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Weekly inflation increases by 0.65pc

ISLAMABAD: Sensitive Price Indicator (SPI) based weekly inflation for the week ended on December 26, for the combined consumption group increased by 0.65 percent as compared to the previous week. The SPI for the week under review in the above mentioned group was recorded at 130.87oints against 130.02 points registered in the previous week, according to the latest data released ... Read More »

SBP to bear service charges on tax collection via Alternative Delivery Channels

KARACHI: The State Bank of Pakistan (SBP) has announced to bear all services charges over collection of government taxes through Alternative Delivery Channels (ADCs). ADC is an e-Payment facility established by the SBP in collaboration with the FBR and 1Link for collection of government duties and taxes through Internet banking, ATMs, banks’ mobile applications and Over-the-Counter (OTC) at banks’ branches. ... Read More »

FBR notifies fresh jurisdictions of commissioner appeals to facilitate taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has notified fresh jurisdictions of commissioner appeals in order to facilitate taxpayers. Officials in the FBR said the revision in jurisdiction of appeals had been notified for tax offices across the country. The FBR has annulled all the jurisdictions issued in the past. Commissioner Appeals is the first legal forum for taxpayers to ... Read More »

A weekly review: Stock market observe dramatic fluctuations

KARACHI: The Pakistan Stock Exchange (PSX) in the outgoing week witnessed massive fluctuations as the week began on a negative note on Monday when the KSE-100 share Index plunged by 824.70 points for profit-taking sessions before Christmas holiday amid absence of positive triggers but later on Thursday gained 799.47 points amid positive sentiments among traders. On weekly basis, the Index, ... Read More »

Govt increases Ehsaas Kifalat Program stipend by Rs500 under BISP

ISLAMABAD:The government has raised the quarterly grant from Rs5,000 to Rs5,500 for 4.3 million beneficiaries under the Ehsaas Kifalat Programme of the Benazir Income Support Programme (BISP), Special Assistant to the Prime Minister on Social Protection and Poverty Alleviation and BISP Chairman Dr Sania Nishtar said in a statement. Dr Sania said that the government would now additionally provide Rs8.6 ... Read More »

Importers moves SHC seeking release order for imported iron/ steel & tin products

KARACHI: Stamco Steel Corporation and Shamim Tin Merchant have filed a petition seeking consignments of iron/ steel and tin products seized by customs officials due to alleged disputed valuation. On 26 December 2019, counsel for the petitioner stated that they are engaged in the business of iron/ steel/ tin products, importing inter alia, galvanized steel coils and pre-painted steel coils ... Read More »

Customs Court approves bail of suspects in tax evasion case

KARACHI: The Customs Court granted post arrest bail to suspects namely Abdul Rehman son of Muhammad Ashraf, Asif Khan S/o Abdul Ghafoor and Samiullah son of Muhammad Khalid, who were booked in a tax fraud case. On December 27, 2019, counsel for the accused moved bail applications and argued that their clients are innocent and have falsely been implicated in ... Read More »

Poultry sector hits all-time low in 2019

KARACHI: The year 2019 has turned out to be another low-growth year for Pakistan’s poultry sector, which is at its all-time low, owing to various tax anomalies and the unfriendly export environment, as even those poultry businesses in Pakistan running state-of-the-art units now find it difficult to carry on. In the year 2019, Pakistan again failed to make its presence ... Read More »

Law Ministry issues NAB Amendment Ordinance 2019 notification

ISLAMABAD: The Ministry of Law has issued a notification on Saturday after the approval of NAB Amendment Ordinance 2019. Earlier, the Supreme Court of Pakistan (SCP) received an application against the National Accountability (Amendment) Ordinance, 2019, promulgated by the government through a presidential ordinance on Friday that made momentous alterations to the accountability law known as the National Accountability Ordinance, ... Read More »

Nepra hikes K-Electric tariff under under fuel cost adjustment

KARACHI: The National Electric Power Regulatory Authority (Nepra) has allowed K-Electric to collect consumer tariff on account of variation in fuel charges from July 2016 to June 2019. The regulator has allowed K-Electric to collect these adjustments in the next nine months from consumers. However, it has directed the electricity supplier to collect tariff from all consumer categories, except those ... Read More »

Investors keen to invest $5b in textile industry: APTMA

LAHORE: Pakistan textile industrialists are willing to invest $5 billion in the sector as China is pulling out of textiles, informed Group Leader All Pakistan Textile Mills Association (APTMA) Gohar Ejaz. Talking to local media, the textile industrialist said that the only industry working in Pakistan at the moment is the textile industry. “The domestic consumption has been curtailed in ... Read More »

Pak Rupee gains Rs0.04 against dollar, closes at Rs155.03

ISLAMABAD: The exchange rate of Pakistani rupee against US dollar on Friday gained Rs 0.04 as value of rupee went up to Rs 155.03 in the interbank against the last closing at Rs 155.07, State Bank of Pakistan (SBP) reported. In open market, the buying and selling rates of Pakistani rupee against dollar stood at Rs 154.9 and Rs 155.5 ... Read More »

Businessmen playing vital role for strengthening country’s economy: PM Imran

KARACHI: Prime Minister Imran Khan said that business community has an important role as it creates wealth. He said that wealth creation can only be made possible by facilitating the business community and through ease of doing business. Addressing the award distribution ceremony of Pakistan Stock Exchange, the PM said the countries that prosper stand on two principles: justice and ... Read More »

Pakistan Stock Exchange posts bearish trend

ISLAMABAD: The Pakistan stock exchange (psx) on Friday witnessed bearish trend as KSE 100 Index fell by 279 points (0.68%) to 40,848 points from 41,127 points on previous day. A total of 146,610,620 shares valuing Rs 7.7 billion were traded against 132,017,420 shares of Rs 6.52 billion during the last trading day. Shares of 348 companies were transacted, out of ... Read More »

FBR clears 75pc refund claims since August through Faster

ISLAMABAD: The Federal Board of Revenue’s (FBR) digital refund settlement system has cleared almost 75 percent or R11 billion of total pending claims received since August this year. FBR issued refunds worth Rs11 billion as against the claims of Rs15 billion, through its newly-introduced fully automated sales tax e-refund (Faster) system. In August, the FBR deployed the automated refund system, ... Read More »

KPT shipping intelligence report Dec 27

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Friday. ALONG SIDE (Bulk Oil Pier) OP-II Talara D. Mogas GAC 27/12/19 ALONG SIDE (East Wharves): 2 Oriental Cosmos L. Ethanol East Wind 27/12/19 ALONG SIDE(P.I.C.T): 8/9 Mol Globe D. L. Cont. OC-Network 26/12/19 ALONG SIDE(South Wharf): SAPT-4 Cscl Africa ... Read More »

Moroccan envoy lauds govt’s policies to diversify trade, investment

ISLAMABAD: Special Assistant to the Prime Minister on Information and Broadcasting Dr. Firdous Ashiq Awan has said that the world will witness an enlightened, moderate and progressive Pakistan through effective diplomacy and media engagements. Talking to Morocco Ambassador Mohamed Karmoune, she said both countries need to employ futuristic media engagement strategies for furthering socio-cultural exchange in order to strengthen bilateral ... Read More »

FBR chairman assures maximum possible cooperation for facilitating import of quality paper

LAHORE: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has assured the publishers and printers of Holy Quran that he would extend maximum possible cooperation for facilitating the import of best quality paper on cheap rates and solve the problems faced by them. He was talking to a delegation led by chairman Quran Board Punjab, Ghulam Muhammad Sialvi and comprising ... Read More »

FBR busts gang involved in tax evasion of Rs10b by using fake industrial units

ISLAMABAD: Federal Board of Revenue (FBR) busted a country-wide gang involved in tax evasion of up to Rs10 billion using fake industrial units. According to sources, the action was carried out by the Karachi directorate of intelligence and investigation wing of the federal authority against a gang that operated country-wide. “It was involved in causing billions of rupees losses to ... Read More »

Dollar gains 13 paisa against rupee in interbank market

KARACHI: The US dollar appreciated 13 paisa versus the rupee in the interbank market at the start of trade on Friday. According to forex dealers, the greenback is trading at 155.20 against the local currency in the interbank market. They said the dollar has appreciated 31 paisa against the rupee over the past two days. The rupee had extended upward ... Read More »