Aug 7

UBL announces 52 percent increase in net profit in first half

KARACHI: United Bank Limited (UBL) has recorded 52 percent growth in its net profit for first half ended June 30, 2019. According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX), the bank announced Rs9.54 billion profit after tax for the first half ended June 30, 2019 as […]

by Mrs. Anjum Shahnawaz

2019/2020: FBR explains withholding tax on profit on debt

Aug 7

Taxation

2019/2020: FBR explains withholding tax on profit on debt

ISLAMABAD: Federal Board of Revenue (FBR) has explained levy of withholding tax on profit on debt for tax year 2019/2020 applicable from July 01, 2019. The FBR said that every person, other than a company, receiving profit on debt from persons mentioned in clause (a) to (d) of sub-section (1) of Section 151 are separately […]

by Mrs. Anjum Shahnawaz

Customs agents express concerns over delay in grounding of containers

Aug 6

Pakistan Customs

Customs agents express concerns over delay in grounding of containers

KARACHI: The Karachi Customs Agents Association (KCAA) has expressed concerns over the delay in grounding of containers at Karachi International Container Terminal Ltd. (KICTL) and said it may result in choking of the terminal. In a letter sent to KICTL management on Tuesday, the KCAA pointed out the issue regarding delay in grounding of containers […]

by Mrs. Anjum Shahnawaz

Pak-Afghan Chamber hails decision to open Torkham border round the clock

Aug 6

Trade & Industry

Pak-Afghan Chamber hails decision to open Torkham border round the clock

KARACHI: The announcement of keeping the Torkham border open for 24/7 was highly well-received by the business communities across the border and is surely a step in the right direction, however, it is critical to ensure that upgraded infrastructure and well-equipped & competent staff is in place to tackle the challenges. Zubair Motiwala, Chairman, Pakistan-Afghanistan […]

by Mrs. Anjum Shahnawaz

Hafeez Shaikh briefs US treasury officials on FATF action plan implementation

Aug 6

Finance

Hafeez Shaikh briefs US treasury officials on FATF action plan implementation

ISLAMABAD: A US delegation led by Ambassador Alice G. Wells, Acting Assistant Secretary of State for the Bureau of South and Central Asian Affairs, along with the US Treasury officials comprising Scott Rembrandt, Deputy Assistant Secretary, Grant Vickers, David Galbraith and others held a meeting with Abdul Hafeez Shaikh, Adviser to the Prime Minister on […]

by Mrs. Anjum Shahnawaz

Share market extends losses on negative sentiments

Aug 6

Stock & Commodity

Share market extends losses on negative sentiments

KARACHI: The share market extended losses on Tuesday owing to investors sentiments grappled by prospects of global slowdown amidst SINO-US trade war and Kashmir issues between Indo-Pak. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 31,001 points as against 31,181 points showing a decline of 180 points. Analysts at Arif Habib Limited […]

by Mrs. Anjum Shahnawaz

Rupee appreciates for 7th consecutive trading day

Aug 6

Money & Banking

Rupee appreciates for 7th consecutive trading day

KARACHI: The Pak Rupee has appriciated for the seventh consecutive trading date and gained 29 paisas against dollar on Tuesday amid improved inflows of home remittances related to Eid-ul-Azha. The rupee ended Rs158.65 to the dollar from previous day’s closing of Rs158.94 in interbank foreign exchange market. Currency dealers said that the rupee was improving […]

by Mrs. Anjum Shahnawaz

FBR estimates Rs20 billion annual revenue loss in illicit tobacco trade

Aug 6

Taxation

FBR estimates Rs20 billion annual revenue loss in illicit tobacco trade

ISLAMABAD: Federal Board of Revenue (FBR) has estimated around Rs20 billion as revenue loss due to illicit trade of tobacco products. The FBR on Tuesday said that the tobacco sector in Pakistan contributed significant revenue in 2018-2019 amounting to Rs 117 Billion (Rs 90.854 billion FED and Rs. 26.147 Billion sales tax). However, Pakistan is […]

by Mrs. Anjum Shahnawaz

FBR imposes major penalty on four customs officials

Aug 6

Pakistan Customs, Taxation

FBR imposes major penalty on four customs officials

KARACHI: Federal Board of Revenue (FBR) has imposed major penalty on four customs officials for misconduct and inefficiency. The FBR on Monday issued four different office orders to imposed major penalty including demotion to lower grade and compulsory retirement. The FBR imposed the major penalty of “Reduction to the lower post of UDC” upon Qamar […]

by Mrs. Anjum Shahnawaz

Aug 5

Money & Banking

Bank holidays announced for Eid-ul-Azha

KARACHI: State Bank of Pakistan (SBP) on Monday announced bank holidays from August 12 to 15, 2019 on the occasion of Eid-ul-Azha. In a notification sent to presidents / chief executives of all banks / Development Financial Institutions / Microfinance Banks, the central bank said that SBP will remain closed from 12th to 15th August, […]

by Mrs. Anjum Shahnawaz