Electronic Data Exchange for online verification of consignments between the customs authorities of Pakistan and China.

Pakistan’s trade gap widens by 24.18pc in 7 months

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ISLAMABAD: Pakistan trade gap has widened by 24.18 percent as trade deficit ballooned by 21.54 billion in the first seven months of the current fiscal year.

FBR sends 10 customs officers on SMC training

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ISLAMABAD: Federal Board of Revenue (FBR) has nominated 10 officers of BS-19 in Pakistan Customs Service (PCS) for 23rd Senior Management Course (SMC) to be commenced from February 26 to June 15, 2018.

FBR invites budget proposals for sales tax, FED

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ISLAMABAD: Federal Board of Revenue (FBR) has invited stakeholders to submit proposals in sales tax and federal excise duty for the upcoming budget. The FBR said the proposals should be pro-revenue.

PSMA rejects duty, tax exemption to Chinese company, says it will cost Rs11bn to exchequer

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KARACHI: Pakistan Steel Melters Association (PSMA) has rejected the recently issued SRO 47(I)2018, that allows controversial duty and tax exemptions to China State Construction Engineering Corporation Limited. “This exemption of taxes and duty to Chinese company will cost national exchequer approximately Rs11 billion,” said a statement on Wednesday.