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Dire needs of social security laws’ revision: NKATI

KARACHI: Faisal Moiz Khan, President North Karachi Association of Trade & Industry (NKATI), has said that the industrialists of North Karachi Industrial Area are playing their important role in the economic development of Pakistan but unfortunately the industrialists of this industrial area have been left helpless. Speaking at a seminar organized at North Karachi Association of Trade & Industry (NKATI) ... Read More »

Govt taking all measures to facilitate farmers of South Punjab: Khawaja Jalaluddin Roomi

MULTAN: Punjab Agriculture Committee (PAC) is optimistic that all its recommendation would surely be approved and Prime Minister would announce a mega incentives package for farmers to make Pakistan self-sufficient in agricultural produce. Punjab Agriculture Committee(PAC) member and Director Pakistan Textile Council. Noted industrialist cum agriculturist, Ex-President of Multan Chamber of Commerce & Industry (MCCI) and sitting President of Dera ... Read More »

Govt, ITFC sign annual financing plan amounting to US$1.1b

ISLAMABAD: Minister for Economic Affairs Makhdum Khusro Bakhtyar witnessed the signing ceremony of ITFC’s Annual Financing Plan 2021 for government of Pakistan, amounting to US$ 1.1 billion. The document was signed by Economic Affairs Division Secretary Noor Ahmed and Chief Executive Officer Eng Hani Salem Sonbol, International Islamic Trade Finance Corporation (ITFC, a subsidiary organization of Islamic Development Bank Group). ... Read More »

FBR to issue ATL for tax year 2020 on March 1

ISLAMABAD: Federal Board of Revenue (FBR) announced that it will issue Active Taxpayers List (ATL) for tax year 2020 on March 01, 2021. The ATL-2020 will include names of those taxpayers who had filed their income tax returns by due date or those who had filed their income tax returns after the due date with payment of surcharges. At present ... Read More »

Income tax return filing hits record high of 3.11 million: FBR

ISLAMABAD: Federal Board of Revenue (FBR) has issued Active Taxpayers List (ATL) which revealed that annual income tax return filing hit all time high of 3.11 million. The FBR updated the last weekly ATL for tax year 2019 on February 22, 2021 and received record number on the basis of return filed up to February 21, 2021. The FBR is ... Read More »

KCCI urges NEPRA to declare KE’s plea as ‘infructuous’

KARACHI: Senior Vice President Karachi Chamber of Commerce & Industry Saqib Goodluck, while referring to NEPRA’s public hearing on Fuel Cost Adjustment (FCA) and Quarterly Tariff Adjustment (QTA), urged NEPRA to declare K-Electric’s plea as ‘infructuous’ and reject it immediately while the Gas Infrastructure Development Cess (GIDC), instead of being imposed on consumers, should be made part of the subsidy ... Read More »

Aruna Hussain, Soren Skou, Maersk mega scandal case: Importers demand special body to save them from blackmail

KARACHI: Importers have called for setting up a special committee to ensure the implementation of laws to save them from the extortion, blackmail and exploitation of Aruna Hussain, Soren Skou and other officials of Maersk in a mega scandal of illegal collection of demurrage and detention charges. Office-bearers of top chambers of commerce and industry have expressed their grave concern ... Read More »

FBR overlooking serious flaws in track & trace award process

ISLAMABAD: The Federal Board of Revenue (FBR) has allegedly committed several irregularities while evaluating applicants’ profiles for installation of the Track and Trace system. Sources alleged the FBR’s technical committee had not counter-checked the information provided by applicants, such as instances of ‘conflict of interest’ and ‘historical information about the company through available data’, thereby overlooking its own bylaws pertaining ... Read More »

M/s Digicom Trading & others found entitled to avail benefit of amnesty scheme. SHC

KARACHI: A two-member bench of the Sindh High Court (SHC) comprising Justice Junaid Ghaffar and Justice Agha Faisal released detailed judgment and declared that M/s Digicom Trading Private Limited and others are found entitled to avail benefit of amnesty scheme as per order dated 3.6.2019 which has attained finality; but is only confined to the imposition of the fine which ... Read More »

FATF likely to give ruling over Pakistan’s placement in grey list today

ISLAMABAD: The Financial Action Task Force (FATF) is expected to announce later today whether Pakistan has done enough to exit the grey-list as it wraps up its four-day plenary meeting. The FATF president will give a press briefing on the outcomes of the FATF plenary at 4:30 pm Pakistan time. Earlier last week, the Foreign Office (FO) spokesman had said ... Read More »

Pakistan cotton prices peak to 11-year high

KARACHI: Cotton prices in Pakistan pushed to an 11-year high because of a decline in production. Cotton traded at Rs12,000/maund, while its spot rate moved up to Rs11,700/maund, Karachi Cotton Brokers Forum Chairperson Naseem Usman was quoted as told. This is the highest price in the history of cotton trade in Pakistan. An increase of Rs400 was recorded in the ... Read More »

Customs court approves charge sheet in contraband goods smuggling case

KARACHI: The Customs Court approved interim charge sheet against suspects namely Asghar Khan son of Abdul Ghaffar and Shah Jahan son of Rahmat Shah, who were arrested in the first information report (FIR) for smuggling of contraband goods into Pakistan. On 23 February 2021, investigation officer submitted interim charge sheet against the above mentioned suspects and informed the court that ... Read More »

SBP allows five days forward sale, purchase of foreign exchange against export proceeds

KARACHI: The State Bank of Pakistan (SBP) on Wednesday allowed five days forward sales and purchase of foreign exchange against export proceeds in order to facilitate managing exchange rate risks associated with realization of export proceeds. The SBP issued following two circulars in this regard. Five Days Forward Sale Facility against Export of Permissible Foreign Currency Notes The SBP invited ... Read More »

ADB sells $2b 10-Year Global Benchmark Bond

ISLAMABAD: The Asian Development Bank (ADB) priced a $2 billion 10-year global bond, proceeds of which will be part of ADB’s ordinary capital resources. “We appreciate the strong support of our investors for this new 10-year global bond issue,” said ADB Treasurer Pierre Van Peteghem in a press release issued by the bank on Thursday. “This is our second successful ... Read More »

Islamic banking poised to expand across South, Southeast Asia post-pandemic: Moody’s

ISLAMABAD: Islamic banks in South and Southeast Asia have sufficient capital and liquidity to meet increased demand for financing as economies recover from the pandemic, while young, growing populations and government efforts to develop the sector will support long-term growth, according to a new report by Moody’s Investors Service. “Although Islamic banks’ profitability in these regions weakened in 2020, their ... Read More »

Non-textile exports surge 1.85pc in 7MFY21

ISLAMABAD: Pakistan’s non-textile exports posted 1.85 per cent growth year-on-year to $5.49 billion in the first seven months of FY21, as the pace of orders from international markets picked up to almost pre-Covid levels. However, according to the latest data released by the Pakistan Bureau of Statistics (PBS), growth was only seen in the value-added textile products during the July-January ... Read More »

Nepra reserves judgment on KE petition for power price hike

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) reserved judgment on a petition filed for hike in power tariff under fuel adjustment mechanism Tauseef Farooqi, Chairman NEPRA, heard a plea of KE to increase the price of electricity by Rs 1.71 per unit. During the hearing, National Electric Power Regulatory Authority (NEPRA) Chairman Tauseef Farooqi has directed K Electric, the ... Read More »

PTBA asks FBR stop interfering judicial function of Commissioner Appeals

ISLAMABAD: Pakistan Tax Bar Association (PTBA) has urged the Federal Board of Revenue (FBR) to stop interference in judicial function of Commissioner Appeals. In a letter to FBR Chairman Muhammad Javed Ghani on Tuesday, the PTBA while referring to the instructions by the Legal Wing of the FBR to Commissioners Appeals, expressed serious concerns in interference in the judicial independence ... Read More »

FBR allows exemption from income tax on import of sugar

ISLAMABAD: Federal Board of Revenue (FBR) allowed exemption from income tax on import of raw and refined sugar. The FBR issued SRO 235(I)/2021 in pursuance to the federal cabinet decision dated January 26, 2021. Through the SRO the FBR amended Second Schedule of the Income Tax Ordinance, 2001. According to the amendments, the tax under Section 148 on commercial import ... Read More »

MTBA elects Malik Khadim Hussain Maitla as president & M. Sharif as general secretary

MULTAN: Multan Tax Bar Association elected Malik Khadim Hussain Maitla as President and Chaudhry Muhammad Sharif as General Secretary unopposed in tax bar association election for calendar year 2021-22. Multan Tax Bar Association announced 23rd February last date for submission of nomination paper in the annual elections 2021-22.Candidate Malik Khadim Hussain Maitla and Chaudhry Muhammad Sharif submitted their nomination paper ... Read More »