ISLAMABAD: Finance ministry extended deadline for filing of income tax returns till October 31.
Federal Minister for Finance Ishaq Dar approved extension in the due date for filing of Income Tax Returns/Statements by Companies, salaried individuals, other individuals and AOPs, till October 31, 2017.
The minister approved the extension in view of requests made by tax bars and various trade and other associations due to Eid-ul-Azha and Muharram holidays, both falling in September.
It was felt that the taxpayers could not find ample time for filing their tax returns.
A recent study of the World Bank has found that Pakistan suffers an annual tax loss of Rs3.2 trillion due to weak enforcement and low compliance by taxpayers.
Bearish trend continues as PSX loses 900 points
Karachi: After some positive weeks again Pakistan Stock Exchange returned to declines and bearish trend as PSX loses 900 points .
The index remained under pressure throughout the session, hitting a day’s high of 42,043 within the first few minutes of the session and subsequently sliding to a low of 41,025 towards the day’s close amidst sustained selling.
In all, almost 121 million shares worth Rs6.8 billion were traded. Of the total, KSE 100 stocks accounted for 63m shares.
The cement sector led activity with 21.4m shares traded, followed by the communication and banking sectors with 14.7m and 13.3m shares traded, respectively.
“Stocks fell sharply lower on political noise over National Accountability Bureau references amidst the threat of resignation by the interior minister and concerns over the outcome of the IHC dismissing the [finance minister’s] petitions challenging corruption proceedings,” said Ahsan Mehanti of Arif Habib Corporation.
He added that a dismal economic outlook, uncertainty over the outcome of the EU GSP Plus review this month, dismal data on cement and fertilizer sales for September 2017, falling global crude prices on higher OPEC output, and political uncertainty played a catalyst’s role in the bearish close at the PSX.