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Gold prices continue to soar in markets across Pakistan

KARACHI: Gold prices in the local market on Monday edged up by Rs250 to Rs89,700 per tola. Likewise, the rate of 10 grams of precious yellow metal also increased by Rs215 and is being traded at Rs76,903. Meanwhile, Gold prices in the international market were also increased by $4 to $1561 per ounce. Silver prices in the country per tola ... Read More »

NAB distributes Rs14.4m among 56 affectees of Lake Vista Residentia Hosuing Scheme  

ISLAMABAD: National Accountability Bureau (NAB), Rawalpindi has distributed Rs 14.4 millions among 56 affectees cheated by the owners of a fake housing society Lake Vista Residencia located at Mouza Abdullah, Adayala Road Rawalpindi. Director General NAB Rawalpindi Irfan Naeem Mangi said the bureau was making all out efforts to recover the looted money from the swindlers. The accused Malik Muhammad ... Read More »

Bears dominate as KSE-100 drops 420 points

KARACHI: Pakistan Stock Exchange (PSX) witnessed a negative start to the trading week, as the indices remained in the red zone for almost the entire session on Monday, dragging the benchmark KSE-100 Index below the 43,000-mark. On the economic front, a Pakistani delegation is currently on a three-day visit to Beijing where it would hold talks with Financial Action Task ... Read More »

PM approves containers scanning project under Afghan Transit Trade

KARACHI: Prime Minister Imran Khan has approved a project costing €250 million to scan 100 percent imported containers shipping goods under Afghan Transit Trade project. The project would be completed in three phases by December 2020 and the pilot operation would start in April 2020. Under the project, special scanners would be installed at all crossing points and custom clearing ... Read More »

PM Imran directs to wave off unnecessary taxes on small shopkeepers

ISLAMABAD: Prime Minister Imran Khan has on Monday directed to wave off unnecessary taxes on small shopkeepers and to not put them in undue trouble. The premier held consultations with the chief ministers and the Pakistan Board of Investment while taking notice of the taxes that are collected in the name of inspection and unneeded certification. Imran Khan ordered to ... Read More »

KPT ships movement, cargo handling report on Jan 20

KARACHI: Following were the movements of ships and cargo handling at the Karachi Port Trust (KPT) during the last 48 hours, ending at 0700 hours on Monday. SHIPS BERTHED: Kota Gunawan Container Ship Roy Maersk Tanker Grace Clinkers Le Li General Cargo Clearocean Tanker V Fulmar Clinkers Dolphin I I Container Ship Positive Leader car Carrier SHIPS SAILED: Xin Los ... Read More »

PRA tax collection increases 23pc in H1FY20

LAHORE: The Punjab Revenue Authority (PRA) has claimed that it has increased its tax collection by 23.2% in the first half of fiscal year 2019-20. As per official statistics, the provincial revenue authority has managed to earn Rs53.2 billion in six months of 2019-20 against Rs43.2 billion in the corresponding period. PRA has been given a revenue target of Rs166.550 ... Read More »

FBR to get access to taxpayers’ data

ISLAMABAD: The government decided to give access to Federal Board of Revenue’s (FBR) inland revenue database to curb money laundering and terror financing in compliance with the action plan of the Financial Action Task Force (FATF). According to media, the government has introduced a policy to provide the unit access to the FBR’s inland revenue database through mutual consultation with ... Read More »

Pak Rupee depreciates by 2 paisa against dollar in early trade

KARACHI: The Pakistani rupee depreciated by two paisa against the US dollar in the interbank market at the start of Monday’s trade. According to forex dealers, the dollar is trading at 154.58 against the local currency as compared to last week’s closing of 154.56. Last week, the rupee rose 27 paisa to finish at 154.56 from 154.83 against the dollar ... Read More »

Fertilizers production grew in first five months of FY2019-20

ISLAMABAD: Fertilizers production in the country during first five months of current financial year increased by 8.18 percent as compared the output of the corresponding period of last year. During the period from July-November, 2019-20, nitrogen fertilizers grew by 8.18 per cent as over 1.364 million tons of fertilizers produced as against the production of 1.261 million tons of the ... Read More »

Stocks edge down amid negative sentiments among investors

KARACHI: The Pakistan Stock Exchange (PSX) on Monday has been witnessing bearish trend as the KSE 100-share Index lost 114.77 points or 0.27 percent amid absence of positive triggers, and prevailing negative sentiments among investors due to rising political noise between the political parties. The Index hit 43,053 points as of 10.54am. The Index today opened at 43,245.13 points. In ... Read More »

Int’l conference on LNG to be held on Jan 31

ISLAMABAD: A daylong international conference titled “LNG for Pakistan” is scheduled to be held here on January 31 with a special focus on prevailing countrywide gas supply situation amid severe spell of cold weather. The seminar, organized by Energy Update – a trade magazine, is aimed at addressing the issues related to Pakistan’s energy requirements and determining the role of ... Read More »

Essential commodities’ prices rise from Sept to Jan 2020

LAHORE: Prices of essential commodities have skyrocketed, bringing massive financial pressure on the common man. According to media investigation report, significant hike in the prices of pulses, wheat flour, chicken, ghee, sugar, vegetables, LPG, garlic, tomatoes, onion, potatoes, mutton, tea and other items of daily use was observed in the period from Sept. 2018 till Jan. 2020. The price of ... Read More »

ECC approves import of wheat without RD on emergency basis

ISLAMABAD: A meeting of the Economic Coordination Committee of the Cabinet (ECC) chaired by Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh has allowed import of 0.3 million tonnes of wheat to decrease the local wheat price and meet the domestic requirement. Under the decision, the wheat would be imported by the private sector by ... Read More »

Customs Court dismisses application for transfer of case to NAB Court against M.M Trading Co

KARACHI: The Customs Court dismissed the application filed by National Accountability Bureau (NAB) seeking transfer of case from customs court to NAB court against M/s M.M Trading Co and others, who were booked in a case of attempting to evade duties and taxes on the tune of Rs40,097,627. On 18 January 2020, after the hearing, court passed order that “there ... Read More »

Tax evasion: Customs Court directs CIR to complete investigation against M/s Escord Enterprises

KARACHI: The Customs Court directed investigation officer to complete investigation against Muhammad Younus Sayani son of Muhammad Yousuf Sayani, owner of M/s Escord Industries old name Younus Enterprises and registered and un-registered accused persons, who are nominated in first information report (FIR) amounting to Rs31,312,758 sales tax evasion case. On 18 January 2020, investigation officer of Commissioner Inland Revenue Zone-I ... Read More »

FBR chairman applauds small traders as registration process begins

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Monday applauded the small traders and shopkeepers for extending their cooperating with the government authorities in the tax registration process. The FBR chairman said that the tax issues faced by the small traders were never considered seriously. “They were facing a lot of issues related to taxation as most of ... Read More »

FBR explains reason of delay in implementation of Track & Trace System

ISLAMABAD: The delay in implementation of Track & Trace System to curb illicit cigarettes is delayed due to stay order granted by the Honorable Cout. According to note issued by the Federal Board of Revenue it explained that on the news item published by a section of press on 20th January about delay in the implementation of  FBR’s Track & ... Read More »

Current Account Deficit narrows 80pc in December

KARACHI: Pakistan’s Current Account Deficit narrowed to $367 million in December 2019 compared to $1.88 billion in same month of the previous year, showing a massive decline of 80 percent, State Bank of Pakistan reported. On average, the current account deficit also registered a steep fall of 75 percent as it fell to $2.153 billion in first half (Jul-Dec) of ... Read More »

Oil import bill falls by 20pc in 1H of current FY

ISLAMABAD: Pakistan’s oil import bill and local production of petroleum products declined by almost 20 per cent and 12pc, respectively, during first half of the current fiscal year, a clear sign of economic slowdown. According to data released by the Federal Bureau of Statistics (PBS), the oil import bill during the first six months (July-December 2019) fell by 19.87pc in ... Read More »