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Sales tax refund claims mount to Rs110b in July-Jan

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KARACHI: Sales tax refunds claims from businesses mounted to Rs110 billion during the first seven months of the current fiscal year of 2016/17 – almost equal to the last fiscal year – despite zero-rating facility for five export sectors. Sales tax refunds of up to Rs22 billion were settled in August 2016, followed by another settlement of Rs21 billion for ... Read More »

Kinnow export targets for the year may not be achieved: Ahmad Jawad

kinnow import - export

KARACHI:  Ahmad Jawad, a senior horticulturist and harvest trading director here on Tuesday apprehended decline in the country’s kinnow export target for the current year.  “Kinnow export target was set at 3,50,000 tons for this year but due to sudden hail storms crop has been affected at quite a large level turning both the growers and exporters unable to meet ... Read More »

Mobile phones market expanding further in Pakistan


ISLAMABAD: Mobile phones market has been expanding ever further in Pakistan giving the economy a much needed boost. According to a private news channel report, the users flock to the markets to buy new mobile phones due to the ever-changing designs and features. Pakistan is considered one of the biggest cellular markets in the world. With mobile phones being imported ... Read More »

Senators attend PAC meeting to review audit report of 2013-14


ISLAMABAD: The Public Accounts Committee (PAC) Tuesday held its maiden meeting after inclusion of six Senators in the country’s top accountability body. Representing Upper House of the Parliament, Senators including Sherry Rehman, Hidayat Ullah, Mushahid Hussain Syed, Chaudhry Tanveer Khan and Azam Khan Swati attended the committee meeting. Earlier, PAC had its members only from the National Assembly. Now, the ... Read More »

Government assures allocation of Rs390m to PTDC


ISLAMABAD: Government has assured provision of fund Rs390 million to Pakistan Tourism Development Corporation (PTDC) for development of tourism in the country. This was stated by Abdul Ghafoor, Managing Director PTDC, he told that as per vision of Prime Minister, 2017 has been declared as Tourism year and we are upgrading all PTDC Motels with modern facilities for tourists. He ... Read More »

Belarus eager to export dairy products to Pakistan


ISLAMABAD: Belarusian Province Brest Oblast wants to export its dairy products to Pakistan in 2017 to promote mutual trade between the two countries. According to a press release issued by Belarus Embassay, here on Tuesday, a meeting was held between Mikhail Serkov, Deputy Chairman of the Brest Oblast Executive Committee and Governor, Balochistan, Muhammad Khan Achakzai, who is on official ... Read More »

Govt releases Rs428.578b under PSDP

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ISLAMABAD: The federal government has released over Rs428.578 billion for different social sector developmental projects under Public Sector Development Programme (PSDP) 2016-17 as against the total allocations of Rs 800 billion. The data released by ministry of Planning revealed that the government released Rs 17.251 billion till February 17 for Pakistan Atomic Energy Commission (PAEC) against its total allocations of ... Read More »

Rs18b to be released for PIMS health projects


ISLAMABAD: The federal government has decided to release an amount of Rs18 billion for completion of various development projects in Pakistan Institute of Medical Sciences (PIMS). According to an official of Ministry of Capital Administration and Development Division (CAAD), feasibility report has been prepared and the said amount will be released soon in order to improve the healthcare facilities at ... Read More »

Railway tracks to be upgraded countrywide under CPEC


ISLAMABAD: The Ministry of Railways will upgrade its existing tracks besides installing new railway tracks from Gwadar-Quetta-Jacobabad via Besima Tehsil in Balochistan, under China-Pak-Economic Corridor (CPEC). Under the project, a total 560 kilometres track from Bostan-Kotla Jam on the main line-II via Zhob and Dera Ismail Khan and another 682 kilometres track from Havelian to Khunjerab will be laid, a ... Read More »

Tax collection responsibility shifted to withholding agents


ISLAMABAD: The Federal Board of Revenue has gradually shifted responsibility for tax collection to withholding agents due to the weak voluntary tax compliance. The share of withholding tax in overall income tax collection, for tax year 2105-16, rose to 68pc. Withholding agents include businesspersons, consultants, exporters, companies, partnerships firms and government departments. However, the deduction of withholding tax amount by ... Read More »

Japan keen to enhance ties: Ambassador Kurai


ISLAMABAD: Ambassador of Japan to Pakistan Takashi Kurai Monday said the 2017 marks the 65th anniversary of diplomatic relations between Japan and Pakistan and hoped to further extend this friendship and to promote and strengthen the cultural ties between the two countries. He was speaking at an exhibition, “Japanese Traditional Art & Dolls Display” here at his official residence. The ... Read More »

NA body lauds KSEW performance, capacity building efforts


ISLAMABAD: The National Assembly Standing Committee on Defence Production Monday appreciated performance of Karachi Shipyard and Engineering Works (KSEW) and efforts for its capacity building. The committee meeting, chaired by Khawaja Sohail Mansoor, observed that it was heartening to note that the Shipyard was not only fulfilling its financial needs but also became a profit-earning entity of the country. “We ... Read More »

Parliamentary body reviews security situation of CPEC projects

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ISLAMABAD: The Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) reviewed on Monday the security situation of CPEC projects and the staff working in various projects across the country. The meeting of the committee was held here under the chairmanship of Senator Mushahid Hussain Syed. The committee was briefed by officials from ministries of defence and interior on security of CPEC ... Read More »

Pakistan to soon become Asian economic power: GB Minister


LAHORE: Gilgit-Baltistan (GB), Information Minister, Iqbal Hassan has said that a sharp surge in economic activities was a proof that the country was on track of progress and prosperity and policies of PML-N government would soon bear fruits for the countrymen especially the people of GB. He said tangible pour of investment and upward trend of economic activities were being ... Read More »

Business community urged to pay taxes honestly


ISLAMABAD – The United Business Group (UBG) of FPCCI has lauded the moves of the business-friendly government which infused confidence in the business community through various positive initiatives and urged the business community to pay taxes honestly. Sources said that the package for exporters worth Rs180 billion and other moves would result in revenue shortfall to the tune of billions ... Read More »

Dar discuss economic reforms with WB director

Ishaq Dar

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that Pakistan was benefiting from the reforms carried out so far which had helped the country to achieve macroeconomic stability. During a meeting with World Bank Country Director Patchamuthu Illangovan, he said, “After having completed the home grown reform agenda with the assistance of the International Monetary Fund (IMF), the government remains ... Read More »

1320MW Thar coal power plant to start generating electricity by 2018

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ISLAMABAD: Work on 1320 megawatts coal based power plant costing two point six billion dollars is underway at Thar Coal Field which will start producing electricity by 2018. According to Radio Pakistan quoting official sources said that projects is being carried out under Pak-China Economic Corridor. The sources said electricity produces through indigenous coal is cheap therefore tapping it with ... Read More »

Govt working towards a new tax-free ceiling to determine the future rates and brackets


ATHENS: A new set of tax rates is being drafted at the State General Accounting Office, as the income tax overhaul will apparently concern more than just the tax-free threshold. Sources say that the options on the table concern setting the tax-free ceiling at 7,000 euros (or even lower) per year, against 8,636 euros today. Depending on the figures that ... Read More »

Local banks incapable to fulfil CPEC requirements: PBIF


ISLAMABAD: Pakistan Businessmen and Intellectuals Forum (PBIF) President, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday said local banks are not capable enough to meet the requirements of CPEC. The government should ask banks to increase their strength and invite big foreign banks to step into Pakistan’s promising market, he ... Read More »

Second int’l business seminar to enhance business opportunities: Alauddin


LAHORE: Provincial Minister for Industries, Commerce and Investment (ICI) Sheikh Alauddin has said that second international business seminar to be conducted in April would enhance business opportunities as well as revive sick industry of Punjab. He was addressing a review meeting held on the proposed seminar at Civil Secretariat Darbar Hall on Friday. Provincial ministers for Finance Dr Aisha Ghaus ... Read More »