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Tag Archives: fiscal year

Agri credit disbursement up by 38pc to Rs98b in July-Sept 14

KARACHI: Agriculture credit disbursement has increased by 38 per cent to Rs98 billion during the first quarter of current financial year. According to the State Bank of Pakistan (SBP), the banks disbursed Rs70.8 billion agriculture credit during the same corresponding period of last fiscal year. The disbursement is almost 20% of the overall annual agriculture credit target of Rs500 billion. ... Read More »

Tariq Bajwa due in Karachi today

ISLAMABAD: Federal Board of Revenue Chief Tariq Bajwa is due in Karachi to visit Customs House today (Oct 21). Tariq Bajwa will attend a meeting, in which Member Customs Nisar Muhammad, Member Inland Revenue (Operations) Muhammaf Ashraf Khan, Chief Collector Appraisement Nasir Masroor, Chief Collector Enforcement Nazim Saleem, Director General Valuation Rubina Athar, Director General WeBOC will also present. The ... Read More »

Imran, Qadri sit-ins: FDI decreases to $169m, lowest in 10 years

KARACHI: Foreign investment has further fell by 26.6 per cent to stand at $169 million during July to September of ongoing financial year, dropping the size of investment to the lowest level in the last 10 years. According to the State Bank of Pakistan data, Foreign Direct Investment (FDI) remained $169.6 million in the first quarter FY15 as compared to ... Read More »

FBR collects 13.2pc more tax in July-Sept: Dar

ISLAMABAD: Finance Minister Ishaq Dar has claimed victory against Pakistan Tehreek-e-Insaf Chairman Imran Khan as people have paid more taxes in the first quarter of current fiscal year, rejecting Khan’s civil disobedience call. Ishaq Dar giving details said that tax collection has witnessed 13.2 per cent growth from July to September of financial year 2014-15 due to the steps taken ... Read More »

Trade deficit increases to $6.5billion as exports fall

ISLAMABAD: The country’s declining exports has further increased trade deficit during the first quarter of current fiscal year. According to Pakistan Bureau of Statistics (PBS) data, as the gap between Pakistan’s exports and imports has been witnessed to $6.504 billion just from July to September this year as compare to last year’s $4.482 billion, with the growth of 45.11 per ... Read More »

FBR collects Rs63b ‘more’ revenue in July-Sept

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs563 billion in July-September of current fiscal year as compared to last year’s Rs500 billion, showing growth of 12 per cent. However, there is Rs20 billion shortfall as FBR collected Rs563 billion during the first quarter FY 2014 against the target of Rs583 billion. Sources said that despite the ongoing political turmoil, ... Read More »

Midday: KSE keeps upward momentum, adds 217 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index, continuing its upward motion of morning trading, has gained 217,76 points to stand at 30376.39 points and volume of 60,004,590. KSE started the trading week on Monday with positive note and gained 94.50 points to stand at 30253.13 at 10:30am. Last week KSE opened with a slow start after five days closure on ... Read More »

UAE okays $13.35b deficit-less budget

ABU DHABI: The United Arab Emirates (UAE) cabinet has approved the country’s deficit-less AED49 billion ($13.35 billion) budget for fiscal year 2014-15. UAE Vice President Sheikh Mohammed bin Rashid Al-Maktoum, who also rules Dubai, said that the approved budget was 6.5 per cent more than the previous budget, adding that 49pc of total budget had been allocated for just uplift ... Read More »

KCCI seeks tax collection details from FBR

KARACHI: The Karachi business community has urged Federal Board of Revenue to give them details of Income Tax, Sales Tax and Foreign Direct Investment (FDI) collected from taxpayers of the metropolis during the fiscal year of 2013-14. Expressing concern over selection of taxpayers for audit through computer balloting, Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Vohra has ... Read More »

9.85pc growth shown by cement industry

LAHORE: The rate of cement industry has shown a growth of 9.85 percent in local scale but on the other hand, it has also shown a decline of 8.13 percent in export scale during the first quarter of current fiscal year. Moreover, it is comfortable that the overall situation during the first quarter revealed 4.68 percent growth when compared with ... Read More »

FBR fixes Rs196b revenue target for Oct, Rs677b for 2nd quarter

ISLAMABAD: To achieve the annual revenue target of Rs2,810 billion, Federal Board of Revenue (FBR) has announced maximum targets for October as well as for second quarter (Oct-Dec) of financial year 2014. Sources said that FBR has fixed Rs196.4 billion revenue collection target for the month of October, while target for second quarter has been fixed at Rs676.9 billion. FBR ... Read More »

CDNS raises Rs60b in 1st quarter

ISLAMABAD: During the first quarter of current fiscal year, the Central Directorate of National Savings (CDNS) has raised Rs60 billion against Rs44 billion during the same period of previous year. The CDNS has raised Rs36 billion in July and August against Rs31 billion in same months of 2013, representing a heave of 20 percent, said CDNS spokesperson and Ghafoor Baloch. ... Read More »

Pakistan fails to achieve export targets

Experts say Pakistan is facing huge deficit due to low demand for its exports LAHORE: The government has failed to achieve export target in the first two months of the current fiscal year 2014-2015. According to details, the export target for July was $2.2 billion, while the exports remained $1.9 billion – $322 million less than the assigned target. This is ... Read More »

FBR chief Bajwa gives Rs 42.265 billion target to Multan Customs

MULTAN: The Federal Board of Revenue (FBR) has assigned Rs 42.265 billion revenue target to Multan Customs Collectorate (MCC) for fiscal year 2014-15 while it collected Rs 36.233 billion last year. FBR Chairman Tariq Bajwa assigned the revenue generation target in a meeting with customs’ collectors during his visit to the region. The customs sales tax revenue target for current ... Read More »

Revenue rises 24pc in 16 days of September: Shahid Asad

ISLAMABAD: The Federal Board of Revenue (FBR) claimed to have collected Rs 112 billion in 16 days of the ongoing month which is 24 percent more than Rs 90 billion collected in the corresponding period of last year. According to FBR Member Inland Revenue (IR) and official spokesperson Shahid Hussain Asad, FBR revenue collection has witnessed a growth of 24 ... Read More »

Govt asks civil servants to declare assets

ISLAMABAD: The Establishment Division has issued a circular to employees of all ministries and institutions asking them to declare their assets details. It is obligatory for all civil servants to declare their assets after the start of new fiscal year; however except from FBR, other employees of different ministries and institutions have not yet declared their assets despite passing more ... Read More »

Foreign investment rises in FY14

KARACHI: The State Bank of Pakistan (SBP) declared that foreign investment rose to $4.377 billion in the previous fiscal year which was the highest amount since 2008-09. The country received a total of $2.665 billion foreign investment in fiscal year 2009. However, the sudden rise in the total foreign investment was due to $2.1 billion investment in the Eurobond. If ... Read More »