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PQA’s Asad Chandna, QICT’s Junaid Zamir work hand in glove to bleed importers?

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KARACHI: The Qasim International Containers Terminal (QICT) at Port Qasim is allegedly looting and bleeding the genuine importers of Pakistan. Importers question complicity of Port Qasim Authority’s chairman Asad Rafi Chandna and QICT CEO Junaid Zamir in country’s biggest demurrage and detention scam. Importers claim that these high-ups of PQA and QICT work hand in glove to allow illegal activities ... Read More »

Govt abolishes non-tax filers regime: Shabbar Zaidi

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbar Zaidi has said that one new thing in this budget 2019-20 is very rare that government has abolished non-filer regime while pursuing income tax laws. Shabber Zadhi talking with the media here at Planning Commission said that FBR has purposed that non tax filers should be allowed to buy or sell anything ... Read More »

Asad Qaiser asks FBR not to pass on burden of FED to tobacco growers

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ISLAMABAD: Federal Board of Revenue (FBR) Chairman Shabbir Zaidi has informed the speaker national assembly that the finance bill clearly states that the effect of Federal Excise Duty (FED) should not be passed on to growers and the burden should be entirely borne by the cigarette manufacturers. It was also highlighted that the FED was intended for tracking and tracing ... Read More »

Tropical Cyclone ‘Vayu’: KPT, PQA, GPA, PSAA advised to make suitable arrangements

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KARACHI: Karachi Port Trust (KPT) has issued a circular of attention for all ships and crafts citing the current situation of the Tropical Cyclone named ‘Vayu’ which is heading close to the coast of neighboring country India. According to the details, the circular of attention for all Ships and Crafts issued by Karachi Port Trust (KPT) administration has maintained that ... Read More »

SHC directs not to take any coercive action against M/s Telenor Pakistan

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KARACHI: The Sindh High Court (SHC) passed an interim order and restrained customs officials from taking any coercive action including blockage of NTN of the petitioner till next date of hearing on a constitutional petition filed by M/s Telenor Pakistan Private Limited and M/s Ahbab Enterprises against blocking of its NTN/user ID by the Collector of Customs of Appraisement East ... Read More »

Multan Customs seizes smuggled Magnesium Powder worth Rs17.5m from DG Khan

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MULTAN: Directorate of Customs Intelligence and Investigation (I&I) seized huge quantity of smuggled foreign Magnesium Powder along with truck worth Rs 17.5 million from Dera Ghazi Khan. According to details, Assistant Collector Javaid Raza received information from its credible source that huge quantity of non-customs duty goods will be smuggled through jurisdiction. Assistant Director alerted its staff and formed special ... Read More »

Faisalabad RTO forms teams to create awareness about tax amnesty scheme

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FAISALABAD: Federal Board of Revenue (FBR) Regional Tax Office (RTO) Chief Commissioner Muhammad Nadeem Arif and Inland Revenue Additional Commissioner Headquarters Muhammad Asif Rafique formed four teams to facilitate business community in availing amnesty scheme for undisclosed foreign and domestic assets. According to the details, RTO Faisalabad appointed many officials from zones in order to create awareness amongst the taxpayers ... Read More »

FBR requested to revisit provisions as businesses to choke upon implementation

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KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda, while referring to Section 108AB of the Finance Bill 2019-20 titled transactions under the dealership arrangements, rejected the provisions which were totally unacceptable as these would result in further choking the businesses. In a statement issued, Junaid Makda pointed out that under Section 108AB, a person supplying products ... Read More »

Pakistan keen to enhance trade ties with Central Asia: FM Qureshi

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BISHKEK: Foreign Minister Shah Mehmood Qureshi said on Thursday that the government seeks market access for Pakistani commodities to the Central Asian countries, according to media. Addressing the Pakistani community and students in Bishkek, FM Qureshi said Pakistan has always given great importance to its ties with all the Central Asian states, adding that government would focus more on trade ... Read More »

PSX gains 465 points on buying activities

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KARACHI: The stock market gained 465 points on Thursday as buying activities remained dominant during the day on positive sentiments. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,403 points as against 34,660 points showing an increase of 465 points. Sectors contributing to the performance include Fertilizer (+110 points), Banks (+86 points), Cement (+72 points), Power (+54 ... Read More »

Dollar gains Re1 to reach Rs153 in open market

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KARACHI: The value of the US dollar against the rupee continued to strengthen, with the greenback reaching Rs153 in the open market on Thursday afternoon. The US dollar climbed Re1 each in the interbank and the open market. Its value strengthened to Rs152.95 in the interbank market. Currency dealers held the financial year end responsible for the situation. According to ... Read More »

KPK generates Rs10.80b during last FY

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PESHAWAR: Through strict reforms initiatives, the Khyber Pakhtunkhwa Revenue authority brought 59 percent increase in its revenue generation  and collected a total of 10.80 billion rupees in last fiscal year. The collections not include revenue of telecom sector and mobile companies which are 5.8 billion rupees. Khyber Pakhtunkhwa finance minister Temor Saleem Jaghra appreciated the steps taken by the authority ... Read More »

PM Imran to represent Pakistan at SCO meeting in Bishkek

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BISHKEK: Prime Minister Imran Khan will represent Pakistan at the 19th meeting of the Council of the Heads of State of the Shanghai Cooperation Organisation (SCO) beginning in Bishkek, Kyrgyzstan today. Kyrgyz President Sooronbay Jeenbekov has extended the invitation to the prime minister to attend the two-day summit. PM Imran will address two sessions of the meeting. A number of ... Read More »

KPT Shipping Intelligence Report 13 June 2019

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KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-I Lahore D. Crude Oil PNSC 12/06/19 OP-II Torm Aslaug L. Naptha Alpine 12/06/19 ALONG SIDE (East Wharves): 1 Eastern Chemi L. Ethanol East Wind 11/06/19 2 Rebecca Schulte D. Chemical Alpine 12/06/19 5 ... Read More »

PSX appoints Rafique Umer as acting CEO

A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

KARACHI: The Board of Directors (BoD) of the Pakistan Stock Exchange (PSX) has appointed Muhammad Rafique Umer as the acting chief executive officer of the PSX. A notice signed by the PSX Chairman Sulaiman Mehdi on Wednesday stated that following acceptance of Morin’s resignation dated May 28, the board had “with due concurrence of the Securities and Exchange Commission of ... Read More »

FBR decides to tighten noose around offshore tax evaders

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ISLAMABAD: The PTI-government has proposed several amendments to the income tax laws to tighten the noose around offshore tax evaders. According to media, under the proposed amendments, tax evasion via offshore accounts will be deemed as a punishable crime and those found guilty will either have to pay hefty fines or face jail time of up to seven years. The ... Read More »

SC judge recuses himself from NAB appeal against Shehbaz Sharif, Fawad Hasan’s bail

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ISLAMABAD: A Supreme Court judge has recused himself from hearing National Accountability Bureau appeal challenging bail granted to Pakistan Muslim League-Nawaz (PML-N) president Shehbaz Sharif and former Prime Minister Nawaz Sharif’s principal secretary Fawad Hasan Fawad. Justice Yahya Afridi was part of three-member SC bench headed by Justice Azmat Saeed hearing the NAB appeal challenging a Lahore High Court (LHC) ... Read More »

US dollar reaches new all-time high against Pakistani rupee

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KARACHI: The US dollar continues to soar against the Pakistani rupee, reaching a new all-time high in the interbank market on Thursday. The Pakistani rupee continued to weaken, shedding an additional Rs0.54 to the US dollar to be traded at Rs152.10 in the interbank market. Following the rise in the interbank, the US dollar also strengthened in the open market ... Read More »

FBR eyes revenue of Rs2b through amendments in super tax

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ISLAMABAD: Federal Board of Revenue (FBR) has estimated additional revenue of Rs2 billion through proposed changes in law related to super tax. According to the details, the changes have been introduced to Section 4B of Income Tax Ordinance, 2001 through Finance Bill 2019. The FBR in explanation to the Finance Bill said that presently brought forward depreciation and business losses ... Read More »

Current account deficit may hit $7b

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ISLAMABAD: The government has presented a balanced, and development and growth-oriented budget which envisages several pro-business measures despite the economic crunch and a number of domestic and international challenges said Pakistan Furniture Council (PFC) Chief Executive Mian Kashif Ashfaq. According to a statement issued on Thursday, he appreciated Prime Minister Imran Khan’s commitment to the revival of economic activities besides ... Read More »