KARACHI: The Treasury bill auction on Wednesday attracted massive bids of about Rs1.65 trillion but the auction result showed government borrowing less than the targeted amount. The auction reflected both government’s need for and banking sector’s willingness to park maximum liquidity in the risk-free high yielding papers. However, the government only raised Rs467.4 billion through […]
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ISLAMABAD: The Senate Standing Committee on Commerce and Textile Industry on Wednesday asked the Commerce Division to work out a mechanism in order to reduce the burden of multiple taxes at import stage. The committee meeting, chaired by Senator Muhammad Afridi, asked the Adviser to PM on Commerce and Textile Industry Razak Dawood to work […]
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ISLAMABAD: The Federal Board of Revenue (FBR) has cleared Rs15.6 billion sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters. Adviser to Prime Minister on Finance Dr Hafeez Shaikh on Wednesday tweeted that the amount is released against 8,415 Refund Payment Orders to enhance the liquidity of businesses […]
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KARACHI: The stock market staged a strong rally on the first trading day after a long weekend. The KSE-100 index spiralled upwards by 487.63 points to close at 30,954.83, underpinned by positive expectations from the ongoing Financial Action Task Force meeting in Bangkok, higher international oil prices, uptick in urea prices, investors’ positive outlook of […]
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Karachi: A meeting of commerce adviser to Prime Minister and the chairman Federal Board of Revenue (FBR) with investors of two special economic zone (SEZs) on Wednesday ended in disappointment for the businessmen. At issue is an FBR demand to levy 1.5 per cent turnover tax on sales revenue of enterprises operating in the zones, […]
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Prime Minister Imran Khan on Wednesday announced that he was going to hold a “big jalsa” (rally) in Muzaffarabad on September 13 (Friday). In a post shared on Twitter, the premier said that the jalsa was in order to “send a message to the world about the continuing siege of [Indian occupied Jammu and Kashmir] IOJK by Indian […]
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Uber on Tuesday said it was laying off about eight per cent of its product and engineering teams as the smartphone-summoned ride service tries to map a route to profitability. The San Francisco-based company is cutting about 265 people from its engineering group and another 170 or so jobs from its product team, a spokesman […]
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Minister for Economic Affairs Division Hammad Azhar discussed Pakistan’s progress on the Financial Action Task Force’s (FATF) action plan during meetings with the Asia-Pacific Joint Group (APG) — the watchdog’s regional affiliate, the finance ministry said on Wednesday. According to a press release, a senior-level delegation led by Azhar attended two days of “face-to-face meetings” […]
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The Facebook-led Libra cryptocurrency project must meet the highest standards for combating money laundering and terrorism financing if it is to get off the ground, a senior US Treasury official said on Tuesday. Any cryptocurrency project, including Geneva-based Libra, operating in all or substantial parts of the United States will clearly have to satisfy US […]
CLICK HERE TO READ MOREISLAMABAD: Prime Minister Imran Khan said on Sunday Pakistan was committed to timely completion of projects under the China-Pakistan Economic Corridor (CPEC) and hoped that more Chinese companies would make investments in the country. During his meeting with visiting Chinese Foreign Minister Wang Yi, the prime minister highlighted the importance of the proposed CPEC authority […]
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