FBR Issues Clarification Over Taxes on Pensions and Salaries
The Federal Board of Revenue (FBR) has categorically said that no tax has been imposed on pensions, major components of salary, gratuity funds payments, leave prior to retirement (LPR), commutation of pension and other allied benefits.The Federal Board…
Here’s How New Budget Proposals Could Kill E-Commerce Businesses In Pakistan
Opportunities have arisen in the times when the world was suffering from the COVID-19 pandemic. Many companies started downsizing by facing a severe cash flow issue. People around the world explored the options of eCommerce where online marketplaces pr…
NPMC to Devise a New Strategy to Normalize Prices of Everyday Items
Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over a meeting of the National Price Monitoring Committee (NPMC) held at the Finance Division.He briefed the participants of the meeting that Prime Minister is determined to bring ea…
UBL to Shut Down Its Subsidiary in Switzerland
United Bank Limited (UBL) continues to scale back its international operations as part of its global realignment strategy in phases, and now plans to voluntarily wind up its wholly-owned subsidiary UBL (Switzerland) AG.This decision is in line with UBL…
Foreign Investors Appreciate SBP’s Remittance Process: Survey
The Overseas Investors Chamber of Commerce and Industry (OICCI) members have appreciated the significant improvement in the FX remittance processing time and growing engagement of the State Bank of Pakistan leadership with the key stakeholders.OICCI re…
Punjab Allocates Rs. 2.653 Trillion Budget With No New Taxes for 2021-22
The Punjab government presented the budget for the fiscal year 2021-22 with an estimated outlay of Rs. 2.653 trillion, including an Annual Development Program (ADP) worth Rs. 560 billion.The budget session was held in the newly-constructed building of …
NA Passes Financial Institutions Bill to Improve SME Financing
The National Assembly has passed a legal amendment bill, ‘Financial Institutions (Secured Transactions) (Amendment) Bill, 2020,’ to improve access to loans for small and medium enterprises (SMEs).For now, SMEs have access to less than 10 percent of pri…
FBR Ordered To Increase Integration of Point of Sale System
Minister for Finance & Revenue, Shaukat Fayaz Ahmed Tarin, visited the Federal Bureau of Revenue (FBR) headquarters today and held a meeting with the officers. The meeting’s main purpose was to devise a strategy to increase the integration …