The unilateral amendments to the monthly sales tax return forms by the Sindh Revenue Board (SRB) have hindered the smooth e-filing of returns, said the Karachi Tax Bar Association (KTBA) on Monday. In a statement, the KTBA said that the restriction on debit/credit notes reporting in monthly sales tax returns was causing a delay in compliance for taxpayers to e-file their returns. In a letter
Khalid Siraj Textile Mills Ltd (KSTML) said on Monday it’s shutting down operations until May 31 owing to political unrest, import restrictions and an “unchecked” increase in the dollar rate. “These factors have increased inflation, undermined the rupee, driven up cotton prices, driven up the cost of electricity per unit and, most importantly, harmed business confidence,” it said. The textil
With food inflation hitting up to 42 per cent in urban areas, a large number of consumers have opted for slightly cheap but ‘high quality’ Iranian ‘smuggled’ products, such as oil and cheese, readily available in Rawalpindi and Islamabad. Several shops in twin cities have dedicated racks for Iranian goods, but the best place to bargain for these items, mainly packaged food, is the weekly bazaar
The repatriation of dollars by foreign companies plunged 88 per cent during the first 8 months of the current fiscal year reflecting low profits and stringent restrictions on outflows from the country. Data released by the State Bank of Pakistan (SBP) on Monday did show that the government policy of curbing dollar outflows severely impacted the foreign direct investment (FDI) which dipped by 40
The World Bank on Monday warned that the global economy’s “speed limit” — the maximum long-term rate at which it can grow without sparking inflation — is set to slump to a three-decade low by 2030 and advocated an ambitious policy push by national economies to boost productivity and the labour supply, ramp up investment and trade, and harness the potential of the services sector. The report, “F