The government has promulgated Tax Laws Amendment Ordinance 2021 so as to introduce the following major measures: To facilitate non-resident Pakistanis to open non-resident Pakistani Rupee Value Accounts (NRVAs); Extended 4 percent Super Tax on banks indefinitely beyond the tax year 2021; Imposed withholding tax (Rs. 50,000-Rs. 200,000) on persons who sell locally manufactured vehicles …
In pursuit of its agenda to promote ease of doing business and digitalisation, the Securities and Exchange Commission of Pakistan (SECP) has launched a portal for expeditious bank account opening of newly registered companies. The online portal provides banks real time access to statutory records of companies, thus enabling them to open corporate accounts without …
SECP New Portal to Facilitate Fast Opening of Bank Account of New Companies Read More »
To facilitate the banks in extending low-cost housing finance, the State Bank of Pakistan (SBP) eased off a major condition. SBP has allowed the banks to accept a personal guarantee of a third party until the completion of the housing unit and the perfection of the mortgage. Currently, applicants face difficulties in obtaining housing finance, …
Banks Can Accept Third Party Guarantee Against Low-Cost Housing Finance Scheme Read More »
To facilitate the banks in extending low-cost housing finance, the State Bank of Pakistan (SBP) eased off a major condition. SBP has allowed the banks to accept a personal guarantee of a third party until the completion of the housing unit and the perfection of the mortgage. Currently, applicants face difficulties in obtaining housing finance, …
Banks Can Accept Third Party Guarantee Against Low-Cost Housing Finance Scheme Read More »
Pakistan is to allow private companies to import coronavirus vaccines and has agreed to exempt such imports from price caps, according to documents reviewed by Reuters, even as the nation scrambles to secure supplies. The documents show the National Health Services, Regulations and Coordination division of the health ministry had sought a special cabinet exemption …
Govt to Allow Private Firms to Import Covid Shots with No Price Caps Read More »
The Federal Board of Revenue (FBR) has withdrawn a tax policy clarification of 2018 in which an electronic mode of serving notice to the taxpayers may be resorted to as an additional means of service for the facilitation of the taxpayers. Keeping in view the serious practical difficulties due to changes made in section 218 …
Canada’s main securities regulator has cleared the launch of the world’s first exchange-traded bitcoin fund, the investment manager and the regulator said, giving retail investors greater access to the booming cryptocurrency. The Ontario Securities Commission gave Purpose Investments Inc the nod to roll out the Purpose Bitcoin ETF (exchange-traded fund) on the Toronto Stock Exchange. …
The Federal Board of Revenue (FBR) and the State Bank of Pakistan (SBP) are jointly implementing a new system for electronic issuance of income tax refunds by directly crediting the amount into the exporter’s bank accounts. In this connection, the FBR has issued a notification for introducing draft amendments in the Income Tax Rules 2002 …
FBR & SBP to Implement a New Income Tax Refund System Read More »