Trends - Finance Act 2022 - Business Recorder

Finance Act 2022

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

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

Published 31 May, 2024 06:58am

Industry and investors: Dispute resolution tribunal to be set up

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

Updated 13 Dec, 2023 09:22am

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

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

Updated 24 Oct, 2023 09:38am

Opinion

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

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

Updated 26 Sep, 2023 07:32am

Editorials

Taxes on real estate

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

Published 08 Aug, 2023 06:37am

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

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

Updated 21 Jul, 2023 09:30am

Opinion

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

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

Updated 06 Jul, 2023 06:24am

Wealthy persons: FBR reluctant to give info about tax payments

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

Updated 20 Mar, 2023 09:00am

Business & Finance

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

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

Published 17 Mar, 2023 06:16am

Opinion

Disclosure of beneficial ownership by companies

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

Updated 02 Mar, 2023 07:13am

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

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

Updated 25 Jan, 2023 08:53am

Business & Finance

FBR misses Dec target: Rs225bn revenue shortfall

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

Updated 01 Jan, 2023 10:07am

Business & Finance

Fleecing end-consumers: FTO issues second order against MTL

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

Published 21 Dec, 2022 06:46am

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

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

Updated 20 Dec, 2022 09:37am

FBR exempts Reko Diq Mining Company from CVT

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

Updated 13 Dec, 2022 09:39am

Business & Finance

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

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

Updated 09 Dec, 2022 09:25am

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

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

Updated 07 Dec, 2022 09:51am

Business & Finance

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

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

Published 23 Nov, 2022 06:41am

Business & Finance

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

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

Published 22 Nov, 2022 03:23am

Opinion

Putting the record straight: a rejoinder

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

Updated 18 Nov, 2022 10:29am

Business & Finance

Non-filers to pay increased rates of WHT

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

Updated 13 Nov, 2022 06:05pm

Business & Finance

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

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

Updated 05 Nov, 2022 11:31am

Business & Finance

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

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

Published 01 Nov, 2022 05:55am

Assets declared under two statutes not subject to CVT: expert

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

Updated 29 Oct, 2022 09:46am

Business & Finance

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

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

Published 28 Oct, 2022 05:58am

Business & Finance

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

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

Published 22 Oct, 2022 06:34am

Purchase of immovable properties: Advance tax exemption for expatriates sought

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

Updated 03 Oct, 2022 09:37am

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

Business & Finance

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Nov 21	278.03
USD PKR Interbank Buying / Nov 21	277.78
USD to Japanese Yen / Nov 21	154.92
USD to Swiss Franc / Nov 21	0.88
Pound Sterling to USD / Nov 21	1.26
Euro to USD / Nov 21	1.05

Stock	Volume
S&P 500 / Nov 20	5,917.11
Nasdaq / Nov 20	18,966.14
Dow Jones / Nov 20	43,408.47
India Sensex / Nov 21	77,137.20
Tokyo Nikkei / Nov 21	38,026.17
Hang Seng / Nov 21	19,620.49
FTSE 100 / Nov 21	8,069.57
Germany DAX 30 / Nov 21	18,942.65

Item	Value
Petrol/Litre / Nov 21	248.38
Crude Oil USD/Barrel / Nov 21	69.38
Karachi Cotton PKR/37.32 KG / Nov 21	17,785
Gold 10 Grams PKR / Nov 21	238,340
Gold Spot USD/Ounce / Nov 21	2,662.71
Diesel/Litre / Nov 21	255.14

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Nov 21 786 Investments Limited(786)	7.11 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Nov 21 Al-Abbas Sugar Mills Limited(AABS)	611.40 ▼ 0.00 (0.00%)
Agro Allianz / Nov 21 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Nov 21 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Nov 21 Ali Asghar Textile Mills Limited(AATM)	63.60 ▼ 0.00 (0.00%)
Allied Bank / Nov 21 Allied Bank Limited(ABL)	114.42 ▼ 0.00 (0.00%)
Abbott Lab. / Nov 21 Abbott Laboratories (Pakistan) Limited(ABOT)	1,048.22 ▼ 0.00 (0.00%)
Abson Ind. / Nov 21 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Nov 21 Alfalah Consumer Index ETF.(ACIETF)	12.32 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Nov 21 786 Investments Limited(786)	7.11 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Nov 21 Al-Abbas Sugar Mills Limited(AABS)	611.40 ▲ 0.00 (0.00%)
Agro Allianz / Nov 21 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Nov 21 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Nov 21 Ali Asghar Textile Mills Limited(AATM)	63.60 ▲ 0.00 (0.00%)
Allied Bank / Nov 21 Allied Bank Limited(ABL)	114.42 ▲ 0.00 (0.00%)
Abbott Lab. / Nov 21 Abbott Laboratories (Pakistan) Limited(ABOT)	1,048.22 ▲ 0.00 (0.00%)
Abson Ind. / Nov 21 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Nov 21 Alfalah Consumer Index ETF.(ACIETF)	12.32 ▲ 0.00 (0.00%)

Stock	Volume
K-Electric Ltd. / Nov 21 K-Electric Limited(KEL)	174,389,145 ▲ 0.00
Hascol Petrol / Nov 21 Hascol Petroleum Limited(HASCOL)	63,973,243 ▲ 0.00
Kohinoor Spining / Nov 21 Kohinoor Spinning Mills Limited(KOSM)	62,996,737 ▲ 0.00
Aisha Steel Mill / Nov 21 Aisha Steel Mills Limited(ASL)	48,137,561 ▲ 0.00
Waves Home Appliances / Nov 21 Waves Home Appliances Limited(WAVESAPP)	43,506,391 ▲ 0.00
Lotte Chemical / Nov 21 Lotte Chemical Pakistan Limited(LOTCHEM)	40,852,960 ▲ 0.00
Telecard Limited / Nov 21 Telecard Limited(TELE)	36,937,252 ▲ 0.00
Cnergyico PK / Nov 21 Cnergyico PK Limited(CNERGY)	31,401,025 ▲ 0.00
WorldCall Telecom / Nov 21 Worldcall Telecom Limited(WTL)	31,346,592 ▲ 0.00

Markets →

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Finance Act 2022

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