The Federal Board of Revenue (FBR) has submitted a bill to the National Assembly secretariat proposing a string of amendments to withdraw around 36 tax exemptions. Dawn/File
ISLAMABAD: The Federal Board of Revenue (FBR) has submitted a bill to the National Assembly secretariat proposing a string of amendments to withdraw around 36 tax exemptions and streamline other corporate tax exemptions, which will come into effect from July 1, 2021.
The corporate income tax reforms are in line with recommendations of the International Monetary Fund (IMF). The Fund estimates it will generate revenue of Rs140 billion. The bill, which will be called the income tax (second amendment) bill 2021, will be introduced in the next session of the lower house, whenever convened.
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KSE-100 index breaches 44,000 level, YTD return turns negative for 1st time in 2021 Equities Correspondent
Stocks continued to be battered at Pakistan Stock exchange (PSX) as mounting political uncertainty in the country led bears to rule the roost at the bourse. On Wednesday, the benchmark index tumbled for the fifth consecutive session, breaching 44,000 level, as it closed at 43,691.68 level after losing another 531.23points by the closing bell.
On Monday, owing to constant selling pressure, the YTD (Year-to Date) return on benchmark index also turned negative for the first time in CY21 after today’s performance, showing a decline of 63 points or 0.15% as compared to the closing of the previous year.
Hub Power Holdings to Acquire Eni Pakistan s Upstream Operations and Energy Assets propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
HUBCO and CPPA Enter an Agreement for Payment of Overdue Receivables
The Hub Power Company Limited (HUBCO) and the Central Power Purchasing Agency [CPPA] (Guarantee) Limited (Power Purchaser) have initialed an agreement in furtherance of the Memorandum of Understanding (MoU) dated 21 August 2020, according to a notification issued to the Pakistan Stock Exchange (PSX).
Under the agreement between the HUBCO and the CPPA, the payment of overdue receivables is an integral part of it, and the payment mechanism envisaged is two installments, with 40 percent of the overdue receivables payable within 30 business days of signing it (comprising a third of cash and two-thirds of the financial instruments of the Pakistan Investment Bonds (PIBs) and Sukuks), and the remaining 60 percent payable six months thereafter through the same method as that of the first installment.
Finance ministry to immediately pay Rs180bn to IPPs as part of new deal
Business
The News/Files
ISLAMABAD: The Ministry of Finance is obligated to immediately pay Rs180 billion to the independent power producers (IPPs) as part of a new Rs450-billion payment deal signed on Monday,
According to the deal documents, two dozen IPPs, including the Hub Power Company Limited (HUBCO), had entered into a preliminary agreement with the government under which the finance ministry would pay the IPPs 40% of the Rs450-billion payment or Rs180 billion immediately, whereas the remaining 60% or Rs270 billion will be paid in the next financial year.