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Punjab govt announces Rs18b tax waiver, Rs10b relief package

LAHORE: Punjab Chief Minister Usman Buzdar announced that his government had decided to waive Rs18 billion in taxes besides providing relief worth Rs10bn to 2.5 million households in the province. The measures are being taken to provide relief to the population as it grapples with the COVID-19 epidemic. As per the CM’s directives, Rs4,000 per month will be given to ... Read More »

World’s largest glove maker sees shortage as coronavirus fight spikes

KUALA LUMPUR: Malaysia’s Top Glove Corporation, which makes one in every five gloves globally, expects a product shortage as demand from Europe and the United States spikes because of the widening coronavirus outbreak is exceeding its capacity. The company has extended shipping times to cope with the demand surge, Executive Chairman Lim Wee Chai told Reuters by phone on Saturday. ... Read More »

FBR not to extend deadline for sales tax payment

ISLAMABAD: Federal Board of Revenue (FBR) has said it will not extend the date for sales tax payment beyond March 31, 2020. The FBR spokesman said that the date was extended for duty and tax payment in order to facilitate taxpayers amid outbreak of coronavirus and subsequent lockdown. Through a notification on March 18 the FBR extended the last date ... Read More »

PSX posts massive losses throughout the week

KARACHI: Pakistan Stock Exchange during the outgoing week lost a total of 2558 points or 8.34 percent of total volume. During the week, index closed at 28110 points. The index also touched the six years low mark of 27229 points during the week. Foreign selling amounted to 13.7 million dollars vs 19.6 million dollars in the preceding week resulting in ... Read More »

KCCI extends deadline for renewal of membership till April 30

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has extended the last date for the renewal of KCCI membership from March 31, 2020 to April 30, 2020 due to the outbreak of corona virus pandemic, a spokesman said. The KCCI has requested all its members to get their membership renewed before April 30, 2020 to avoid any inconvenience, it ... Read More »

GSP demands Rs519m to execute four projects in next PSDP

ISLAMABAD: The Geological Survey of Pakistan (GSP) has demanded Rs519.057 million to execute four projects under the Public Sector Development Programme (PSDP 2020-2021). “Out of these projects, three are related to mineral sector and one project is meant for fuel sector, for which Rs 512.533 million and Rs 6.524 million have been demanded respectively in the next fiscal year,” a ... Read More »

Govt to allocate Rs270b as subsidies for FY21 budget

ISLAMABAD: The federal government is likely to earmark Rs270 billion under the head of ‘subsidies’ for the next fiscal year (FY2020-21). According to sources, the Ministry of Finance, in its budget strategy paper for the next fiscal year, has proposed to keep Rs250 to Rs270 billion for subsidies in FY21. The figure is slightly less than the amount allocated for ... Read More »

Govt allows 10 industries to continue operations to maintain supply of essential items

ISLAMABAD: The federal and provincial governments agreed to allow 10 major industries to continue operations to maintain supply of essential items in the domestic market amid the lock down. The government’s economic team led by Adviser to Prime Minister on Commerce and Industries Abdul Razak Dawood held a virtual meeting with stakeholders to agree on a minimum agenda. “We have ... Read More »

PIA, foreign airlines stopped entry in Saudi Arabia for indefinite period

KARACHI: Saudi Arabia has decided to extend its ban on foreign airlines including Pakistan International Airlines (PIA) for an indefinite period due to coronavirus pandemic. According to media, General Authority of Civil Aviation (GACA) has released new directives to foreign airlines regarding its extension of the ban on international flight operations for an indefinite period. All air traffic controllers of ... Read More »

Coronavirus: Sindh police launches app to monitor public movement

  KARACHI: Sindh Police has introduced an application to monitor the movements of citizens during the lockdown in the province to contain spread of coronavirus, media reported on Sunday. According to details, the app has been rolled out on the instructions of Sindh Police Chief Mushtaq Mehar. As part of the application, the police enters the CNIC number of a ... Read More »

Historic $2.2tr coronavirus bill passes US House, headed to Trump

WASHINGTON: The U.S. House of Representatives on Friday approved a $2.2 trillion aid package – the largest in American history – to help people and businesses cope with the economic downturn inflicted by the coronavirus pandemic. The massive bill also rushes billions of dollars to medical providers on the front lines of the outbreak. Republican President Donald Trump said he ... Read More »

Hamza Shehbaz approaches LHC for bail amid fears of corona virus

LAHORE: Hamza Shehbaz asked the Lahore High Court to allow him bail due to coronavirus fears in NAB case here on Saturday. Hamza Shehbaz, who is also central leader of PML-N, moved another plea before the Lahore High Court seeking his bail in money laundering case that he was feeling completely unsafe due to spreading Coronavirus. He asked the court ... Read More »

Weekly Review: PSX may remain under pressure due to coronavirus

KARACHI: The share market may remain under pressure due to coronavirus spread and reports of lockdown in major cities of the country. Analysts at Arif Habib Limited expect the equity bourse to remain under pressure on account of fast spreading Coronavirus and news regarding lockdown of major cities (Karachi and Lahore) which will keep the investors sentiment dull. On the ... Read More »

Privatization process ongoing as planned

ISLAMABAD: Federal Minister for Privatization Muhammad Mian Soomro said that the process to privatize national entities is ongoing and no delay is being made in the timeline for privatization of power plants and other entities. He said that although the government has prioritize provision of health facilities due to the coronavirus pandemic, however, the privatization process is also ongoing as ... Read More »

Multan Adjudication adjourns hearings of all seizure cases for two weeks

MULTAN: Collectorate of Customs Adjudication Multan Camp Office has adjourned hearings of all seizure cases for two weeks to avoid outspread of corona virus. Collectorate of Customs Adjudication has issued notification for adjournments of proceedings of all seizure cases due to spread of corona virus. Deputy Collector Customs Adjudication Abdul Mueed Kanjoo informed Customs Today that all cases are adjourned ... Read More »

Customs Court approves pre-arrest bail of proprietor of M/s Malik Brothers Logistics

KARACHI: The Customs Court granted pre-arrest bail of suspect namely Muhammad Mansha son of Muhammad Anwar, proprietor of M/s Malik Brothers Logistics, M/s ABL Shipping Co and M/s Malik Brothers Technologies Services and clearing agent who is booked in two separates case of tax evasion and money laundering of Rs1,070,593,310 & Rs265,264,660. On 27 March 27, the above mentioned suspect ... Read More »

SHC seeks rely on petition filed by M/s Hamza Waqar Enterprises

KARACHI: The Sindh High Court (SHC) directed customs authority to file their comments and no action should be taken against the petitioner till next date of hearing on a constitutional petition filed by M/s Hamza Waqar Enterprises against detention and enhancement of valuation of imported sodium lauryl ether sulfate 70 percent from Indonesia. On 27 March 27, a two-member bench, ... Read More »

PM Imran directs ministry not to increase gas tariff

ISLAMABAD: Prime Minister Imran Khan in a video message after chairing a high-level meeting on the energy sector has said that no additional burden would be shifted to the gas consumers, rather steps would be taken to facilitate them under the recently announced economic relief package. Special Assistant to the PM on Information Dr. Firdous Ashiq Awan said the meeting ... Read More »

FBR to extend deadline for big retailers to integrate transactions with POS system

ISLAMABAD: Federal Board of Revenue (FBR) is likely to further extend the deadline for big retailers to digitally integrate their trade transactions with real-time point of sale system of the tax authority. The sources said the FBR might extend the last date for integration of point of sales (POS) by big retailers due to ongoing shutdowns related to coronavirus outbreak. ... Read More »

Lockdown: FPCCI demands deferral of CNIC condition for 6 months on sale of goods

KARACHI: Saquib Fayyaz Magoon, Convener of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on Sales Tax and Chairman Indenters Association of Pakistan (IAOP), urged Government to pay attention on economic crises due to lockdown for prevention of coronavirus pandemic and has demanded Prime Minister to defer CNIC Condition for 6 Months on sale of goods to ... Read More »