Importer of Ajinomoto gets protective bail in 2 cases
KARACHI: Ibad-ur-Rahman, an importer of Monosodium glutamate commonly known as Ajinomoto was admitted to protective bail by a Sindh High Court bench for a week to surrender before the trial…
Mushtaq Sukhera removed from the office of FTO
KARACHI: The Ministry of Law and Justice has removed Mushtaq Ahmed Sukhera from the office of Federal Tax Ombudsman (FTO). The ministry noted that the notification dated 31-8-2017 regarding appointment…
judicial reference against, SHC JUDGES PBC, lawyers to observe strike tomorrow
KARACHI: Lawyers all over Pakistan will be observing strike on Friday, June 14 in protest over judicial reference filed by government against Justice Qazi Fayez Essa of Supreme Court of…
FBR collection target rationale or else
KARACHI: The federal government has set an ambitious target for FBR including custom duty, sales tax collection at rupees 1,000,500,000 for the fiscal year 2019-20 with a projected required growth…
Beroni sings strategic cooperation agreement with Prof Takuya Tsunoda
SYDNEY: Beroni Group Limited recently signed a strategic cooperation agreement with Professor Takuya Tsunodato jointly develop immunotherapy and new drugs for cancer treatment. Professor Takuya Tsunoda is a professor at…
TasFoods to commence rights issue to complete Betta Milk acquisition
SYDNEY: TasFoods Ltd has successfully completed its due diligence to acquire the milk processing assets and brands of The Betta Milk Co-Operative Society Limited. The cost of the acquisition will…
Ten Lifestyle Group wins contract with China Merchants Bank
LONDON: Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled lifestyle and travel platform for the world’s wealthy and mass affluent, has signed a three-year contract with China Merchants Bank…
Safestay Plc acquires Italian Hostel in Pisa
LONDON: Safestay Plc, the owner and operator of an international brand of contemporary hostels, has acquired the freehold of ‘Hostel Pisa’ for €3.25 million. The acquisition of the 161 bed…
Water Intelligence Plc reacquires Tucson, Arizona Franchise
LONDON: Water Intelligence plc, a leading provider of minimally-invasive leak detection and remediation services for residential, commercial and municipal customers, has reacquired of its Tucson, Arizona franchise within the Group’s…
Winchester MD acquires stake in Harvard based synthetic cannabis company
LONDON, June 13th, 2019 – Winchester MD Limited has acquired a minority position in Boston, Massachusetts based private synthetic cannabis company Biotii Technologies Corp., created and managed by a group…
Tinkoff introduces Oleg, the world’s first voice assistant for financial and lifestyle tasks
LIMASSOL, CYPRUS: TCS Group Holding, Russia’s leading provider of online retail financial and lifestyle services via its Tinkoff.ru financial ecosystem, Thursday introduced Оleg, the world’s first voice assistant created in…
Augmentum Fintech announces further investments totalling £8.5 million
LONDON: Augmentum Fintech plc, the UK’s only publicly listed investment company focusing on the fintech sector, has made an aggregate of £8.5 million of follow-on investments into three portfolio companies…
Vodafone Germany acquires spectrum for 5G services at a cost of €1.88 billion
FRANKFURT: Vodafone Germany has acquired important radio spectrum for next-generation 5G mobile networks at the Federal Network Agency auction for a total cost of €1.88 billion. It has secured a…
SABIC obtains all regulatory approvals for $7.3bn joint venture with Exxon Mobil
RIYADH: Saudi Basic Industries Corporation (SABIC) announced that it has obtained all necessary regulatory approvals including environmental permits to establish a petrochemical joint venture project with Exxon Mobil in the…
Pakistan’s automobile sales plunge 21%, strong headwinds ahead for the industry
KARACHI: Pakistan Automotive Manufacturers Association (PAMA) released monthly Automobile sales data for May 2019 wherein total automobile sales for the month declined 21% YoY to 24.1k vehicles while on a…
Revamping of Alternative Dispute Resolution Mechanism
KARACHI: The procedure of settlement of dispute through Alternative Dispute Resolution mechanism is essentially recommendatory in nature. The Federal Board of Revenue (FBR) is not mandatorily required to accept the…
Commercial importers to pay sales tax on retail price of imported goods, not on valuation ruling
KARACHI: The Finance Bill 2019 proposes that commercial importers of goods listed in Third Schedule will pay sales tax at import stage on ‘retail price’ instead of value determined under…
Customs authorized to initiate recovery proceedings in cases up to 5 years old
KARACHI: The Finance Bill 2019 has proposed to empower Customs authorities to initiate recovery proceedings in cases up till five years. Currently, customs proceedings can only be initiated within a…
Penalty for late filing of sales tax return doubled
KARACHI: The Finance Bill 2019 has proposed to increase penalty for late filing of Sales Tax return from Rs 5,000 to Rs 10,000. Further, in case the return is filed…
Tax rate on dividend paid by power generation companies doubled to 15%
KARACHI: The rate of tax on dividend distributed by power generation companies is proposed to be enhanced to 15 percent from existing 7.5 percent, suggests Finance Bill 2019. Applicable tax…