Category: Business

ISLAMABAD: Ministry of Finance dropped several tax proposals recommended by the Federal Board of Revenue (FBR) while directing the apex trade body to focus on simplification of tax laws, procedures and removing anomalies in the budget for the next fiscal year, Dawn has learnt from knowledgeable sources. The FBR had proposed taxing few sectors to raise revenue […]

ISLAMABAD: The Asian Infrastructure Investment Bank (AIIB) will provide budgetary support worth $500 million to Pakistan to mitigate the significant negative economic and social impacts caused by Covid-19, it was learnt here on Tuesday. Supported under the ‘Covid-19 Crisis Recovery Facility’, the AIIB loan for the government’s health sector and counter-cyclical development expenditure programme will […]

ISLAMABAD: The country’s agriculture production is suffering due to lack of rapid decision-making and planning by the relevant authorities, found a joint study conducted by the Pakistan Agriculture Research Council (PARC) and the International Maize and Wheat Improvement Centre (CIMMYT). The ‘Cropping pattern zonation of Pakistan’ goes on to add that despite the regular updating […]

Plants of more than 120 listed manufacturing companies had ground to a halt by early April. Notices that piled up in the offices of the Pakistan Stock Exchange (PSX) mentioned plausible re-commissioning dates. Some linked it to the lifting of the lockdown to prevent the spread of the pandemic while others made no promises as […]

ISLAMABAD: With eyes fixed on the upcoming budget, the Ministry of Commerce has evolved a comprehensive tariff policy including reducing customs and regulatory duties on raw materials and semi-finished products. The plan is being developed for budget 2020-21 in a fashion to mitigate the impact of Covid-19 and encourage import substitution of major consumer items […]

KARACHI: Fresh orders are being anticipated by country’s exporters who say the global slowdown, due to the coronavirus pandemic and subsequent lockdown in many countries, has created space for Pakistani exports. The further added that while some export orders were cancelled, many are on hold but will resume once things normalise. Pakistan witnessed a steep […]

MINGORA: Commissioner Malakand division Riaz Khan Mehsud on Saturday directed the deputy commissioner to strictly implement the lockdown in their respective districts as well as the ban on entry of tourists to the region during the Eid holidays. He said no tourist would be allowed to enter the division due to the coronavirus pandemic. He […]

HONG KONG: China’s foreign ministry branch in Hong Kong dismissed concerns that its proposed national security laws for the city would harm foreign investors, hitting back at “meddling” countries as Beijing’s ties with Washington soured further. The security legislation, which could see Chinese intelligence agencies set up bases in Hong Kong, has sent chills through […]

KARACHI: Private sector borrowing in the first 10 months of current fiscal year fell by 47 per cent to Rs298 billion compared to Rs563bn in the corresponding period last year, data released by the State Bank of Pakistan (SBP) showed on Saturday. The data revealed both conventional and islamic banks witnessed a large decline in […]

ISLAMABAD: The Intelligence and Investigation Department of the Federal Board of Revenue has unearthed misuse of a special voluntary tax compliance scheme for traders, causing a revenue loss of billions of rupees to the government exchequer. In 2016, the then government introduced a special regime for traders to pay tax on turnover, working capital in […]