Category: Business

LAHORE: The Lahore High Court (LHC) on Wednesday set aside the suo motu powers of the Federal Board of Revenue (FBR) to collect sales tax from the business community without registering them under the Sales Tax Act 1990 and Sales Tax Rules 2006. A two-member bench comprising Justice Sajid Mahmood Sethi and Justice Muzammal Akhtar […]

ISLAMABAD: The Nati­onal Assembly’s Special Committee on Agricultural Products on Wednesday decided to move a resolution to abolish the withdrawal of import duty to discourage import of cotton. Speaker NA Asad Qaiser remarked that cotton was the country’s strategic crop and boosting productivity and export competitiveness was central to the revival of the sector. He […]

KARACHI: Stock market was in bullish frame of mind on Wednesday as the KSE-100 index washed away some of the blood, resulting from the bear rampage a day ago that had dragged the index to a three-year low. The market remained green on Wednesday with the index making intraday high by 329 points and closing […]

ISLAMABAD: Pakistan and Korea on Wednesday signed a $500 million Framework Arrangement 2018-20 for the execution of various development projects. The framework arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various infrastructure projects. Secretary Economic Affairs Division Noor Ahmed and Ambassador of the Korea Kwak Sung-Kyu, signed the framework […]

KARACHI: Stocks tumbled on Tuesday and extended the earlier day’s decline as the investors’ faith in the prevailing economic situation hit rock bottom, taking its toll on the market. The KSE-100 index spiralled downwards by 497.66 points (1.35 per cent) and hit nearly three-year low at 36,404.03; last seen at that level on May 31, […]

The Supreme Court on Wednesday announced the restoration of all taxes charged by cellular service providers on mobile phone top-up cards. Chief Justice Asif Saeed Khosa read out the short order, saying the top court “would not interfere in the matters of public revenue and tax collection”. The court also withdrew the stay order placed on the […]

ISLAMABAD: Adviser to PM on Commerce and Textile Abdul Razak Dawood on Tuesday said that under the new list of 313 items included in the second phase of China-Pakistan free trade agreement (FTA), the country’s export earnings could increase by $500 million within a time span of 18 months. He said the new list is […]

ISLAMABAD: The new economic team of the government, headed by newly appointed Adviser to the Prime Minister on Finance Dr Hafeez Shaikh, is fine-tuning the much-awaited tax amnesty scheme which will be unveiled soon as a comprehensive document. This was communicated to the federal cabinet at a meeting held at the PM Office on Tuesday. […]

Former finance minister Asad Umar ─ only days after stepping down from Prime Minister Imran Khan’s cabinet amid a reshuffle ─ on Wednesday took the floor to respond to PPP Chairman Bilawal Bhutto Zardari’s remarks in the Lower House regarding the country’s economic policy. “Bilawal said that the government had admitted to its failures [on the economic […]

ISLAMABAD: The timeline of the International Monetary Fund (IMF) bailout package has complicated the launch of government’s first tax amnesty scheme, Dawn has learnt from knowledgeable sources in the Finance Division. In a meeting held to discuss the tax amnesty scheme — Asset Declaration Scheme — under the leadership of Finance Adviser to Prime Minister Dr Abdul […]