Category: Business

ISLAMABAD: Amid record fiscal deficit and declining government revenues, names of as many as 3.26 million power consumers have been found to be missing from the sales tax and income tax records. The alarmingly poor compliance with tax laws is at the heart of the country’s widening fiscal deficit. Chairman of the Federal Board of […]

KARACHI: Trading activities remained almost paralysed on Monday as majority of shopping malls, wholesale and retail shops kept their business shut owing to incessant rain coupled with accumulated water on the roads. However, factory output showed mixed trend as power breakdown in many industrial units had ruined production activities despite large attendance of workers, while […]

ISLAMABAD: Pakistan and China have decided to enter into an agreement to control misdeclaration at the country’s ports as the menace has been causing massive revenue losses and hurting foreign investment. The decision comes at a time when the government is taking measures to control corruption within the customs department systematically. “We have authorised Pakistan’s […]

KARACHI: The stock market continued to drift lower on the first trading day of the week with KSE-100 index down 369.04 points (1.15 per cent) and close at 41-month low at 31,734.23. While the foreign investors’ buying came to a halt, local institutions and individuals stood on the side-lines. The index started off on a […]

WASHINGTON: The Federal Reserve is set to “vaccinate” the US economy against a slowdown with the first interest rate cut in a decade, but the decision has been made more difficult by unrelenting political pressure. President Donald Trump has constantly berated the Fed and its chairman, Jerome Powell, for failing to provide additional juice to […]

ISLAMABAD: The State Bank of Pakistan (SBP) has reiterated its decision, asking the general public not to share personal information on fake calls. “It has come to our knowledge that fraudsters are attempting to defraud the banking customers by seeking bank account details on the pretext of biometric verification,” the SBP said in a statement […]

KARACHI: Pakistan Bedwear Exporters Association (PBEA) on Monday rejected the Federal Board of Revenue’s (FBR) draft refund rules. In a letter addressed to the board, the PBEA asked FBR chairman to meet with all stakeholders before finalising the rules. The PBEA Chairman Shabir Ahmed said the sectors would face a number of issues if these […]

LAHORE: The Federal Board of Revenue (FBR) has drafted new sales tax refund rules for faster, automated payment of the refund claims. The rules would expedite the process of claims processing filed by manufacturers-cum-exporters of textiles and clothing, carpets, leather and leather goods, surgical instruments and sports goods on the basis of the claimants’ consumption […]

KARACHI: Despite sharp increase in the price of panels, inverters, dry batteries etc due to the steep rupee devaluation, the demand for solar power systems remains robust across the country amid higher electricity tariffs. For example, the installation of 5kW and 10kW solar power system [panels, inverter and batteries] now costs Rs500,000 and Rs1 million, […]

ISLAMABAD: Pakistan’s exports to the 28-member European Union (EU) during 2018 posted paltry growth of 2.84 per cent. The dismal numbers show the failure of Generalised System of Preferences-Plus (GSP+) to help boost exports as total proceeds to the EU during the period under review amounted to €6.88 billion compared to €6.69bn in 2017. Commerce […]