Topic

Finance Act 2022

‘Defenders’ take ‘deemed income’ as tax on income, not on property

Published 31 May, 2024 06:58am

LAHORE: The “defenders” of the concept of ‘deemed income’ take it as a tax on income and not on property,...

Industry and investors: Dispute resolution tribunal to be set up

Updated 13 Dec, 2023 09:22am

ISLAMABAD: The government has decided to establish a specialised tribunal to resolve disputes expeditiously between...

Recovery of CVT under Finance Act 2022: Taxmen’s orders are without jurisdiction: former FBR chief

Updated 24 Oct, 2023 09:38am

ISLAMABAD: All the orders passed by the taxation officers/Inland Revenue officers for the recovery of Capital Value...

Super tax for tax year 2023: hiked rate cannot be applied with retrospective effect

Updated 26 Sep, 2023 07:32am

In our Technical Release 1/2023 relating to the Finance Act, 2023, which was issued on June 9, 2023, our view was...

Taxes on real estate

Published 08 Aug, 2023 06:37am

EDITORIAL: Representatives of the influential real estate sector informed the National Assembly Standing Committee ...

Section 4C of Income Tax Ord will only have prospective effect: IHC

Updated 21 Jul, 2023 09:30am

ISLAMABAD: The Islamabad High Court (IHC) held that Section 4C of the Income Tax Ordinance, 2001 as read down, will...

Super tax and tax on bonus: misinterpretation of basic accounting–II

Updated 06 Jul, 2023 06:24am

Now, if the rationale, intention and equitability have to prevail, the following will be the answer: the tax super...

Wealthy persons: FBR reluctant to give info about tax payments

Updated 20 Mar, 2023 09:00am

ISLAMABAD: The Federal Board of Revenue (FBR) is reluctant to disclose vital information regarding tax payments made...

Experts for imposition of tax on Toshakhana gifts on deemed income basis

Published 17 Mar, 2023 06:16am

ISLAMABAD: Gifts including jewelry/gold received/purchased by politicians from Toshakhana should be charged to ...

Disclosure of beneficial ownership by companies

Updated 02 Mar, 2023 07:13am

General: These notes represent our views and comments on the draft rules proposed to be inserted in the Income Tax...

LHC has held that Section 8(2) (b) of Finance Act is valid

Updated 25 Jan, 2023 08:53am

ISLAMABAD: The Lahore High Court (LHC) held that Section 8(2) (b) of the Finance Act, 2022, is valid, ...

FBR misses Dec target: Rs225bn revenue shortfall

Updated 01 Jan, 2023 10:07am

ISLAMABAD: The Federal Board of Revenue (FBR) has suffered a massive revenue shortfall of Rs 225 billion during...

Fleecing end-consumers: FTO issues second order against MTL

Published 21 Dec, 2022 06:46am

ISLAMABAD: Federal Tax Ombudsman (FTO) has unearthed that Millat Tractors Limited (MTL) has not passed on the relief...

Failure to deposit CVT on foreign assets: Taxpayers/resident individuals liable to pay 12pc per default surcharge

Updated 20 Dec, 2022 09:37am

ISLAMABAD: The taxpayers/resident individuals who failed to deposit Capital Value Tax (CVT) on their foreign assets...

FBR exempts Reko Diq Mining Company from CVT

Updated 13 Dec, 2022 09:39am

ISLAMABAD: The Federal Board of Revenue (FBR) has exempted all assets of Reko Diq Mining Company (Private) Limited...

Pharma supplies: KTBA urges FBR to revisit clarification about ‘further tax’

Updated 09 Dec, 2022 09:25am

KARACHI: Karachi Tax Bar Association (KTBA) has urged the Federal Board of Revenue (FBR) to revisit its earlier...

Rs38bn additional taxation measures: Tax Laws (Amend) Ord may be extended for another 120 days

Updated 07 Dec, 2022 09:51am

ISLAMABAD: The government may extend the date of the Tax Laws (Second Amendment) Ordinance 2022, which was...

FBR BoD meeting postponed: Approval of TY19 draft audit policy deferred

Published 23 Nov, 2022 06:41am

ISLAMABAD: The Federal Board of Revenue (FBR) has not approved the draft audit policy for the Tax Year 2019 due to...

Audit exemption: FBR to notify delegation of powers to IR commissioners

Published 22 Nov, 2022 03:23am

ISLAMABAD: The Federal Board of Revenue (FBR) will issue a notification for the delegation of powers to the...

Putting the record straight: a rejoinder

Updated 18 Nov, 2022 10:29am

In response to our article [FBR: dismal income tax collection, Business Recorder, November 11, 2022], the Federal...

Non-filers to pay increased rates of WHT

Updated 13 Nov, 2022 06:05pm

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to strictly monitor budgetary measures introduced under ...

Persons not appearing on ATL: Commissioners told to enforce collection of higher rates of WHT by banks

Updated 05 Nov, 2022 11:31am

ISLAMABAD: The Federal Board of Revenue (FBR) Chairman Asim Ahmad Friday directed Chief Commissioners Inland Revenue...

Capacity charge/purchase price: PMLTC seeks exemption from sales tax

Published 01 Nov, 2022 05:55am

ISLAMABAD: Pak-Matiari-Lahore Transmission Company Limited (PMLTC) has sought exemption from chargeability of sales...

Assets declared under two statutes not subject to CVT: expert

Updated 29 Oct, 2022 09:46am

ISLAMABAD: Former chairman of the Federal Board of Revenue (FBR), Shabbar Zaidi Friday said that assets declared...

Soneri Bank earns Rs1,295m PAT for nine months ended Sept 2022

Published 28 Oct, 2022 05:58am

KARACHI: The Board of Directors of Soneri Bank Limited, in their 194th meeting held in Karachi on Thursday, approved...

ABL’s 9-month PBT grows 50pc to 33bn YoY

Published 22 Oct, 2022 06:34am

LAHORE: Allied Bank Limited is guided by its vision ‘to become a dynamic and efficient bank providing integrated...

Purchase of immovable properties: Advance tax exemption for expatriates sought

Updated 03 Oct, 2022 09:37am

ISLAMABAD: The overseas Pakistanis including non-resident persons should be exempted from advance tax payable under...

Beverage industry: FTO endorses govt’s proposal for Rs60bn additional taxes

Updated 06 Sep, 2022 12:54pm

ISLAMABAD: The Federal Tax Ombudsman (FTO) has strongly endorsed the government’s proposal to impose additional...

Constitutionality of Section 7E of IT Ord, 2001: LHC issues notices to federal, Punjab secretaries and FBR

Updated 01 Sep, 2022 09:24am

ISLAMABAD: The Lahore High Court (LHC) issued notices to the federal and the Punjab secretaries of Finance and the...

Tax Laws Amendment Ordinance to be promulgated soon

Updated 21 Aug, 2022 09:24am

ISLAMABAD: President Arif Alvi will anytime promulgate Tax Laws Amendment Ordinance 2022 to increase the Federal...

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Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jun 3	278.65
USD PKR Interbank Buying / Jun 3	278.45
USD to Japanese Yen / Jun 3	159.93
USD to Swiss Franc / Jun 3	0.79
Pound Sterling to USD / Jun 3	1.34
Euro to USD / Jun 3	1.16
SOFR % / Jun 3	3.63

Stock	Volume
S&P 500 / Jun 3	7,553.68
India Sensex / Jun 3	74,346.17
Tokyo Nikkei / Jun 3	68,402.13
Nasdaq / Jun 3	26,853.97
Hang Seng / Jun 3	25,633.21
FTSE 100 / Jun 3	10,332.30
Dow Jones / Jun 3	50,687.07
Germany DAX 30 / Jun 3	24,795.94
France CAC40 / Jun 3	8,150.42

Item	Value
Crude Oil USD/Barrel / Jun 3	95.34
Gold 10 Grams PKR / Jun 3	401,030
Gold Spot USD/Ounce / Jun 3	4,452.30
Cotton US¢/pound / Jun 3	80.51
Petrol/Litre / Jun 4	381.78
Diesel/Litre / Jun 4	380.78

Gainers
Losers
Leaders

Stock	Price
Wasl Mobility Mod. / Jun 3 Wasl Mobility Modaraba(WASL)	5.91 ▲ 1 (20.37%)
Gulshan Sp. / Jun 3 Gulshan Spinning Mills Limited(GSPM)	6.18 ▲ 1 (19.31%)
First AL-Noor Mod. / Jun 3 First Al-Noor Modaraba(FANM)	6.88 ▲ 1 (17.01%)
Chenab Ltd (Pref) / Jun 3 Chenab Limited (Pref)(CLCPS)	3.85 ▲ 0.44 (12.9%)
Chenab Ltd / Jun 3 Chenab Limited(CHBL)	9.61 ▲ 0.91 (10.46%)
Askari Life Assur. / Jun 3 Askari Life Assurance Company Limited(ALAC)	19.24 ▲ 1.75 (10.01%)
Dawood Equities / Jun 3 Dawood Equities Limited(DEL)	20.56 ▲ 1.87 (10.01%)
Grays Leasing / Jun 3 Grays Leasing Limited(GRYL)	20.89 ▲ 1.9 (10.01%)
Shahzad Tex. / Jun 3 Shahzad Textile Mills Limited(SZTM)	68.38 ▲ 6.22 (10.01%)
Ideal Spinning / Jun 3 Ideal Spinning Mills Limited(IDSM)	72.48 ▲ 6.59 (10%)

Stock	Price
Khairpur Sug. / Jun 3 Khairpur Sugar Mills Limited(KPUS)	2,164.61 ▼ -240.51 (-10%)
Diamond Ind. / Jun 3 Diamond Industries Limited(DIIL)	71.48 ▼ -7.9 (-9.95%)
Tri-Star Mutual / Jun 3 Tri-Star Mutual Fund Limited(TSMF)	16.88 ▼ -1.62 (-8.76%)
Power Cem(Pref) / Jun 3 Power Cement (Pref)(POWERPS)	27.79 ▼ -2.41 (-7.98%)
Paramount Mod / Jun 3 First Paramount Modaraba(FPRM)	13.90 ▼ -1.1 (-7.33%)
AN Textile Mills / Jun 3 AN Textile Mills Limited(ANTM)	30.18 ▼ -2.23 (-6.88%)
Al-Khair Gadoon / Jun 3 Al-Khair Gadoon Limited(AKGL)	52.03 ▼ -3.68 (-6.61%)
Gammon Pak / Jun 3 Gammon Pakistan Limited(GAMON)	19.23 ▼ -1.32 (-6.42%)
Burshane LPG / Jun 3 Burshane LPG (Pakistan) Limited(BPL)	56.96 ▼ -3.61 (-5.96%)
Punjab Oil / Jun 3 Punjab Oil Mills Limited(POML)	147.13 ▼ -8.47 (-5.44%)

Stock	Volume
Treet Battery / Jun 3 Treet Battery Limited(TBL)	46,642,698 ▼ -0.03
Dewan Cement / Jun 3 Dewan Cement Limited(DCL)	33,760,377 ▲ 0.4
Sitara Petroleum Service / Jun 3 Sitara Petroleum Service Limited(SPSL)	25,238,548 ▲ 0.84
Beco Steel Ltd / Jun 3 Beco Steel Limited(BECO)	23,949,474 ▲ 0.46
P.T.C.L. / Jun 3 Pakistan Telecommunication Company Ltd(PTC)	23,376,596 ▲ 0.82
TPL Corp Ltd / Jun 3 TPL Corp Limited(TPL)	17,752,841 ▲ 0.38
Cnergyico PK / Jun 3 Cnergyico PK Limited(CNERGY)	16,285,113 ▼ -0.2
WorldCall Telecom / Jun 3 Worldcall Telecom Limited(WTL)	14,753,659 ▼ -0.01
K-Electric Ltd. / Jun 3 K-Electric Limited(KEL)	13,876,959 ▼ -0.12
Mahanna Islamic Index / Jun 3 Mahanna Islamic Index Traded Fund(MIIETF)	13,316,500 ▼ -0.13

Finance Act 2022

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