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Russia-Turkey trade contracted 25% in 2015

MOSCOW: Trade turnover between Russia and Turkey fell to $23 billion last year and will continue to fall in the future, according to Russia’s Ambassador to Turkey Andrey Karlov. Karlov added that trade between Moscow and Ankara this year is continuing to slide. “In January, the volume of Turkish exports to Russia fell by two-thirds, and there is also the ... Read More »

China imports sunflower seed from Kazakhstan

BEIJING: According to official data, since the beginning of the 2015/16 season sunflower seed exports from Kazakhstan reached 63.6 KMT that was more than 100% higher than during the same period in season 2014/15 being a record exports figure. Almost half of the exported sunflower seed was supplied to the neighboring China in September-December (30 KMT). The remaining sunflower seed ... Read More »

Value of exports from Finland to Russia continue to drop in 2015

HELSINKI: The value of exports from Finland to Russia continued to plummet in 2015, suggest preliminary statistics published by the Finnish Customs on Monday. The Finnish Customs reported that the value of exports to Russia fell sharply across all categories of export goods, by a total of 34 per cent year-on-year between January and November of 2015. The fall was ... Read More »

Iraq raises March OSP for Basra Light crude to Asia

BAGHDAD: Iraq has raised the March official selling price (OSP) for Basra Light crude to Asia by $0.20 to minus $2.60 a barrel against the average of Oman/Dubai quotes from the previous month, the State Oil Marketing Organization (SOMO) said. Basra Heavy to Asia in the same month was priced at minus $6.30 a barrel to Oman/Dubai quotes, SOMO said ... Read More »

Kh Tanveer Ahmad takes helm of I&I-IR as director general

ISLAMABAD: Khawaja Tanveer Ahmad, a BS-21 officer of Inland Revenue Service, has assumed the charge of post of Director General, Directorate General of Intelligence and Investigation (IR), Islamabad. Kh Tanveer, pursuing the Board’s Notification No. 0305-IR-I/2016 dated 06.02.2016, relinquished the charge of the post Director General, Directorate General of Internal Audit (IR), Islamabad, with effect from February 08. Read More »

Haroon Tareen takes charge as Director General (WHT)

ISLAMABAD: Haroon Muhammad Khan Tareen, a BS-21 officer of Inland Revenue Service, has assumed the charge of the post of Director General (WHT), Federal Board of Revenue (HQ). Tareen, in pursuance of Board’s Notification No. 0305-IR-I/2016 dated 06.02.2016, has relinquished the charge of the post of Director General, Directorate General of Intelligence and Investigation (IR), Islamabad, with effect from February ... Read More »

Kh Adnan takes charge as Lahore Chief Commissioner-IR (OPS)

ISLAMABAD: Khawaja Adnan Zahir, a BS-20 officer of Inland Revenue Service, has assumed the charge of the post of Chief Commissioner-IR (OPS), Regional Tax Office-II, Lahore. Zahir, in pursuance of Board’s Notification No. 0305-IR-I/2016 dated 06.02.2016, relinquished the charge of the post of Director General (OPS), Federal Board of Revenue (HQ), Islamabad, with effect from February 08. Read More »

Wajid Akram assumes charge as Lahore Commissioner-IR (WHT)

ISLAMABAD: Wajid Akram, a BS-20 officer of Inland Revenue Service, has assumed the charge of the post of Commissioner-IR (WHT), Regional Tax Office-II, Lahore. The officer, in pursuance of Board’s Notification No. 0253-IR-I/2016 dated 29.01.2016, relinquished the charge of the post of Commissioner-IR (Zone-VII), Regional Tax Office-II, Lahore, with effect from February 04. Read More »

Dr Sarmad takes charge as Lahore Commissioner-IR (Zone-VII)

ISLAMABAD: Dr Muhammad Sarmad Qureshi, a BS-20 officer of Inland Revenue Service, has assumed the charge of the post of Commissioner-IR (Zone-VII), Regional Tax Office-II, Lahore. Qureshi, pursuing the Board’s Notification No. 0253-IR-I/2016 dated 29.01.2016, assumed the charge of the said post with effect from February 04. Read More »

IKEA boosts South Korean furniture market

SEOUL: Since IKEA entered the retail sector in South Korea in 2015, the furniture market got explosive sales. Thus, as Yonhap, the South Korean news agency reported, it started a competition with local retailers, according to La Prensa. Statistics Korea released a report saying that the sales in retail furniture increased by 7% since 2014, with $4.15 billion earings, recording ... Read More »

Ziaullah Khan assumes charge as Secretary (Litigation-Management)

ISLAMABAD: Ziaullah Khan, a BS-19 officer of Inland Revenue Service, has assumed the charge of the post Secretary (Litigation-Management), Federal Board of Revenue (HQ). The officer, in pursuance of Board’s Notification No. 0257-IR-I/2016 dated 29.01.2016, relinquished the charge of the post of Additional Commissioner-IR, Regional Tax Office, Islamabad, with effect from February 08. Read More »

Performance allowance of Dy Collector Shoaib restored

ISLAMABAD: Performance allowance in respect of Muhammad Shoaib Qazi, a Pakistan Customs Service officer of BS-18, has been restored. The performance allowance (equivalent to 100 per cent of basic pay) in respect of the officer, presently posted as Deputy Collector, Model Customs Collectorate, Quetta, has been restored with effect from November 25, 2013. Read More »

Sardar Zafar relinquishes charge as Legal Wing secretary

ISLAMABAD: Sardar Zafar Mahmud Khan, a BS-19 officer of AJK (IT) Group, has relinquished the charge of the post Secretary (Automation), Legal Wing, Federal Board of Revenue (HQ). The officer, in pursuance of Board’s Notification No. 0253-IR-I/2016 dated 29.01.2016, relinquished the charge of the post the said post with effect from February 08. Read More »

Hyderabad RTO holds seminar on Voluntary Tax Compliance Scheme

HYDERABAD: The Regional Tax Office (RTO) has arranged a seminar to introduce new Voluntary Tax Compliance Scheme to the representatives of the local business community. Hyderabad Chief Commissioner Dr Mohammad Ali Saand gave introduction of the tax amnesty scheme to the representatives and members of Hyderabad Chamber of Commerce and Industry and Small Traders. The RTO officials and traders discussed ... Read More »

Jordan seeks to enhance commercial, investment cooperation with Algeria

AMMAN: There is a need for Jordan and Algeria to activate the joint free trade agreement, increase commercial exchange volume and encourage establishing investments in both countries, Industry, Trade and Supply Minister Maha Ali said on Monday. At a meeting with an Algerian economic delegation, currently visiting the Kingdom, she added that both countries are interested to develop economic cooperation ... Read More »

Italy’s public debt expected to decline in 2016

ROME: The expected decline of Italy’s public debt this year will mark a turnaround for the euro region’s third-biggest economy, changing financial markets’ skeptical view of the country, Finance Minister Pier Carlo Padoan said. “Given real growth and possibly given a bit more inflation, that is beyond our control of course, we will see dynamics of the debt accelerating downwards,” ... Read More »

Internet initiative Japan 9-month profit rises 11.2%

TOKYO: Internet Initiative Japan Inc. reported that its 9-month net income attributable to the company increased 11.2 percent to 2.573 billion yen from 2.314 billion yen in the previous year. Net income per share grew to 55.88 yen from 50.29 yen in the prior year. Operating Income was 4.073 billion yen, up 7.6% from prior year’s 3.786 billion yen. Total ... Read More »

Rolls-Royce sales in Oman increase 11% last year

MUSCAT: Rolls-Royce sales in Oman increased by 11 per cent last year, said Al Jenaibi International Automobiles, the sole authorised dealer in the Sultanate. The news comes following the announcement from Rolls-Royce Motor Cars that 2015 was another record-breaking year of sales in the Middle East, with a 4 per cent growth in overall sales — meaning that the region ... Read More »

RTO Sukkur striving to make tax amnesty scheme a success

SUKKUR: The local business community has assured their full cooperation and support to make the Voluntary Tax Compliance Scheme (VTCS) a success. They expressed their views on the tax amnesty scheme during a meeting with a delegation of the officials of Regional Tax Office, led by Chief Commissioner-Inland Revenue. The representatives and members of Sukkur Chamber of Commerce & Industry ... Read More »

Armenia imports 37.4 tons of tomatoes from Turkey

ANKARA: Armenia imported 37.4 tons of tomatoes from Turkey, Iran, Georgia, Holland and Greece in 2015. That same year, 135 tons of cucumbers were imported from Turkey, Iran, Georgia and Greece. The tomatoes, imported by a handful of individual proprietors are sold at fairly cheap prices in local stores, undercutting local producers. Given that the bulk of tomato imports hit ... Read More »