Emirates Group Announces 2020-21 Results
Karachi: The Emirates Group today announced its first year of loss in over 30 years caused by a significant drop in revenue, fully attributed to the impact of COVID-19 related…
Foreign investors appreciate SBP FX Remittance Process: OICCI survey
Karachi: OICCI members have appreciated the significant improvement in the FX remittance processing time and in growing engagement of the State Bank of Pakistan leadership with the key stakeholders. The…
Importers and agents oppose harsh penalties for absence of invoice in the container
KARACHI: Finance Bill has proposed very harsh penalties on importers and clearing agents in case of absence of invoice of the goods in the container of the very goods. So…
Ufone’s ‘Nayi SIM offer’ brings exciting all in one bundles for new customers
Islamabad: Carrying forward its customer centric business model, Pakistani telecom operator, Ufone has offered all in one bundles with exciting voice and data rewards for its new customers under its…
Citi Pharma Book Building Starts from today (15 June)
Karachi: Citi Pharma IPO’s book building phase will be held on 15th and 16th June where high net worth individuals and institutional investors will subscribe to 75 per cent of…
REDRETAIL and 1LINK sign agreement to offer bill collection services
Karachi: REDRETAIL (JV of REDtone Group & iDMission LLC) and 1LINK recently signed an agreement to enable bill payments across retail stores in Pakistan. By virtue of the agreement, REDRETAIL…
SBP issues instructions to enhance the Stability and Soundness of Islamic Banking
State Bank of Pakistan (SBP) has issued exclusive instructions on Shariah Non-Compliance Risk (SNCR) management, aimed at enhancing the stability and soundness of Islamic banking. The foundation of Islamic Banking…
SBP proposes framework for facilitating Pakistani exporters to sell products through international digital marketplaces
Continuing with the agenda of modernizing foreign exchange regulations, State Bank of Pakistan has proposed changes in its regulatory instructions for exports of goods from Pakistan. These changes aim at…
Report against DHA Lahore forwarded for adjudication
KARACHI: Directorate of Customs Intelligence and Investigation (I&I Karachi) has served an Incident Report for Adjudication against Defence Housing Authority LHR Gujranwala Chapter for claiming inadmissible exemptions. An official said…
FIR lodged against Rana Phool Muhammad
KARACHI: MCC Preventive Karachi has lodged an FIR against one Rana Phool Muhammad for trying to get refund from government exchequer through submitting forged documents. According to details, bank official…
I&I Sukkur seizes huge quantity of smuggled goods in several cases
HYDERABAD: Customs Intelligence and Investigation (I&I Sukkur) seized large quantity of smuggled cloth, which was being transported from Baluchistan to upcountry. As per the instructions of Director General Customs Intelligence…
Pakistan Tea Association rationalization of taxes on imports
KARACHI: Pakistan Tea Association’s Aman Paracha has said despite assurances by the FBR authorities the MRP on commercial tea import was not removed. He lamented the federal budget imposed 3.0…
Federal Budget proposes Rs1.37 trillion defence budget
KARACHI: Government has allocated Rs1.37 trillion defence budget for the fiscal year 2021-22, which is 6.28 percent higher over the estimated allocations for the year 2020-21. The proposed defence allocations…
Federal Budget FY22 envisages Rs506 billion additional revenue through taxation and enforcement
KARACHI: The Federal Budget FY22 envisages a collection of Rs506 billion in additional revenue through taxation and enforcement measures. According to the proposed budget, Federal Board of Revenue (FBR) estimates…
Government allocates Rs682 billion for subsidies in FY22
KARACHI: Government has earmarked Rs682 billion for subsidies to various sectors for the next fiscal year, up 226.31 percent from Rs209 billion this fiscal. For the power sector, the allocation…
Assistant Collector, Pakistan Customs ( Import ) lodges FIR against alleged attackers
KARACHI: Anees Ali Syed, s/o Syed Altaf Hussain, Assistant Collector (Import), Pakistan Customs posted at Customs House Karachi has lodged a F.I.R against two identified and three un-identified persons who…
WHT on cash withdrawal, banking transactions to be abolished
KARACHI: Federal budget FY22 has proposed to abolish withholding tax (WHT) on cash withdrawal from the banking system and non-cash banking transfers. The federal government in its Federal Budget 2021/22…
FED and sales tax reduced on locally-manufactured small cars
KARACHI: Federal Budget 2021/22 has proposed to abolish the federal excise duty (FED) and reduction in the sales tax on the locally-manufactured small cars. The government proposed to reduce sales…
Government to tax non-filer electricity consumers
KARACHI: Federal Budget FY22 has proposed imposition of tax on the domestic electricity consumers who are not on the Active Taxpayers List (ATL). Through the Finance Bill, 2021, the threshold…
Minimum wage increased to Rs20,000/month
KARACHI: Imran Khan led government has announced increase in monthly minimum wage to Rs20,000 from existing Rs17,500. Finance Minister Shaukat Tarin while presenting the budget on floor of the house,…