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Asian markets mostly lower as virus forces new lockdowns

HONG KONG: Asian markets mostly fell Monday with sentiment depressed by a spike in coronavirus infections that has forced fresh lockdowns and sparked worries about the impact on the world economy. A lack of substantial progress by US lawmakers on a new stimulus package is also frustrating traders, while China-US tensions continued as the White House considers measures against Chinese ... Read More »

Punjab lifts Eid-ul-Adha smart lockdown

LAHORE: The government of Punjab on Sunday announced it was lifting the “smart lockdown” imposed in certain cities in the province from Monday, August 3. According to a notification issued by the Primary and Secondary Healthcare Department, “All educational and training institutes, marriage halls, business centres, expo halls, restaurants (except takeaway and home delivery), theme/amusement parks, public parks, play areas ... Read More »

FBR updates WHT card for salary income

ISLAMABAD: Federal Board of Revenue (FBR) has issued updated withholding tax card for salary income to be prevailed during Tax Year 2021 (2020-2021). The FBR issued the withholding tax card 2020-2021 (updated up to June 30, 2020) after incorporating amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020. According to the withholding tax card, every person responsible for ... Read More »

Inflation rises to 9.3pc in July

ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) has increased by 9.3 percent on Year-on-Year (YoY) basis in July 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Monday. The latest increase was compared to an increase of 8.6 percent in the previous month and 8.4 percent in July 2019. On month-on-month (MoM) basis, it ... Read More »

COVID-19 impact: ADB predicts fall in remittances for Pakistan

  ISLAMABAD: the Asian Development Bank (ADB) has predicted remittances to go down drastically in wake of the ongoing coronavirus pandemic. ADB’s latest report, titled ‘COVID-19 Impact on International Migration, Remittances, and Recipient Households in Developing Asia’ released on Monday and said, “The COVID-19 pandemic is expected to hit remittances hard in Asia and the Pacific. In 2019, 6 of ... Read More »

Govt should treat traders as partner: LCCI

LAHORE: Lahore Chamber of Commerce and Industry (LCCI) President Irfan Iqbal Sheikh said the government should treat the traders as a partner to achieve the desired economic goals. He expressed these views while talking to delegations of traders from different markets of the city. Senior Vice President Ali Hussam Asghar and Vice President Mian Zahid Jawaid Ahmad were present on ... Read More »

Multan Dry Port collects Rs30776.367m under petroleum development levy

MULTAN: Collectorate of Customs Appraisement Faisalabad Dry Port Multan has collected Rs30776.367 million under the head of Petroleum Development Levy ({PEL) during the economic year 2019-20. According to details, Customs Appraisement collected petroleum development levy from oil marketing companies on the clearance of ex-bonding of high speed diesel (HSD) shipments from Multan Dry Port. Collectorate of Customs Appraisement collected all ... Read More »

Suggestion tabled for joint usage of PIA’s Roosevelt Hotel

ISLAMABAD: The Privatisation Commission has announced that the services for the consortium of financial advisers will be acquired at earliest. The Privatisation Commission, Pakistan International Airlines (PIA) and Aviation Division have started working on finalising terms of references (ToR). A declaration from the commission stated that a suggestion was tabled for the joint usage of the PIA’s Roosevelt Hotel on ... Read More »

2.24pc decrease in vegetable exports during FY 2019-20: SBP

KARACHI: The exports of vegetables products from the country witnessed decrease of 2.24 percent during fiscal year 2019-20 as compared to the corresponding period of last year. Pakistan exported vegetables products worth $ 3309.086 million during July-June (2019-20) against the exports of $ 3384.939 million during July-June (2018-19), showing nominal decreased of 2.24 percent, according to the data issued by ... Read More »

Excise dept collects Rs1.5b tax during July

LAHORE: The Excise and Taxation department has achieved another milestone in revenue collection and set a new record after collecting over Rs1.5 billion tax during the month of July and deposited the amount to the national exchequer. “It was a biggest achievement of the department as the target was achieved at what times when people were feared to step out ... Read More »

FBR announces updated WHT rates for imported goods

ISLAMABAD: Federal Board of Revenue (FBR) has issued updated withholding tax rates for imported goods. The FBR issued withholding tax card 2020-2021 after incorporating amendment made to Income Tax Ordinance, 2001 through Finance Act, 2020. The FBR issued updated withholding tax rates applicable for imported goods under Section 148 of Income Tax ordinance, 2001. The withholding tax shall be collected ... Read More »

MoF notifies new rules for treasury single account system

ISLAMABAD: The ministry of finance has notified Cash Management and Treasury Single Account Rules, 2020 under which treasury single account system has been explained. According to the rules the Treasury Single Account system shall be: (1) Federal Consolidated Fund Account, Public Account, assignment accounts, their sub-accounts and linked accounts as approved by the Finance Division, shall form part of the ... Read More »

Banks to observe normal working hours from tomorrow

KARACHI: State Bank of Pakistan (SBP) has said that the banks will observe normal working hours from August 03, 2020. In a statement issued a day earlier, the central bank said that the SBP will revert to normal office timings from Monday, August 03, 2020. The timings shall be: Monday to Thursday: 09:00am to 05:30pm (with prayer/lunch break from 01:30pm ... Read More »

Multan Customs assigns special duties to employees for Eid-ul-Azha holidays

MULTAN: Collectorate of Customs Enforcement and Compliance (E&C) has assigned special duties to employees at Customs House during Eid-ul-Azha holidays. The administration branch of the Collectorate has finalized duty charts of officials for holidays of Eid-ul-Azha. Deputy Collector Amjad Aman has assigned duties to Customs employees in 10 shifts at Customs House Multan to run their necessary operations. Four employees ... Read More »

Govt raises petrol price by Rs3.86

ISLAMABAD: The federal government has announced hiking the prices of petrol and high-speed diesel (HSD) up to Rs5 per litre ahead of Eidul Adha. The notification for the new prices read that the rate of petrol was increased up to Rs3.86 per litre and Rs5 per litre for high-speed diesel. The new price of petrol would be Rs103.97 per litre ... Read More »

Top builders assures PM of economic activities upto Rs1.3 trillion

ISLAMABAD: Prime Minister Imran Khan on Friday was assured by 13 leading builders of the country of launching various projects during next 4-5 months that will generate economic activities upto Rs1.3 trillion and addition of 100,000 housing units. The assurance was made during weekly meeting of National Coordination Committee on Housing, Construction and Development held in Islamabad with Prime Minister ... Read More »

Customs, IR Directorates, LTUs asked to maintain lists of civil servants

LAHORE: Customs Collectorate, Directorate Generals of Inland Revenue/ Customs, LTUs have been asked to maintain lists of civil servants who have completed requisite length of service. As per details,  in terms of Rule 6 of the subject rules, each RTOs / LTUs Customs Collectorates/ Directorate Generals of Inland Revenue/ Customs shall maintain a list of civil servants who have completed ... Read More »

Customs Court approves remand of suspect in betel nuts smuggling case

KARACHI: Investigation officer of Customs Collectorate Enforcement & Compliance produced suspect namely Shahzad son of Muhammad Hashim, occupant driver of Hino Mini truck before the Customs Court Karachi, who was arrested in a case of attempting to smuggle non duty paid foreign origin betel nuts. On 31 July 2020, investigation officer of MCC Enforcement & Compliance produced the above mentioned ... Read More »

FIA constitutes 11-member team for inquiry against sugar mafia

ISLAMABAD: Following the directives of Prime Minister Imran Khan, Federal Investigation Agency (FIA) on Friday has formed an 11-member team to launch inquiry on the report submitted by the sugar commission. According to details, the team will investigate the matter of illegally exporting sugar to Afghanistan while it will also find evidence regarding money laundering. Earlier, PM Imran Khan had ... Read More »

FTO orders FBR to allow 12000 filers to file returns under Assets Declaration Amnesty Scheme 2019

LAHORE: Federal Tax Ombudsman (FTO) has instructed Federal Board of Revenue to allow 12000 filers to file their returns under Assets Declaration Amnesty Scheme 2019. The 12000 filers could not file their returns due to the failure of FBR system in July 2019. Pakistan Tax Bar Association (PTBA) has commended Federal Tax Ombudsman for the ‘landmark’ verdict whereby Federal Board ... Read More »