Category: Business

ISLAMABAD: The delay in the launch of Rs200 billion Islamic bond to rescue the troubled energy sector has put the largest state-owned firm — Pakistan State Oil (PSO) — in dire straits with its receivables going beyond a record Rs364bn. A senior petroleum ministry official said receivables from the power sector alone had touched Rs265bn […]

ISLAMABAD: The FBR’s Directorate General of Intelligence and Investigation (DG I&I) has detected 6,186 cases involving sales tax evasion amounting to Rs14.5 billion in the past two months, Dawn has learnt from official sources. The cases were detected in an investigation initiated since November 12, 2018 for all returns with negative carry forward amount of sales tax. […]

ISLAMABAD: Secretary of the Ministry of Energy (power division) Irfan Ali has hinted at outsourcing the collection of electricity bills in a bid to overcome difficulties in the recovery of dues. “Distribution companies will focus only on distributing electricity,” the secretary informed a sub-committee of the Public Accounts Committee (PAC) while providing a solution to […]

KARACHI: The Ministry of Commerce (MoC) has revived a condition for used car imports that proved controversial last time it was introduced. The condition is that payment of duties and taxes for all car imports be made in foreign exchange to be directly remitted from abroad by the person importing the vehicle. Most used cars […]

Adviser to PM for Commerce, Textile and Industry Production Abdul Razak Dawood on Saturday vowed to make a record by increasing the volume of exports to a historical level in 2019. “This year, we will achieve the target of highest exports in the history of the country,” he added. Dawood, while addressing a ceremony in Karachi, said […]

Global food and agriculture producer Cargill on Thursday renewed its long standing commitment to Pakistan by announcing plans to invest more than $200 million in Pakistan in the next three to five years. The announcement was made after a meeting between Prime Minister Imran Khan and other senior government officials, and Cargill’s global executive team […]

ISLAMABAD: Pakistan’s oil import bill jumped nearly 15 per cent year-on-year to $7.6 billion during 1HFY19 from $6.675bn in same period last year, Pakistan Bureau of Statistics reported on Thursday. The country’s petroleum bill is steadily on the rise despite the fall in international prices. The government has taken several measures to cut import bill […]

Electric-vehicle maker Tesla will recall over 14,000 Model S cars in China as part of the global automotive sector’s effort to replace potentially dangerous airbags made by Takata, China’s market regulator announced on Friday. The US giant will recall imported Model S cars made between February 2014 and December 2016, the State Administration of Market […]

Former Nissan boss Carlos Ghosn received nearly eight million euros in “improper payments” from a Netherlands-based joint venture, the Japanese car giant alleged on Friday, threatening to sue to recover the funds. Nissan said Ghosn entered into a personal employment contract with Nissan-Mitsubishi BV (NMBV), a company formed “with the mission of exploring and promoting […]

KARACHI: The government found another reason to sigh with relief on Thursday as the crucial current account deficit (CAD) slipped slightly by 4.4 per cent to $7.98 billion, driven by a fourth quarter decline of 10 per cent, according to data released by the State Bank of Pakistan (SBP). The CAD lies at the heart […]