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Govt urged to exempt investors from customs duty, income tax in SEZs

LAHORE: The government should exempt the factory owners and investors from Customs Duty and Income tax for the period of ten year. The Punjab government has already declared two industrial estates Vehari and Rahim Yar Khan both in south Punjab as special economic zones.  These economic zones can turn around the lives of people living in these areas as to ... Read More »

SHC seeks FIA reply on petition against ban on cryptocurrencies

KARACHI: The Sindh High Court (SHC) on Thursday issued notices to Federal Investigation Agency (FIA) officials on a petition against a ban on the use of digital currencies in the country. On 5 December 2919, a bench of the Sindh high court directed the authorities to assist it in understanding cryptocurrencies. State Bank of Pakistan (SBP) Governor Reza Baqir, Federal ... Read More »

SBP sells Rs398.44b worth of T-Bills

KARACHI: The State Bank of Pakistan (SBP) conducted Treasury Bills auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth worth Rs398.44 billion for 3, 6 and 12 months. The auction target was Rs300.00 billion against a maturing amount of Rs74.90 billion. Cut off yield for 3, 6 and 12 months were 13.5391, 13.2899 and 13.14 percent. The ... Read More »

FBR releases refunds worth Rs5.5b under automated system

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi on Wednesday said that FBR has released refunds worth Rs5.5 billion under the fully automated faster system. The FBR chairman in a tweet said the most important change in paradigm is that such refunds have been issued under fully automated, impersonal, harassment and corruption-free system. Earlier, on December 2,  FBR Chairman ... Read More »

China Development Bank keen to invest in various development projects

ISLAMABAD: A delegation of China Development Bank held a detailed meeting with Adviser to Prime Minister on Revenue, Finance and Economic Affairs Dr. Abdul Hafeez Shaikh. The Chinese delegation was led by its Director-General Gao Ming Gang. During the meeting with Hafeez Shaikh Chinese bankers expressed their keen interest to invest in various development sectors of Pakistan. Chinese bankers showed ... Read More »

DG Valuation revises customs values of nylon yarn through VR No 1432/2019

KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki revised customs values of nylon yarn through Valuation Ruling No. 1432 dated 3.12.2019 There was a representation from Pakistan Yarn Manufacture Association (Pakistan) wherein they contended that value of subject item needs to be aligned with international values. They requested to determine the applicable customs values in accordance with the trends of ... Read More »

Customs values of polyester, viscose, acrylic yarn & blends revised

KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki revised customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends under Section 25-A of the Customs Act, 1069. Earlier, customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends thereof were determined vide Valuation Ruling No. 1276 dated 28.3.2018. There was a representation ... Read More »

PSX gains 481.79 points to close at 40,306.55 points

KARACHI: Pakistan Stock Exchange on Wednesday witnessed bullish trend as the KSE-100 Index closed today at 40,306.55 points as compared to 39,788.73 points on the last working day with a positive change of 481.79 points. On Tuesday, the stocks witnessed bearish trend as KSE-100 index closed at 39,788.73 points with a decline of 335.49 points. The PSX receded back to ... Read More »

NAB to file corruption reference of Chaudhry Sugar Mills case

LAHORE: The National Accountability Bureau (NAB) has started preparation to file a corruption reference against a case related to money laundering through Chaudhry Sugar Mills. Sources said that the investigation officer has apprised NAB chairman Justice (r) Javed Iqbal regarding the preparation of the corruption reference of Chaudhry Sugar Mills case. The initial reference is likely to be filed in ... Read More »

FBR to amend tax laws to cut electricity & gas connections of non-filers

ISLAMABAD: Federal Board of Revenue (FBR) has decided to amend tax laws for disconnecting electricity and gas supplies to non-compliant clients from next month. According to media, the need for bringing change in the tax laws came in the wake of poor response from power distribution companies (Discos). In the last six months, Discos have been unable persuade non-compliant industrial ... Read More »

Investment in prize bonds of Rs40,000 surged by 192pc: SBP

KARACHI: Investment into premium prize bonds of Rs40,000 denomination sharply increased BY 192 per cent, the State Bank of Pakistan (SBP), said on Wednesday. The State Bank of Pakistan’s (SBP) statistics showed that investment into registered or premium prize bonds surged to Rs17 billion in October 2019 compared with Rs5.8 billion in the corresponding month a year earlier. The premium ... Read More »

Pak Rupee edges up against dollar in open market

KARACHI: The Pakistani rupee on Wednesday recovered its value by 5 paisa in the open market, but lost its strength by 2 paisa in the interbank market. The local currency was being traded at Rs155.19 in the interbank, and Rs155.30 in the open market. Importantly, Moody’s Investors Service (“Moody’s”) has affirmed Pakistan’s local and foreign currency long-term issuer and senior ... Read More »

Deputy collector transfers principal appraiser, superintendents

ISLAMABAD: Collectorate of Customs Deputy Collector (HQ) Muhammad Hassan Farid issued orders for transfer and postings of following principal appraiser and superintendents with immediate effect and until further orders:- Principal Appraiser Humayun Mukhtar is transferred from AFU (Import) to Islamabad Dryport. Superintendent Mian Obaid-ur-Rehman is transferred from Islamabad Dryport to AFU (Import) as principal appraiser. Superintendent Nasir Qadir Barlas is ... Read More »

US appreciates Pakistan credit outlook’s revision by Moody’s Investor Service

ISLAMABAD: Acting Assistant Secretary of State for the Bureau of South and Central Asian Affairs Alice Wells on Wednesday appreciated “bold economic reforms” formulated and implemented by the Pakistan’s foreign ministry to “boost growth, attract private capital, and expand exports” while welcoming welcomed Moody’s revision in Pakistan’s credit outlook from negative to stable. In a tweet shared by the State ... Read More »

GB Customs torches several tons of prohibited goods

GILGIT BALTISTAN: Collectorate of Customs Gilgit-Baltistan has bulldozed several tons of smuggled and prohibited goods worth millions of rupees in the international market. According to the details, on the directive of the higher authorities Gilgit Customs staff has bulldozed several tons of smuggled and prohibited goods including mobile phones, batteries, TVs, remote control, liquor as well as other electrical instruments. ... Read More »

Govt committed to enhance capacity of micro-finance sector: Hafeez Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Abdul Hafeez Shaikh on Wednesday said the government was committed to increasing production capacity of micro-finance sector to grab maximum benefits out of minimum resources. Addressing a two-day micro-finance conference here, the adviser said that stable economy was pivotal for promotion of micro-finance sector and due to timely and effective measures ... Read More »

SHC seeks comments on petition seeking release of spare parts consignment

KARACHI: The Sindh High Court directed customs officials to make sure to submit their para wise comments on a petition filed by Amir Rafique, proprietor of M/s A.N Enterprises seeking release order for consignment of spare parts of Belarus Tractor worth US$ 65000 instead of value US$30064.81 approximately 117% higher. On 3 December 2019, a two-member bench, headed by Justice ... Read More »

Multan Preventive transfers three superintendents

MULTAN: Collectorate of Customs Preventive has issued orders for the transfer/posting of three superintendents to different locations. According to details, Deputy Collector Multan Customs Maqbool Ahmad Baloch has reshuffled three superintendents after comprehensive discussing with Collector Muhammad Saleem and Additional Collector Syed Ali Abbas Gardezi to get better result in their assigned tasks. Superintendent Masood Sadiq Tarar has been transferred ... Read More »

Customs Court seeks progress report against suspects booked in getting delivery of auction goods case

KARACHI: The Customs Court directed investigation officer to complete investigation against suspects namely Muhammad Zaki son of Islamuddin, Adeel Ahmed son of Rasheed Ahmed and Meer Rizwan Ali, who were nominated in a case of getting delivery of auction goods by submitting fake, forged and fabricated documents prepared through forgery of signature. On 3 December 2019, investigation officer appeared before ... Read More »

Govt rejects reports regarding 22pc inflation during November

ISLAMABAD: Ministry of Finance strongly rejected news which was being aired on some private news channels regarding 22 percent inflation during the month of November. The ministry clarified that during the month of November inflation percentage remained 12.3 as compared to Base Year 2007-8 and as compared to base year 2015-16 inflation remained 12.7 percent. Ministry of Finance stated that ... Read More »