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Excellent performance: Missing Persons Commission settles 4616 cases up to July 30

ISLAMABAD: Missing Persons Commission has disposed of 4616 cases upto July 30, 2020 as per monthly progress report released by Farid Ahmed Khan, Secretary (ColoED) on cases of alleged enforced disappearances for the month of July 30, 2020. A total number of 6686 cases were received by the Missing Persons Commission up to June 2020. During July 2020, 43 more ... Read More »

FBR exempts builders, developers from withholding income tax

ISLAMABAD: The Federal Board of Revenue (FBR) has announced that builders and developers opting for the Fixed Tax Scheme (FTS) are not required to withhold income tax on the purchase of building material except steel and cement. Responding to different queries of developers and builders, the FBR responded that the builders and developers are not required to withhold tax on ... Read More »

NCC to decide on reopening marriage halls, tourism, parks: Hammad Azhar

ISLAMABAD: Government has started consultations with provinces over reopening marriage halls, tourism, restaurants, parks etc, said Federal Minister of Industries and Production, Hammad Azhar on Tuesday. The government had prepared the Negative List, in which those businesses were included that were not allowed to operate during the coronavirus lockdown. In his tweet, the minister pointed out that the Centre has ... Read More »

China’s ByteDance to consider int’l HQ for TikTok, outside US

LONDON: Chinese tech company ByteDance said it was considering moving the headquarters of its TikTok video-sharing platform overseas, following a British media report that the unit could relocate to London. TikTok is under heavy fire from US President Donald Trump and other American politicians over concerns that it poses a national security risk, and Microsoft has emerged as a possible ... Read More »

KPT shipping intelligence report August 4

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Tuesday. ALONG SIDE (Bulk Oil Pier) OP-I Quetta D. Crude Oil PNSC 03/08/20 OP-II Pacific Rowan D. Mogas GAC 03/08/20 ALONG SIDE (East Wharves): 10/11 Sirocco D. Soyabean Alpine 15/07/20 11/12 Aramis D.Gen.Cargo Sea Hawks 02/08/20 ALONG SIDE(P.I.C.T): 8/9 Saxonia ... Read More »

SMEDA increases R&D activities to promote SME development

LAHORE: The Small and Medium Enterprises Development Authority (SMEDA) has increased its Research and Development (R&D) activities aimed at planning the development of Small and Medium Enterprises (SME) in the country at par with global best practices. For this purpose a “Knowledge Sharing Programme” has been initiated within the organisation, under which SMEDA SME experts have been assigned to study ... Read More »

Customs court approves physical remand of suspect in HSD oil smuggling case

KARACHI: The Customs Court sent suspect namely Muhammad Bakhtiar son of Muhammad Maqbool to customs lock-up on physical remand, who is booked in a case of attempting to smuggle non-duty paid 60,000 liters foreign origin (Iranian) high speed diesel worth Rs6,084,000. On 30 July 2020, investigation officer of Directorate General, Intelligence & Investigation-Customs submitted first information report and also produced ... Read More »

FBR shares CNICs of 0.1m unregistered persons to NADRA to expand tax base

ISLAMABAD: The Federal Board of Revenue (FBR) provided a list of 100,000 Computerised National Identity Card (CNIC) numbers of unregistered persons to the National Database and Registration Authority (NADRA) for data enrichment to broaden the tax base, according to media. NADRA had asked the FBR to provide third-party data including property/land data, vehicles/utilities’ information, telecom, banks/stock market data, etc. for ... Read More »

Promotion to next grade: FBR seeks performance evaluation reports of BS-19-20 officers

ISLAMABAD: Federal Board of Revenue (FBR) has directed officers of BS-19 and BS-20 to complete their performance evaluation reports (PERs) for the consideration of promotion to next grade in the upcoming central selection board (CSB). The FBR in a circular issued on Monday said that the Establishment Division had informed that a meeting of CSB for consideration of promotion of ... Read More »

Rates of WHT on profit on debt updated for tax year 2021

ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rates on profit on debt to be prevailed during Tax Year 2021. The FBR issued withholding tax card 2020/2021 after incorporating changes made through Finance Act, 2020. The rates of withholding tax on profit on debt under Section 151 of Income Tax Ordinance, 2001 to be collected by person making ... Read More »

Najy Benhassine succeeds Illango Patchamuthu as WB’s Pakistan chief

ISLAMABAD: Najy Benhassine is the World Bank’s new Country Director for Pakistan effective August 1. He succeeds Illango Patchamuthu, who completed his term on July 31. Benhassine most recently served as Regional Director, MENA, World Bank (Macro-fiscal, Trade, Finance, Competitiveness, Poverty and Governance practices). Prior to this, he was Director for the Finance, Competitiveness & Innovation Global Practice. Since joining ... Read More »

PSX gains 613.17 points to close at 39,871.61 points

KARACHI: The Pakistan Stock Exchange (PSX) on witnessed bullish trend as KSE-100 closed at 39,871.61 points as compared to 39,258.44 points on the previous working day with positive change of 613.17 points (1.56%). Head of Equities Inter Market Securities Karachi, Raza Jaffari said the cement sector led the bullish rally in the stock market. The market was expecting the growth ... Read More »

FBR exempts sales tax on import of oxygen gas, cylinders for three months

ISLAMABAD: Federal Board of Revenue (FBR) on Monday granted sales tax exemption on import of oxygen gas and cylinders (for oxygen gas) for a period of three months. The FBR issued SRO 649(I)/2020 dated August 03, 2020 to exempt the sales tax from June 23, 2020 on import of the following: Oxygen gas under PCT 2804.4000 Cylinders (for oxygen gas) ... Read More »

Transparency Int’l appreciates NAB’s anti-corruption efforts under leadership of Justice Javed Iqbal

ISLAMABAD: Justice Javed Iqbal, Chairman National Accountability Bureau (NAB) chaired a meeting at NAB Headquarters. The meeting reviewed overall performance of NAB especially media report of Transparency International (TI) Pakistan dated July 30, 2020 in which  Sohail Muzaffar Chairman TI Pakistan has stated that NAB under the leadership of Justice Javed Iqbal, Chairman NAB, anti-corruption drive in the last 34 ... Read More »

Balochistan govt extends smart lockdown till August 17

  QUETTA: Government of Balochistan has extended coronavirus smart lockdown for 15 days across the province. According to the notification issued by the Home Department, the smart lockdown will continue till August 17. The notification states that markets will be allowed to remain open from 9 am to 10 pm; however, tandoors, dairy shops, medical stores and blood banks will ... Read More »

COVID-19: SBP reverts to normal timings from today

KARACHI: The State Bank of Pakistan (SBP) reverted to its normal office timings on Monday, August 3. According to a circular from the central bank, the SBP will operate from 9:00am-5:30pm, from Monday to Thursday, with a prayer/lunch break from 1:30pm-2:15pm. However, the bank shall remain open from 9:00am-6:00pm, on Fridays, with lunch/prayer breaks kept from 1:00pm-2:30pm, the circular stated. ... Read More »

NAB tells court it arrested Sharif Group’s CFO on ‘solid evidence’

LAHORE: The National Accountability Bureau (NAB) has said it arrested Mohammad Usman, the Chief Financial Officer of the Sharif Group of Companies, over alleged evidence and in light of witnesses’ statements relating to money laundering activities. The remarks were made by NAB Prosecutor Waris Ali Janjua during the hearing of a plea on Monday filed by Usman. The NAB prosecutor ... Read More »

USD gains 52 paisa against Pak rupee in interbank

KARACHI: The exchange rate of US Dollar strengthened by 52 paisa in the interbank on Monday against Pakistani rupee. The greenback is being traded at 167.50 rupees on first business day of the week. It had closed at Rs166.98 in the interbank market on Thursday. On the other hand, the stock market gained 303 points during the first trading day ... Read More »

‘Reduction in trade deficits, improvement in remittance inflows to improve Pakistan’s BoP’

ISLAMABAD: Pakistan’s Balance of Payment (BoP) position is set to improve, on the back of reduction in the trade deficit and remittance inflows, said BCA Research – a Canadian foreign exchange company – in its latest research titled ‘BCA Overweight View in Pakistan Equities’. The report said that the country’s trade deficit will shrink further, as Pakistan’s export will likely ... Read More »

KPT shipping intelligence report August 3

KARACHI:The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Monday. ALONG SIDE (Bulk Oil Pier) Berth Vacant ALONG SIDE (East Wharves): 1 Lilac Roy D. Chemical Alpine 02/08/20 10/11 Sirocco D. Soyabean Alpine 15/07/20 11/12 Aramis D.Gen.Cargo Sea Hawks 02/08/20 13/14 V Fulmar L. Clinkers Crystal Sea 26/07/20 ALONG SIDE(P.I.C.T): ... Read More »