Category: Business

ISLAMABAD: The Karachi-based Intelli­gence and Investigation department of the Federal Board of Revenue (FBR) has unearthed a scandal involving illegal transfer of over Rs20 billion to bank accounts and its withdrawal in Malakand division of Khyber Pakhtunkhwa without payment of taxes, it emerged on Thursday. The tax-evaded funds were transmitted into bank accounts in the […]

ISLAMABAD: The Nat­ional Assembly’s Standing Committee on Interior on Thursday thwarted a government move to include financial crime and illegal money transfers in the Anti-Terrorism Act (ATA) as the lawmakers maintained that the new law could be used for political victimisation. The amendment to the Anti-Terrorism Act, 1997 has been made to facilitate certain requirements […]

KARACHI: Majority of the US firms believe that business climate in Pakistan has worsened while others feel that it has become even more difficult to do business when compared to previous years. A perception survey conducted by American Business Council (ABC) released on Wednesday stated that 61 per cent of its members responded that the […]

ISLAMABAD: The cost of tax exemptions to the national economy has almost doubled to more than Rs1.8 trillion from Rs972 billion as reported in the federal budget 2019-20. The figures were revealed to the Senate’s Standing Committee on Finance and Revenue on Thursday by Federal Board of Revenue (FBR) Member Hamid Ateeq Sarwar. During the […]

The pound has surged after an exit poll in Britain’s Brexit election projected that Prime Minister Boris Johnson’s Conservative Party likely will win a majority of seats in Parliament. The pound jumped over two cents late Thursday against the dollar, to $1.3445, the highest in more than a year-and-a-half. Many investors hope a Conservative win […]

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines to promote innovation in financial services in insurance, non-banking finance as well as the capital markets The Regulatory Sandbox Guidelines, 2019 is primarily applicable for new products, services or business models which have not been addressed under existing laws and regulations. Under the […]

The government has increased the Employees Old-Age Benefits Institution (EOBI) pension from Rs6,500 to Rs8,500, prime minister’s aide Firdous Ashiq Awan announced on Thursday. Taking to Twitter, she said the increase in the pension was a “manifestation of Prime Minister Imran Khan’s concern for the poor and downtrodden segments”. “This is a practical step towards […]

ISLAMABAD: The country’s trade deficit dipped by 33.04 per cent in the first five months of current fiscal year from a year ago, data released by the Pakistan Bureau of Statistics (PBS) showed on Wednesday. The decline is mainly due to a double-digit fall in imports along with a nominal increase in export proceeds. Moreover, […]

ISLAMABAD: Prime Minister Imran Khan on Wednesday met with the Asian Development Bank (ADB) Chief for Rural Development and Food Security Dr Akmal Siddiq and discussed a comprehensive strategy to boost agricultural sector of the country. PM Khan said the provision of all possible facilities to farmer community is government’s top priority as agriculture sector […]

ISLAMABAD: Customs authorities of Pakistan and China on Wednesday reached consensus to expedite clearances of agriculture products under the proposed Green Corridor at Sust and Khunjerab. The consensus on this issue among others was reached during the past two days in meetings between General Customs Administration of China and Pakistan Customs at the Federal Board […]