To expedite recovery of sales tax from defaulters, the Federal Board of Revenue (FBR) has empowered its Inland Revenue (IR) field formations to recover sales tax arrears through the attachment of bank accounts from persons holding money on the behalf of the tax defaulter. Through a notification issued here on Thursday, the FBR has amended …
FBR to Expedite Sales Tax Recovery With a New Method Read More »
Pakistan has sustained a staggering $38 billion economic losses due to the Financial Action Task Force’s (FATF) decision to thrice placed the country on its grey list since 2008, says a new research paper published by an independent think-tank, Tabadlab. The findings of ‘Bearing the cost of global politics — the impact of FATF grey-listing on Pakistan’s economy’ …
Zahid Mazhar, Sr. Vice Chairman, All Pakistan Textile Mills Association (APTMA), has rejected the rumors of a severe shortage of cotton yarn in the country, which could be detrimental to the textile sector and its exports. He pointed out that during the period from July 2020 to December 2020, as per the data released by …
Taking another step towards facilitating minority shareholders, the Securities and Exchange Commission of Pakistan (SECP) has proposed reducing turnaround time for payment of cash dividends to shareholders of listed companies from the existing 15 days to 3 working days only. The SECP has issued draft amendments to Companies (Distribution of Dividends) Regulations, 2017 to solicit …
SECP Proposes Quicker Turnaround Time for Cash Dividends Payment Read More »
A Shanghai-based company has pledged $150 million to establish an industrial park in Lahore for the housing of dyeing machines, high-end fabric units, and garment production facilities. Managing Director Chen Yen, who is also the top official leading the project under the Shanghai Consortium Challenge Apparel, expects the Industrial Park to become operational by July …
Chinese Company to Finance Industrial Park in Lahore Read More »
In order to promote digital payments, SBP has been taking steps to make them more secure, introducing new features and promoting their use. In consultation with the industry and other stakeholders, SBP has taken more steps to make digital transactions and card payments more secure and easier. Now the consumers will only have Europay MasterCard …
SBP Makes Digital and Card Transactions More Secure and Easier Read More »
Exporters of goods and services, including IT-based services, are allowed to retain a certain portion of their export proceeds in their Special Foreign Currency Accounts. The fund from these accounts, however, could be utilized for specified purposes only. Over time the types of payments that exporters need to make have increased as exports are becoming …
The State Bank of Pakistan (SBP) has “modernised” foreign exchange (FX) regulations, a statement said Thursday, as the central bank aims at attracting foreign investment. The decision is a bid to: Attract foreign investment in fintech and startups through holding companies, Support exporters to establish a presence abroad to promote Pakistani products; and Allow …