Saturday, November 16, 2019

Corner Stone

Pakistan Budget 2019-20: Significant proposed amendments

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...

Pakistan Budget FY 2019-20: Income Tax measures

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....

Government plans online collection of taxes

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...

Speculation on Rupee devaluation dies, investor shifts focus from hoarding USD

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...

UBL surrenders New York branch license

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...

Zubyr Soomro appointed Chairman BoD NBP

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...

Ongoing power struggle at FPCCI may result in the end of body’s democratic legacy

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 receives $1 billion from Saudi Arabia, Country’s reserves now $15.25 billion

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 receives $1 billion aid from UAE, country’s reserve surged $ 14.25 billion

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...

Key Take aways of “Economic Reform Package”

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...

Latest News

Putin: S-400 supply to India is on schedule

Russian President Vladimir Putin on Thursday said that the process of supplying S-400 systems to India was under way,...

America’s largest dairy company filed for bankruptcy

With the consumption of dairy substitutes, cattle dairy companies have begun to face real financial difficulties, the latest being the largest dairy producer in...

Trump’s removal measures: US Poll reveals support for 50 percent of Americans to the House of Representatives

The Politico Foundation released the results of a US Poll in conjunction with Trump's impeachment measures, revealing that 81% of voters surveyed said there...

New UK Guidelines on EU Citizens residence

Britain is threatening to deport EU citizens if they do not apply in time for a new immigration status after Britain leaves the bloc...

US appeals court upholds decision to disclose Trump’s financial records

Trump's financial records: A US appeals court said on Wednesday it would not review an October decision ordering President Donald Trump's accounting firm to...