Jul 4

World

US approaches WTO against India’s additional duty measures

ISLAMABAD: The United States has approached the World Trade Organization (WTO) for dispute consultations regarding additional duties imposed by India on various imported goods from the US. A statement issued by the WTO said that the US had requested WTO dispute consultations with India concerning additional duties applied by India on certain imports of US […]

by Mrs. Anjum Shahnawaz

Pakistan’s foreign exchange reserves increase to $14.443 billion

Jul 4

Finance

Pakistan’s foreign exchange reserves increase to $14.443 billion

KARACHI: The total foreign exchange reserves of Pakistan increased by $92 million to $14.443 billion by week ended June 28, 2019 as compared with $14.351 billion in the previous week, the State Bank of Pakistan (SBP) said on Thursday. The SBP said that during the week ending June 28, 2019, it received inflow of $500 […]

by Mrs. Anjum Shahnawaz

Karachi Chamber demands restoration of sales tax zero rating for export industries

Jul 4

Trade & Industry

Karachi Chamber demands restoration of sales tax zero rating for export industries

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Thursday urged the government to restore sales tax zero-rating for export oriented industries as due to withdrawal of this scheme many industries have shut down their activities. KCCI President Junaid Esmail Makda in a statement expressed deep concerns over the worsening crises being faced by the […]

by Mrs. Anjum Shahnawaz

Share market plunges despite IMF loan approval

Jul 4

Stock & Commodity

Share market plunges despite IMF loan approval

KARACHI: The share market ended down on Thursday despite positive outcome of loan approval by IMF for Pakistan. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,570 points as against 34,897 points showing a decline of 326 points. Analysts at Arif Habib Limited said that ‘buy the rumor, sell the news’ proved […]

by Mrs. Anjum Shahnawaz

Rupee continues recovery against dollar on fourth consecutive trading sessions

Jul 4

Money & Banking

Rupee continues recovery against dollar on fourth consecutive trading sessions

KARACHI: The Pak Rupee continued its recovery against dollar on Thursday amid approval of IMF loan program for Pakistan. PublishJuly 4, 2019 6:10 pm The rupee gained another Rs1.08 to end at Rs156.57 the dollar as compared with previous day’s closing of Rs157.65 interbank foreign exchange market. The rupee made gains for the fourth consecutive […]

by Mrs. Anjum Shahnawaz

Largest share offering: Hubco raises Rs7 billion through right shares

Jul 4

Corporate, Stock & Commodity

Largest share offering: Hubco raises Rs7 billion through right shares

KARACHI: The largest independent power producer of Pakistan, Hub Power Company Limited (HUBCO) has issued right shares and raised an amount of Rs7 billion from Pakistan Stock Exchange (PSX), a statement said on Thursday. The Right Share is priced at Rs50 per share and the company has issued 140 million shares, as decided by the […]

by Mrs. Anjum Shahnawaz

FBR updates exchange rates for late payment by amnesty declarants

Jul 4

Taxation

FBR updates exchange rates for late payment by amnesty declarants

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday updated daily exchange rates at Rs158.13 to the dollar for payment of taxes under Asset Declaration Scheme 2019 for those persons, who filed their declarations but failed to pay by due date. The Asset Declaration Scheme 2019 was announced for around one month and it was expired […]

by Mrs. Anjum Shahnawaz

FBR to question source of foreign remittances above Rs5 million

Jul 4

2019-2020, Budget, Taxation

FBR to question source of foreign remittances above Rs5 million

ISLAMABAD: Federal Board of Revenue (FBR) will question the sources for all those foreign remittances exceeding Rs5 million in a year, which are transferred through normal banking channels. The government has tightened the unexplained inflows by making amendment to Income Tax Ordinance, 2001 through Finance Act, 2019. In the past the inflows of foreign remittances […]

by Mrs. Anjum Shahnawaz

Jul 4

Finance

IMF approves $6 billion loan for Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has approved a 39-month extended arrangement for Pakistan under which the country will get $6 billion to support the economic reform program, said a statement. After approval of the loan under Extended Fund Facility (EFF) by the Executive Board of IMF, Pakistan is now eligible to immediately receive first […]

by Mrs. Anjum Shahnawaz