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FBR to pay refunds worth Rs100b through supplementary grants

ISLAMABAD: The Federal Bureau of Revenue (FBR) said it will be paying Rs100 billion refunds through supplementary grants in a bid to inflate its revenue collection for last fiscal year. For the first time in the country’s history, such an ‘innovation’ was made to show that the FBR achieved growth of just over 4 percent. FBR high-ups argued that the ... Read More »

PM Imran Khan forms body to facilitate construction sector, housing projects

ISLAMABAD: Prime Minister Imran Khan on Monday formed a 13-member national coordination committee to facilitate the construction sector and low-cost housing projects. The convener of the committee would be Chairman Naya Pakistan Housing and Development Authority while officials from housing, planning division, energy, petroleum, and law departments of the federal government would also be a part of it. Deputy Governor ... Read More »

PTCL approaches SHC against demand & recovery notice

KARACHI: Pakistan Telecommunication Corporation Limited (PTCL) has approached the Sindh High Court (SHC) against demand & recovery notice and seeking stay order for adverse action against recovery notice. On 6 July 2020, counsel for the petitioner stated in his petition that petitioner is a public limited company which is engaged in providing telecommunication services across Pakistan. He submitted that the ... Read More »

 Pakistan’s deficit in services trade narrows 41.6pc to $2.7b

ISLAMABAD: Pakistan’s services’ exports declined by 16.72pc YoY to $389.99 million in May 2020, as against $468.27 in May last year. According to data released by the Pakistan Bureau of Statistics (PBS), the country’s services’ exports have taken a significant hit following the imposition of countrywide lockdown in March to contain the pandemic. On a cumulative basis, services’ exports during ... Read More »

Karachi loadshedding crisis: NEPRA to hold public hearing on July 10

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) announced on to hold a public hearing on July 10 as the persistent load-shedding crisis continues to test Karachiites’ patience in the sweltering heat. The authority said it would hold a public hearing via the mobile app Zoom due to the coronavirus pandemic. Citizens can be a part of the hearing by ... Read More »

SRB revises sales tax jurisdiction of commissioners

KARACHI: Sindh Revenue Board (SRB) on Monday revised jurisdiction of commissioners with effect from July 06, 2020. Following is the revised jurisdiction of commissioners: Commissioner-I Unit 2: Hotels, motels and Guest Houses; restaurants; marriage halls and lawns; caterers; clubs and race clubs; event management services and exhibition services; out-door photographers and videographers; indoor sports and game center: vehicle parking and ... Read More »

Razak lauds exporters’ ‘good performance’ amid pandemic

ISLAMABAD: Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood congratulated exporters on “good performance” despite the “very challenging” situation caused by Covid-19. “I want to congratulate all our exporters on the good performance in 2019-20, in spite of the very challenging situation caused by Covid,” he said in a Twitter statement. The PM aide said the ... Read More »

Customs Court approves charge sheet against suspects in tyres smuggling case

KARACHI: The Customs Court approves charge sheet against arrested suspects namely Najibullah son of Abdul Khaliq and Wahid Jan son of Mula Jan, who were booked in a case of attempting to smuggle non-duty paid foreign origin tyres etc. On 3 July 2020, investigation officer submittedcharge sheet against the above mentioned suspects and informed that on  credible information, customs officials ... Read More »

NAB decides to take steps to arrest fugitives and notorious accused

ISLAMABAD: A meeting of National Accountability Bureau (NAB) was held at NAB headquarters under the chairmanship of Justice Javed Iqbal Chairman NAB. Deputy chairman, Prosecutor General Accountability, Director General Operations and other senior officers of NAB were present, while all Director Generals attended the meeting via video link. The meeting reviewed the overall performance of NAB. Speaking on the occasion, ... Read More »

CPEC: Pakistan, China ink agreement of $1.5b Azad Pattan Hydel Power Project

ISLAMABAD: Pakistan and China signed an agreement for the construction of $1.5 billion Azad Pattan Hydel Power Project, Chairman CPEC Authority Asim Saleem Bajwa said on Monday. Prime Minister Imran Khan witnessed the signing ceremony. Addressing the ceremony, the prime minister said the China-Pakistan Economic Corridor (CPEC) project will prove to be a milestone in the country’s development and prosperity. ... Read More »

KCCI urges govt. to end KE’s monopoly

KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli, while strongly criticizing K-Electric over excessive load shedding and its failure to ensure uninterrupted electricity supply since 2005 when KESC was privatized, stated that as KE’s agreement is going to expire in 2023, the next agreement has to be prudently drafted in ... Read More »

114 Indian nationals to be repatriated via Wagah border on July 9

LAHORE: 114 Indian nationals stuck in Pakistan owing to the coronavirus pandemic will return to their homeland via the Wagah bordering crossing on July 9. The Ministry of Interior has written a letter to the director general of the Punjab Rangers apprising him of the Indian citizens’ homeward journey through the Wagah border on foot. It instructed that the government-prescribed ... Read More »

Second raid: Customs Preventive impounds smuggled goods worth Rs30m from Yusuf Plaza

KARACHI: Collectorate of Customs Preventive Anti-smuggling Organization conducted a raid on Yusuf Plaza in Bolton Market and recovered huge quantity of smuggled goods worth Rs30 million. A raid had been conducted on Yusuf Plaze few days ago and smuggled goods had been recovered. Sources told that on the directives of Chief Collector Enforcement Saifuddin Junejo, Collector Preventive Saquif Saeed has ... Read More »

US dollar surges against PKR in interbank market

KARACHI: The United States (US) dollar gained 0.19 paisa against the Pakistani rupee at the start of day’s trading on Monday. According to forex dealers, the greenback is trading at 166.40 against the domestic currency at the interbank foreign exchange market. Last week on Thursday, the exchange rate of Pakistani rupee strengthened by Rs1.45 against the US dollar in the ... Read More »

COVID-19 pandemic: Pakistan gets Rs335b debt relief from G20

ISLAMABAD: Pakistan will sign its debt relief agreement with G20 countries separately before the deadline of December 31, 2020, in order to avail debt relief of slightly over $2 billion (Rs335 billion). A top official of the Finance Division told media that the work was in progress for availing debt relief announced by G20 countries. “So far we have reconciled ... Read More »

How much more expensive were food commodities in 2019-20?

ISLAMABAD: After the government rolled out the budget for the upcoming financial year last month, an official government report has now unveiled a staggering rise in prices of basic commodities in 2019-20 compared to prices recorded in 2018-19. According to the report, the inflation for the fiscal year ended on June 30, 2020 was recorded at 10.74%, whereas, the average ... Read More »

Finance Act 2020: FBR allows taxpayers to complete profile through online till December 31

ISLAMABAD: Federal Board of Revenue (FBR) has given taxpayers a deadline of December 31, 2020 to complete their profile through online system otherwise their name will be removed from active taxpayers list (ATL). The National Assembly approved the new amendment of taxpayers profiling through new section 114A to Income Tax Ordinance, 2001. Section 114A: Taxpayer’s profile: Sub-section 1: Subject to ... Read More »

M/s Karsons Enterprises approaches SHC against enhancement in valuation 

KARACHI: M/s Karsons Enterprises has approached the Sindh High Court (SHC) and filed petition against enhancement of its imported 236 drums net weight 38,940 kilograms, sodium mauryl ether sulfate 70 percent 165 kgs plastic drum each imported from China from US$0.95/kgs to US$1.42/kgs. On 4 July 2020, counsel for the petitioner stated that petitioner is engaged in business of import, ... Read More »

IR officials can now recover overdue non-tax revenue

ISLAMABAD: The government has empowered revenue officials to recover overdue non-tax revenue during the current 2020/21 fiscal year. An amendment has been made to the Public Finance Management Act, 2019 in the Finance Act 2020 and approved by the National Assembly to assign addition task of non-tax revenue collection by the officials of Inland Revenue department of the Federal Board ... Read More »

IsDB approves $60m supplementary aid for Pakistan’s polio eradication efforts

ISLAMABAD: The Islamic Development Bank (IsDB) has approved a $60 million supplementary fund for Pakistan to support the country’s polio eradication programme. This includes a $39 million IsDB Murabaha and a $21 million grant from the IsDB-managed Lives and Livelihoods Fund (LLF). The sum has been approved by the IsDB Board of Executive Directors at the virtual meeting held in ... Read More »