Category: Business

ISLAMABAD: As the clock ticks down to the Sept 30 deadline, the Federal Board of Revenue (FBR) on Thursday sent an offer of talks to representatives of the trade bodies on Friday to settle all issues ranging from big retailers sales tax registration, CNIC condition and fixed tax regime for small shopkeepers. The olive branch […]

KARACHI: Stocks continued their south-bound journey with the KSE-100 index declining by another 131.32 points (0.42 per cent) and closing the session at 31,433.89. The market displayed lack of investors’ appetite as it tumbled to intra-day low by 293 points. There was no plug on foreigners’ sell-off as they dumped equity worth $2.76 million. However, […]

The Supreme Court on Thursday directed the Federal Board of Revenue (FBR) to submit a report within two weeks on measures taken to recover money from individuals receiving undue tax refunds through fraud. FBR Chairman Shabbar Zaidi told the court that the body had sent a summary to the Prime Minister’s Office for approval in […]

ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday cleared a total of seven development projects having a total estimated cost of Rs36 billion. Of them, two larger projects with cumulative estimated cost of Rs25bn were referred to the Executive Committee of the National Economic Council (Ecnec) for approval. The remaining five smaller projects with […]

ISLAMABAD: The government is revisiting laws pertaining to special economic zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) to fix deficiencies, Chairman Board of Investment Zubair Gilani told a parliamentary body meeting on Wednesday. “There was no harmony between legislation and ground challenges at the time China-Pakistan Economic Corridor was conceived. The SEZ Act is […]

WASHINGTON: Bulgarian economist Kristalina Georgieva was confirmed on Wednesday as managing director of the International Monetary Fund, the IMF said, becoming the first person from an emerging economy to head the global lender. A centre-right politician who grew up in Bulgaria under communism, Georgieva has built a reputation during her time at the World Bank […]

KARACHI: The race to invest in the long-term government papers among the banks further intensified as bids for 12-month papers in the Wednesday’s treasury auction reached over Rs988 billion. The government raised Rs551.5bn from 12-month papers offering highest return compared to other three- and six-month instruments. Despite large interest, the government did not raise the […]

The Asian Development Bank’s Asian Development Outlook 2019 (ADO) reaffirms that the country’s economy is expected to grow slower than last year, with GDP growth projected at 2.8 per cent in fiscal year 2020. The ADO, released on Wednesday, notes that growth in Pakistan had decelerated during fiscal year 2019 and this reflected “lower investment amid policy […]

ISLAMABAD: Amid record fiscal deficit and low revenue collection, the Federal Board of Revenue (FBR) served as many as 482,354 notices to non-registered or non-compliant industrial and commercial consumers across the country in order to persuade them to e-file income tax return for the tax year 2019. The alarmingly poor compliance with tax laws is […]

KARACHI: The Pakistan International Airlines (PIA) chief executive officer has been touting the financial gains made by the national carrier all year, but the stock exchange still awaits financial statements from last year, and this year’s financial data has not even been sent to the auditors yet. In the meantime, CEO Air Marshall Arshad Mahmood […]