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FST chairman to hears from next week in Islamabad

ISLAMABAD: Federal Service Tribunal (FST) Chairman Ahmad Farooq Sheikh will resume hearing of cases in capital by next week. According to the sources , the Chairman will return on October 05  from Lahore; where he was hearings  different cases. It is pertinent to mention here that it will be Chairman’s first hearing of the cases after Eid-ul-Azha observance.The chairman likely ... Read More »

RTO Multan installed digital attandcne mechine

Multan: The Federal Board of Revenue Regional Tax Office (RTO)  Multan has initiated attendance of the staff members through digital electronic machines. According to details, Commissioner RTO Multan has directed all his staff to make sure their attendance in the newly installed equipment for the attendance.Chief Secretariat staff members of RTO Multan have been strictly directed to create attendance through ... Read More »

FBR to estblish special desk for Chinese busnessmen

KARACHI: The Federal Board of Revenue (FBR ) has decide to establish a especial desk for Chinese companies. Additional Commissioner Regional Tax Office-II (RTO_II) Fawad Khan said that many Chinese companies are eager to establish their branches in Pakistan. Establishing new branches by Chinese business giants will be a good omen for the national economy, he said. Khan said that the special ... Read More »

Customs Appeals Lahore finalises 63 cases in Q1

LAHORE: Customs Appeals Lahore has decided 63 cases worth Rs 30 million during the first three months of financial year 2015-16. According to the official data the collectorate of Appeals collector Asif Mehmood Jah has disposed of 26 appeals filed before him involving matters of Rs 8.74 million while during the month of August the collectorate issued 11 orders involving ... Read More »

Coalition forces in Yemen foil weapons smuggling

The Joint Forces Command of Coalition for Supporting the legitimacy in Yemen announced that it foiled an attempt by Al Houthi militia to smuggle weapons on an Iranian fishing boat. A statement released by the Coalition Command today said that the coalition intercepted an Iranian ship, 150 miles southeast of the Omani city of Salalah last Saturday, reported Saudi Press ... Read More »

Russia’s push to boost sales of homegrown products: WTO chief

MOSCOW: Russia’s push to boost sales of homegrown products while imports are hit by sanctions will be economically damaging if past experience is any guide, the former head of the World Trade Organization, Pascal Lamy, said. Lamy said that in the short term domestic producers could benefit but in the long run consumers are likely to lose out because prices ... Read More »

Faisalabad Customs decides to send show-cause notices in diesel smuggling case

FAISALABAD: The Customs Adjudication has decided to send show-cause notices under Section 171 to two accused in a case related to smuggling of Iranian diesel. In a case related to smuggling of 39,500 litres of Iranian high speed diesel, the Customs Adjudication Faisalabad will send show cause notices to the alleged smugglers – Sher Abbas, son of Muhammad Hussain and ... Read More »

FBR extends date for filing tax returns by Oct 31

ISLAMABAD: Federal Board of Revenue on Wednesday extended the deadline for filing income tax returns till October 31. The last date to submit income tax returns was September 30 (today). The decision to extend deadline was taken during a meeting of Economic Coordination Committee presided over by Federal Finance Minister Ishaq Dar. Dar confirmed in a press conference that the ... Read More »

Closing: KSE 100-index gains slightly amid volatile session

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 72.83 points or 0.23 percent to reach 32287.41 points and volume of 130,416,030 shares on Wednesday. Till midday, stocks lost early gains as the Karachi Stock Exchange added 339 points in early trading but dropped 14.78 points to reach 32199.80 points level. On Tuesday, the Karachi stock market plummeted 475.44 points or 1.5pc ... Read More »

Moody’s asks Azerbaijan to use Iran for exports to Asia

TEHRAN: The report says that the nuclear deal and the associated lifting of economic and financial sanctions offer Azerbaijan the opportunity to boost foreign trade and investment with neighboring Iran. In agency’s view, these new trade and investment opportunities could partially offset the credit negative effects from the nuclear deal, which, if implemented, will enable Iran to return to oil ... Read More »

Saudi Arabia GDP 7% comes from Hajj, Umra

RIYADH: The economics of Haj pilgrimage and revenues netted by the Saudi Arabian government is absolutely recession-proof if one examines the various calculations carried out between 2009 and 2014 by the Makkah Chamber of Commerce and Industry, the Saudi government’s Commission for Tourism and Antiquities, leading Saudi newspapers like the “Saudi Gazette” and the “Arab News,” the UAE-based “Gulf News” ... Read More »

China’s insurance companies gross premium income to hit $267bn

BEIJING: China’s insurance companies posted a 19.5 percent jump year on year in gross premium income totaling 1.7 trillion yuan (US$267 billion) in the first eight months of the year, the insurance regulator said yesterday. But the pace slowed slightly from the 19.9 percent growth in the first seven months, data from the China Insurance Regulatory Commission showed. Life insurance ... Read More »

India, Saudi Arabia emphasis to strengthen bilateral trade relationship

NEW DELHI: India-Saudi Arabia ties are going strong and their bilateral energy cooperation is at a high level, the kingdom’s envoy, Saud bin Mohammed Al-Sati, said on the occasion of his country’s national day. The embassy celebrated its National Day on Monday. The day is celebrated across Saudi Arabia on September 23 to mark the unification of the nation. Touching ... Read More »

China animation industry revenue surges to $16b in 2014

SHANGHAI: China’s animation industry generated more than 100 billion yuan (around US$16 billion) in revenue in 2014, an official said Tuesday in Changzhou City in east China’s Jiangsu Province. The number is a 15-percent increase over the previous year, when revenue topped 87 billion yuan, Liu Hongge, deputy director with the center for international cultural exchange under the Ministry of ... Read More »

China’s electricity consumption rises slowly in the first eight months

BEIJING: China’s electricity consumption, an important indicator of economic activity, rose slowly in the first eight months of this year, suggesting economic headwinds, official data showed yesterday. Power consumption rose 1 percent year on year to 3.68 trillion kilowatt-hours in the January-August period, the China Electricity Council said. In the first eight months, electricity use by primary industry climbed 2.3 ... Read More »

Ningbo Port completes merger with Zhoushan Port Co

BEIJING: Trading in shares of Zhejiang-based Ningbo Port Co was suspended on Tuesday as the company revealed it has completed merger procedures with Zhoushan Port Co. The new company will be named Ningbo-Zhoushan Port Group Co, officials said in a Shanghai Stock Exchange announcement on Monday night, adding its ownership will be shared by both Ningbo and Zhoushan branches of ... Read More »

China to champion revamp of global corporate tax rules

BEIJING: China will be at the forefront of embracing the emerging international tax rules to combat base erosion and profit shifting, known as BEPS, as it shifts toward becoming a “capital-export” country, said senior EY executives. “China is not going to be a laggard. A lot of small developing countries are in a wait-and-watch mode, but China is definitely not,” ... Read More »

Xiaomi Corp probed for misleading consumers

SHANGHAI: Chinese smartphone vendor Xiaomi Corp is under investigation for alleged violation of the country’s new advertising law, a financial news outlet reported here the other day. Industry regulators have initiated an investigation into the Beijing-based handset maker on suspicion of using phrases including “the best” to describe its products online, according to a report by the Securities Daily . ... Read More »

Iran non-oil trade reaches at $41.345b in first six months

TEHRAN: The value of Iran’s non-oil trade reached $41.345 billion in the first six months of the current Iranian calendar year, which began on March 21, according to the Iran Customs Administration. Iran exported $20.494 billion of non-oil goods in the six-month period, while imported $20.852 billion of non-oil goods, the Fars news agency reported on Monday. Exports and imports ... Read More »

Iranian foreign trade stands at 41.346b

TEHRAN: Value of Iran’s foreign trade stood at 41.346 billion rials in the first half of this year, according to the Information Technology and Communications Bureau of Iran’s Customs Administration. The Customs Administration Public Relations Department said Iran’s imports in the period under study reached as much as $20.852 billion, which showed a decline of 20.43 percent compared to the ... Read More »

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