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Sohail Sarfraz

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FBR urged to stop recovery proceedings for April

The Federal Board of Revenue (FBR) should immediately issue a circular or general order to all its field officers to temporarily stop recovery proceedings or passing different orders against the taxpayers for April 2020.
Published 29 Mar, 2020 12:00am
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SECP, FBR relax different regulatory deadlines

To facilitate companies and businesses in dealing with the current crises due to the COVID-19 pandemic, the Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR) has relaxed different regulatory deadlines, extended s
Published 28 Mar, 2020 12:00am
Business

Legal issues in tax laws of SMEs highlighted

Some legal issues in the tax laws, governing tax concessions including minimum tax exemption to industries setup or to be setup at the Special Economic Zones (SEZs), have created a disincentive for the investors.
Published 28 Mar, 2020 12:00am
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Overseas Pakistanis: ABAD seeks wealth statement exemption

The Association of Builders and Developers of Pakistan (ABAD) has proposed that the Prime Minister's package for revival of the construction industry and real estate sector to be announced in 1-2 days, must exempt overseas Pakistanis from filing wealth re
Published 27 Mar, 2020 12:00am
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Government unveils three measures to stabilise stock market

The government's major reform measures announced Wednesday would result in stabilization of the capital market in the country. The government unveiled three major measures to support the capital market, ie, Capital Value Tax (CVT) on capital market transa
Published 26 Mar, 2020 12:00am
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Government mulling giving relief to real estate sector

The government is examining the possibility of extending an amnesty scheme for the real estate sector, and revise excessive valuation of immovable properties. Sources told Business Recorder that the Federal Board of Revenue (FBR) however was not en
Published 26 Mar, 2020 12:00am
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Tax relief on import of essential items

Under the multi-billion-rupee relief package approved by Prime Minister Imran Khan, the government will abolish duties and taxes on the import and local supply of edible oil, the RBD palm oil, oil seed, pulses, sugar, wheat, rice, medical items/medicines
Published 25 Mar, 2020 12:00am
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Regulators conduct mock exercise to run PSX remotely

Taking into account the lockdown in Sindh, the Self-Regulatory Organizations (SROs) of stock market, including Pakistan Stock Exchange Limited (PSX), Central Depositary Company (CDC), National Clearing Company of Pakistan Limited (NCCPL) and the apex regu
Published 24 Mar, 2020 12:00am
Markets

Appellate bench rejects legal opinion of SECP commissioner

A two-member Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has rejected the legal opinion of SECP Commissioner (Securities Market Division) that renewal of registration of the Trading Rights Entitlement Certificate (TREC) ho
Published 23 Mar, 2020 12:00am
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61 items exempted from duties, taxes

To effectively deal with the coronavirus (COVID19) pandemic in Pakistan, the Federal Board of Revenue (FBR) has exempted customs duty, regulatory duty, additional customs duty, withholding tax and sales tax on the import of 61 different kinds of Diagnosti
Published 21 Mar, 2020 12:00am
Markets

New corporate law: Winding up of NBFCs required NOC from SECP

A new corporate law would bar courts from entertaining applications for winding up of Non-Banking Finance Companies (NBFCs) unless such application is accompanied by a certificate in writing from the Securities and Exchange Commission of Pakistan (SECP) c
Published 21 Mar, 2020 12:00am
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Value of $725 per MT fixed on import of sugar withdrawn

The Federal Board of Revenue (FBR) has withdrawn value of $725 per metric tons (MT) fixed on the import of sugar and now 17 percent sales tax would be applicable on the actual value of the commodity at the import stage.
Updated 20 Mar, 2020 10:49am