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business-regulations

FBR set to fix minimum value for sugar supply

ISLAMABAD: The Federal Board of Revenue (FBR) will fix minimum value on supply of sugar for the purpose of sales tax calculation in consultation with the industry. The FBR has constantly been engaged with the industry on the issue and

Over Rs431 million being spent on gasification of SEZs, industrial park

The two state-owned companies, Sui Northern Gas Pipelines Limited and Sui Southern Gas Company are executing three strategic projects of gas supply to two Special Economic Zones and an industrial park in their respective areas to boost industrial production. According

FBR suspends two more officers in connection with Bajwa leaks

ISLAMABAD: The Federal Board of Revenue (FBR) is reported to have suspended two more officers in connection with the leakage of tax record of former army chief General Qamar Javed Bajwa. According to a report available online, the FBR issued

Inter-ministerial meeting reviews performance of SMEs Bank

ISLAMABAD: The inter-ministerial meeting on Friday reviewed the performance of Small and Medium Enterprises (SMEs) Finance Bank. Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the inter-ministerial meeting which reviewed the performance of SME Bank, said a

Saudi Arabia extends term for $3 billion deposit in State Bank

KARACHI: Saudi Arabia has extended term for a $3 billion deposit in the State Bank of Pakistan through SFD in continued support for Pakistan’s economy. Also read: Pakistan foreign reserves fall 4.17% to $7.5bn In a statement released here on

Commission constituted for reforms and resources mobilization

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar here on Thursday constituted an independent eleven-member Reforms and Recourse Mobilization Commission (RRMC) for resource mobilization and for giving recommendations to finance minister on budget and tax-related issues and

PPA appeals PM to stop closure of poultry industry

KARACHI: Pakistan Poultry Association has appealed to Prime Minister Shehbaz Sharif to stop the closure of the poultry industry as poultry is the cheapest and high protein quality feed. According to details, the Pakistan Poultry Association in a video statement

Determined to scrap interest-based system from country: Ishaq Dar

KARACHI: Finance Minister Ishaq Dar has expressed his government’s determination to scrap the current interest-based system from the country. Also read: Armed struggle for implementation of Shariat now allowed: Mufti Taqi Usmani Addressing a seminar on the subject of “ending

PM forms committee to look into demand of hike in medicine prices

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday formed 18-member committee, led by Finance Minister Ishaq Dar, to discuss the demand of increase in the prices of medicines. بریکنگفارما کمپنیوں کی جانب سے ادویات کی قیمتوں میں 40فیصد تک اضافے کا

FBR sets up check posts to monitor supplies from tax-exempted areas

ISLAMABAD: The Federal Board of Revenue (FBR) has established 16 Inland Revenue check posts with mobile teams on the routes originating from tax-exempt areas of Azad Jammu and Kashmir, Gilgit-Baltistan and erstwhile tribal areas to check documents of goods coming

Development spending falls 45pc in July-October

ISLAMABAD: Amid rising interest payments and disruptions caused by super floods, Pakistan’s development expenditure has contracted almost 45 per cent to less than Rs99 billion in the first four months (July-October) of the current fiscal year as the government’s overall

Traders decry hike in interest rate

RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has expressed reservations over the increase of 100 basis points in the interest rate by the State Bank of Pakistan (SBP). RCCI Acting President Hamza Sarosh urged the government to withdraw

SBP raises interest rate to 16 percent, the highest since 1999

KARACHI: The State Bank of Pakistan on Friday increased the interest rate by 100 basis points (bps) to 16 percent, taking it to 16 percent, the highest since 1999. The development comes against expectations as a majority of market participants

88,317 tax cases involving Rs2.6 trillion pending with courts: FBR

ISLAMABAD: Around 88,317 cases, involving Rs2611.7 billion, have been pending with different courts of the country as on October 31st, 2022, according to Federal Board of Revenue (FBR) data. Among these pending cases, 75,021 cases involving Rs2382 billion are related

Pakistan’s exports increase by 35.7% to Rs2.13 trillion in 4 months

ISLAMABAD: The exports from the country in the rupee term witnessed an increase of 35.77 per cent during the first four months of the current fiscal year (2022-23) as compared to the corresponding period of last year, Pakistan Bureau of

35 Pakistani students become owners on BRI e-commerce platform

KARACHI: A total of 35 students from Pakistan have become e-commerce owners as a result of supportive role played by Beijing and Islamabad. Also read: PTI leader Mahmood Moulvi discusses trade ties with US Consul General According to details made

Train services between Balochistan, other provinces resume today

QUETTA: Passenger train service between Balochistan and other provinces is reesumed today (Sunday) after a suspension of nearly four months. Train carrying passengers left Mach station for Peshawar. ریلوے انتظامیہ کی انتھک محنت کا نتیجہٹرین سروس مچھ سٹیشن تک بحالجعفر

ECC okays import of urea fertilizer

ISLAMABAD: The Economic Coordination Committee (ECC) has greenlighted the import of 160,000 metric tons of fertilizers. The stocks of urea will be procured from China and Azerbaijan on a government-to-government (G2G) basis through the Trading Corporation of Pakistan (TCP). It

Pakistan faces no default risk, Aisha Ghaus Pasha tells NA

ISLAMABAD: The National Assembly was informed in categorical terms on Friday that the country faces no risk of default. Minister of State for Finance Aisha Ghaus Pasha told the house during question hour that the country was faced with a

K-Electric requests NEPRA to reduce power tariff for Karachiites

KARACHI: The power utility responsible for supply electricity to Karachi and suburbs has submitted a petition to National Electric Power Regulatory Authority (NEPRA), seeking to reduce power tariff on account of Fuel Charges Adjustment (FCA). The K-Electric is reported to

FBR fixes foreign currency limit for outgoing international passengers

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to fix a maximum limit of $5,000 (per visit) and $30,000 (annually) for outgoing international passengers (18 years and above) aboard. The new annual maximum limit for travelers withdrawing foreign currency

Pakistan’s debt skyrockets to Rs62.5 trillion  

ISLAMABAD: Pakistan’s total debt and liabilities reached an unsustainable peak of Rs62.5 trillion (or 24% of GDP) at the end of September 2022, according to statistics released by the central bank on Wednesday. According to the State Bank of Pakistan

Pakistan’s default risk reaches new high of 75%

KARACHI: Pakistan’s risk of default, which is measured through the five-year currency default swap (CDS) index, on Wednesday spiked to a new high at 75%. Just on Monday this week, the CDS was 64%. According to Arif Habib, Pakistan 5-Year

FBR may impose tax on banking profits amid revenue shortfall

ISLAMABAD: The Federal Board of Revenue (FBR) could propose new taxation measures including the possibility of taxing banking profits if it is unable to achieve the revenue target of Rs536.53 billion in November 2022. The government, however, has no intention

IMF asks Pakistan to raise additional revenue of Rs800bn, ninth review rescheduled

WASHINGTON: International Monetary Fund (IMF) has asked Pakistan to fetch an additional 1% of GDP revenues equivalent to Rs800 billion, while the schedule for talks between Pakistan and the IMF has been readjusted. As per details, the IMF reportedly asked

FBR urges LCCI members to file tax returns on time

LAHORE: The Federal board of Revenue (FBR) on Friday urged the Lahore Chamber of Commerce and Industry to ask its members to submit their tax returns on time as filing of tax returns this year is far lower as compared

SECP registers 2,361 new companies in October 2022

ISLAMABAD:  The Securities and Exchange Commission of Pakistan (SECP) has registered 2,361 new companies during the month of October, showing an increase of 17 percent as compared to the registration of last month. The total number of registered companies was

NEPRA approves Rs5.13/unit refund to KE consumers for September

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday approved a refund of Rs5.13 per unit in power tariff for K-Electric consumers for the month of September 2022. In a notification, Nepra stated that all consumer categories would be

Sindh govt and World Bank agree to start housing project for flood victims

KARACHI: The Sindh government and the World Bank have agreed to start a housing project for the flood victims of the province. According to the details, the provincial government and the World Bank agreed to work together on the construction

SBP launches ESRM manual to promote green banking in Pakistan

KARACHI: The State Bank of Pakistan, on Wednesday, launched the Environmental and Social Risk Management (ESRM) Implementation Manual for banks and development finance institutions (DFIs) to promote green banking in the country. The manual was launched by Governor State Bank