Category: Business

The Federal Board of Revenue (FBR) has decided to launch a crackdown against benami account holders starting from April 1, officials said on Thursday. FBR’s Member Inland Revenue Policy Dr Hamid Ateeq Sarwar and Member Inland Revenue Operations Seema Shakil revealed this during an informal chat with reporters, held to share the progress made by […]

KARACHI: The Federal Board of Revenue (FBR) has claimed to have recovered up to Rs5.2 billion from its ongoing drive against tax defaulters, non-compliant high-net-worth individuals, besides it has acted against 4,512 bank accounts, properties, vehicles and arrested nine defaulters. According to official data released at a press briefing in Islamabad on Wednesday, the FBR […]

ISLAMABAD: The Supreme Court on Wednesday expressed its bewilderment over the exercise of suo motu powers to suspend tax deductions on top-up cards and wondered whether such jurisdiction falls under Article 184(3) of the constitution. “Whether such matter can be proceeded in the exercise of jurisdiction under Article 184(3) and if the answer is in affirmative then […]

ISLAMABAD: Minister of State for Revenue Mohammad Hammad Azhar has explained that there is no change in cash limits or tax rates on withdrawal from bank accounts and the Finance 2nd Supplementary Act 2019 has taken out only filers of income tax returns from the scope of the relevant law. “There has been no change […]

KARACHI: Indus­trialists have lodged a complaint against K-Electric Ltd for charging higher tariffs in despite direction from the government’s notification to charge concessionary rates to the export-oriented industry. Sindh Industrial Trading Estate (Site) Association of Industry Chairman Saleem Parekh also urged Finance Minister Asad Umar to take notice of KE’s violations. He said the support […]

KARACHI: Inter­national Monetary Fund (IMF) Mission Chief for Pakistan Ernesto Ramirez Rigo held a meeting with Governor State Bank of Pakistan Tariq Bajwa and other senior officials on Wednesday. According to a press release issued by the IMF, Rigo held introductory meetings with the Pakistani authorities on March 26 and 27. Discussions focused on recent […]

ISLAMABAD: The government on Wednesday pushed for efficient use of energy supplies through reduction in unsustainable system losses and recovery of outstanding bills from consumers. A meeting of the Cabinet Committee on Energy (CCoE) presided over by Finance Minister Asad Umar decided to strictly deal with electricity defaulters. The Power Division reported in a presentation […]

ISLAMABAD: Conceding collective responsibility over inflated billing, the government on Tuesday said it would restore slab benefits to ease financial burden on gas consumers in future. “We accept this mistake. It was a collective decision of the Economic Coordination Committee (ECC) of the Cabinet to have done away with previous slab benefit to consumers,” said […]

KARACHI: The State of Bank of Pakistan will announce its latest monetary policy decision on March 29, the central bank said in a statement on Wednesday. The announcement will be made in a news release. The central bank raised its key policy rate by 25 basis points to 10.25 percent in January in the face […]

ISLAMABAD: As the arrival of $2.1 billion Chinese loans jacked up Pakistan’s total foreign exchange reserves to $17.58bn — highest since April 2018 — the government is expecting finalisation of a bailout package with the International Monetary Fund (IMF) in four-six weeks to form the basis for next year budget. IMF’s new mission chief for […]