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Sindh establishes dedicated doing business reforms unit

KARACHI: Sindh government has established a dedicated Doing Business Reforms Implementation Unit (DBRIU) in Sindh Investment Department to ease, improve and enforce further reforms in starting, running and promoting business in the province. According to media, the unit will coordinate with all the government functionaries, private sector organisations and all other related business stakeholders so that anyone who wants to ... Read More »

CCoP okays privatization of SME Bank, PIA Investment Limited

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) in its meeting held with Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Friday, did not agree to the proposal from EERA for delisting of its 17 properties from the 32 assets being processed for sale by Privatisation Commission and also directed expediting the pace of work on ... Read More »

Trade deficit falls 34pc to $7.77b during first four months of FY2019-20

ISLAMABAD: The country’s trade deficit fell by 34 per cent in the first four months of current fiscal year led by a paltry growth in exports and a double digit decline in imports of non-essential products. According to data released by the Pakistan Bureau of Statistics (PBS) showed that trade deficit in the first four months dipped to $7.77 billion ... Read More »

PIA & Etihad Airways relaunch code-share partnership

ISLAMABAD: Pakistan International Airlines (PIA) and Etihad Airways renewed the code-share agreement, allowing passengers access to each airlines routes. A PIA spokesperson said that under the code-share partnership, the customers of the national flag carrier could also travel on the flights of Etihad Airways across the globe. In return, PIA will facilitate the passengers of Etihad Airways on Abu Dhabi-Pakistan ... Read More »

Quetta Customs recovers huge quantity of Boostin injections

QUETTA: Collectorate of Customs staff deputed at Quetta International Airport has seized large quantity of milk-enhancement hormone injections for cattle; import of these hormones is prohibited in Pakistan. Sources told that Collector Customs Preventive Iftikhar Ahmed received credible information about smuggling of hormones injection. He constituted a team under the supervision of Additional Collector Yasir Wahab which also included Deputy ... Read More »

PSX closes in green amid range-bound trading

KARACHI: The Pakistan Stock Exchange (PSX) ended a range-bound session on Thursday slightly positive. Foreign investors closed as net buyers for the sixth consecutive session on Wednesday with a net inflow of $1.80 million. The KSE-100 Index recorded its intraday high at 37,507.02 after gathering 340.06 points. It then slid to its intraday low at 37,130.01 after shedding 36.95 points. ... Read More »

NAB recovers Rs500m from Ishaq Dar’s bank accounts

LAHORE: The National Accountability Bureau claimed that it has recovered Rs500 million from Pakistan Muslim League-Nawaz senior leader and former finance minister Ishaq Dar, stated an official press statement on Thursday. According to the NAB press release, under the ongoing investigation against Dar, Rs500 million have been recovered from his accounts and transferred to the provincial government. In Gulberg, Dar’s ... Read More »

PSX closes in green amid range-bound trading

KARACHI: The Pakistan Stock Exchange (PSX) ended a range-bound session on Thursday slightly positive. Foreign investors closed as net buyers for the sixth consecutive session on Wednesday with a net inflow of $1.80 million. The KSE-100 Index recorded its intraday high at 37,507.02 after gathering 340.06 points. It then slid to its intraday low at 37,130.01 after shedding 36.95 points. ... Read More »

PEVMA established to promote induction of electric vehicles

KARACHI: The electric vehicles manufacturers and assemblers have come together to establish Pakistan Electric Vehicles Manufacturers Association (PEVMA) with Mr. Sheikh Ehtesham ul Haq of SZS Group and Mr. Muhammad Ayaz of Green Wheels Private Limited nominated as Chairman and Senior Vice Chairman of the association. The objective of establishing the association is to promote the induction of Electric Vehicles ... Read More »

ANF foils bid to smuggle narcotics from Bacha Khan Airport

PESHAWAR: Anti-Narcotics Force (ANF) arrested an accused person namely Shah Sarwar Khan resident of Bannu at Bacha Khan International Airport, and recovered 1.15 kilograms hashish which was concealed in his trolley bag. He was travelling to Sharjah through flight no: PA-612. ANF also arrested accused namely Waheedullah resident of Bannu from Peshawar Airport. In another operation, ANF Peshawar intercepted a ... Read More »

Govt to take fish export up to $3b

ISLAMABAD: The government was determined to take the export of fish up to three billion dollars, from 400 million dollars, said Parliamentary Secretary for Maritime Affairs Jamil Ahmed Khan in the National Assembly. Responding to a supplementary question during question hour on Thursday, he said, “Pakistan fishing market has the capacity to export about 2 to 3 billion Dollars fish, ... Read More »

US dollar continues to inch upwards against Pak Rupee

KARACHI: The US dollar (USD) increased its worth by 5 paisas in the interbank market against the Pakistan Rupee (PKR), a 2 paisa increase was also recorded yesterday, according to media. The overall value of the greenback jumped from the previous, 155.40 to 155.45 PKR, reported the forex dealers. Gold rates in the local market also saw an increase of ... Read More »

Sino-Pak joint venture to invest $600m in tyres manufacturing sector

KARACHI: The Sino-Pak Tire Manufacturing Joint Venture is “an import substitution opportunity” that seeks to leverage Pakistan’s locational advantage as well as growing market for vehicle tyres, said Dr Xu Peng, Managing Director of InvestTarget — the investment bank and private equity fund which is the largest investor in the consortium. The company will aim to produce five to six ... Read More »

LTU detects tax evasion of Rs100b from July to October of FY2019-20

KARACHI: The country’s corporate sector has been found involved in at least Rs100 billions of tax evasion and avoidance during the last four months, senior Large Taxpayers Unit (LTU) revealed on Thursday. Inland Revenue Commissioner Zulfiqar Memon and Girdhari Mal while addressing a press conference said that Large Taxpayers Unit (LTU) Karachi, unearthed Rs100 billion worth of tax fraud in ... Read More »

Tax evasion: Customs Court seeks charge sheet against M/s Iffat Enterprises & M/s Akhtar & Sons evasion case

KARACHI: The Customs Court directed investigation officer to complete investigations and submit charge sheet against Hassan Raz, proprietor of M/s Iffat Enterprises and owner/ partners of M/s Akhtar & Sons and other to be ascertained during the course of investigation, who were booked in a case of evasion of duties and taxes in the tune of Rs6,825,718. On November 12, ... Read More »

WeBOC Glow, National Single Window major achievements of Pakistan Customs: Jawwad Agha

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi presided over a seminar on the Pakistan Customs Strategic Plan 2019-2024 here at Customs House. The seminar was organized by the Customs Collectorate in collaboration with the Directorate General Training & Research (Customs), Regional Office Islamabad. The purpose of the seminar was to apprise the officers of Pakistan Customs working in ... Read More »

Poverty alleviation first step towards prosperity: Hafeez Shaikh

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh has described development of human skills, working in partnerships and allowing the private sector to work at its full potential as the three key drivers of development and prosperity for any country or nation. “The big lesson of development history is the model presented by countries ... Read More »

Customs Lahore new recruitment underway

LAHORE: New recruitment in Pakistan Customs, as per instructions of the Federal Board of Revenue, is under process. As per policy of the government, a transparent merit based procedure has been adopted for recruitment in different cadres of Pakistan Customs. The Federal Board of Revenue has engaged Open Testing Service (OTS), for initial screening, skills test and written test for ... Read More »

Sara-i-Muhajir FIU impounds NDP Toyota Vitz car worth Rs2m

FAISALABAD: Directorate of Customs Intelligence and Investigations (I&I) Field Investigation Unit (FIU) Sarai Muhajir impounded a non-duty paid Toyota Vitz car worth Rs2 million. Sources told Customs Today that Deputy Director Rana Irfan Shoukat received a tip-off about some non-duty paid vehicles which are plying on roads. He constituted a team comprising intelligence officer Muhammad Irshad Muhammad Anwar and Asad ... Read More »

NA panel wants NADRA to simplify ID card correction process

ISLAMABAD: The National Assembly’s Standing Committee on Interior Thursday recommended setting up more National Database Registration Authority (NADRA) centres across the country to facilitate the public. A meeting of the NA panel was held today under the stewardship of MNA Raja Khurram Shahzad Nawaz. The committee proposed that NADRA establish a registration center in Karachi’s Ibraheem Haidri area to facilitate ... Read More »