Corner Stone

By Ashfaq Tola   Amendments in Income Tax Ordinance, 2001 1. RULES FOR PERSONS NOT APPEARING IN ACTIVE TAXPAYER LIST – TENTH SCHEDULE The bill proposes to abolish the concepts of “Filer” and “Non filer” and has instead introduced rules in form of...

Deatails of income tax measures in the budget FY 2019-20; Relief Measures Payment of refunds through promissory notes Huge amounts claimed by taxpayers are stuck up in refunds causing a liquidity crunch for businesses. These refunds have accumulated over a long time....

The PTI government has decided several reforms in the Federal Board of Revenue (FBR) to increase ease of business. With a view to facilitate taxpayer, FBR and State Bank of Pakistan (SBP) will prepare online tax collection system. Finance Minister...

With the influx of funds from Saudi Arabia and United Arab Emirates (UAE), the rumours regarding further devaluation of rupee have died, as the investors are shifting the focus from hoarding US dollar.   Besides, the strict measures taken by the...

United Bank Limited has surrendered its New York branch license to the NY state department (NYDFS) on January 28, in accordance with Section 605.11 (c) of the liquidation of NY branch.   The management in a letter to Pakistan Stock Exchange...

Finance Minister Asad Umar has appointed Zubyr Soomro as Chairman Board of Directors, National Bank of Pakistan on Saturday with immediate effect. Zubyr Soomro is a businessperson who has been at the helm of 6 different companies and presently...

A severe power struggle has started between the recently elected office bearers of Federation of Chamber of Commerce and Industry (FPCCI), where each trying to establish their superiority and capitalize on the proceeding opportunities.   Ever since appointment of former Senior...

Pakistan has received third trench of $1 billion from Saudi Arabia, Country’s foreign reserves now increased to $ 15.25 billion. Saudi Arabia have provided the amount of $3 billion on the interest rate of 3 percent.   Earlier on Thursday, Abu...

Pakistan has received $ 1 billion from UAE. The payment is provided by Abu Dhabi Fund for Development (ADFD) to with an aim to support Pakistan’s economic growth and to achieve the long-term objectives of its monetary policy. Central...

Finance Minister of Pakistan Asad Umar presented the “Economic Reform Package”, during his speech he said that the country is facing economic crises but the government will keep the measures to boost the country towards developed nations.   Key Take aways...