FBR reduces up to 88 percent sales tax on petroleum products

May 1

Taxation

FBR reduces up to 88 percent sales tax on petroleum products

ISLAMABAD: Federal Board of Revenue (FBR) has significantly reduced the sales tax rates up to 88 percent on supply of petroleum products for five days. The FBR issued SRO 499(I)/2019 dated April 30, 2019 to announced reduction in sales tax rates on petroleum products. The government a day earlier announced not to immediately pass on […]

by Faisal Shahnawaz

Sales Tax Act 1990: Suo Moto powers of FBR, IR Commissioner to call for record

May 1

Exclusive, Taxation

Sales Tax Act 1990: Suo Moto powers of FBR, IR Commissioner to call for record

KARACHI: The sales tax laws have authorized suo moto powers to Federal Board of Revenue (FBR) and Commissioner of Inland Revenue (IR) to call for records from department and taxpayers. The Section 45 of updated Sales Tax Act, 1990 explained the suo moto powers of FBR and IR commissioner to call for records in any […]

by Faisal Shahnawaz

Byco Petroleum posts 80 percent decline in net profit

May 1

Corporate

Byco Petroleum posts 80 percent decline in net profit

KARACHI: Byco Petroleum Pakistan Ltd. has posted around 80 percent decline in net profit for nine-month period ended March 31, 2019, according to financial results presented to Pakistan Stock Exchange (PSX) on Tuesday. Earnings per share of the company also fell to Rs 0.14 compared to Rs 0.66 last year. The company attributed the decline […]

by Faisal Shahnawaz

Bank Alfalah signs MoU to promote Musharakah products

May 1

Money & Banking

Bank Alfalah signs MoU to promote Musharakah products

KARACHI: Bank Alfalah Islamic Banking has recently signed Memorandum of Understanding (MoU) for Strategic Partnership with Centre for Islamic Finance (CIF) at Lahore University of Management Sciences (LUMS) to jointly setup a research initiative to promote Pakistan’s first ever asset side Musharakah based financing product. According to a statement on Tuesday, the agreement between one […]

by Faisal Shahnawaz

Hutchison Ports Pakistan deploys five new hybrid yard cranes

May 1

Ports and Shipping

Hutchison Ports Pakistan deploys five new hybrid yard cranes

KARACHI: Hutchison Ports Pakistan has announced to deploy five new hybrid yard cranes as the terminal continues with its productivity enhancement program and to provide better customer service. It brings the terminal’s total number of hybrid yard cranes to 31, said a statement on Tuesday. This new batch of equipment will improve the overall service […]

by Faisal Shahnawaz

May 1

Corporate, Stock & Commodity

PSX warns PIA of suspending its share trading for non-compliance

KARACHI: Pakistan Stock Exchange (PSX) has warned Pakistan International Airline (PIA) of suspending share trading from May 22, 2019 for non-compliance of regulations. In a notice issued on Tuesday, the PSX referring to the notice issued on October 09, 2018 to PIA regarding non-compliance, said that PIA has still failed to hold its annual general […]

by Faisal Shahnawaz

EOBI disburses Rs35 billion to pensioners in current fiscal year

May 1

Trade & Industry

EOBI disburses Rs35 billion to pensioners in current fiscal year

KARACHI: Employees Old-Age Benefits Institution (EOBI) has disbursed Rs35 billion to pensioners during the current fiscal year. “The disbursement will increase to Rs46 billion during the next fiscal year,” Azhar Hameed, Chairman, EOBI, said on Monday while addressing members of Korangi Association of Trade and Industry (KATI). President KATI Danish Khan, Senior Vice President Faraz-ur-Rehman, […]

by Faisal Shahnawaz

KSE-100 falls by 242 points on concerns over economy in IMF program

May 1

Stock & Commodity

KSE-100 falls by 242 points on concerns over economy in IMF program

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 242 points on Tuesday due to concerns over economic condition in post IMF program. The share market closed at 36,784 points as against 37,026 points showing a decline of 242 points. Analyst at Next Capital Limited said that the stock market plunged amid […]

by Faisal Shahnawaz

DISCOs publish list of defaulters above Rs1 million

May 1

Finance, National

DISCOs publish list of defaulters above Rs1 million

ISLAMABAD: Power Distribution Companies (DISCOs) have published the list of defaulters above Rs 1 million on their website, said a statement on Tuesday. It said that on directions of Power Division, the lists of electricity dues defaulters above Rs1 million have been published on the websites of concerned DISCOs. An operation against these defaulters is […]

by Faisal Shahnawaz