Fresh audits of PIA, Pakistan Steel to be conducted for transparency

Jul 12

Finance

Fresh audits of PIA, Pakistan Steel to be conducted for transparency

KARACHI: The federal government will conduct fresh audit of Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM) in order to ensure transparency in state-owned enterprises (SOE). The audits would be initiated for improving SOE governance, transparency and efficiency. The federal government will make public the outcome of the audits by December 2019, which was […]

by Mrs. Anjum Shahnawaz

FBR notifies transfers, postings of 503 principal appraisers, appraising officers in major reshuffle

Jul 12

Pakistan Customs, Taxation

FBR notifies transfers, postings of 503 principal appraisers, appraising officers in major reshuffle

ISLAMABAD: Federal Board of Revenue (FBR) on Friday made huge reshuffle in Pakistan Customs Service (PCS) by notifying transfer and posting of 503 officers including principal appraisers, appraising officers and valuation officers with immediate effect. Following officers have been transferred and posted in major reshuffle: S.# Name Designation From To 1. Kanwar […]

by Mrs. Anjum Shahnawaz

Trade deficit narrows by 15.33pc to $31.82 billion in 2018/2019

Jul 12

Finance

Trade deficit narrows by 15.33pc to $31.82 billion in 2018/2019

ISLAMABAD: The country’s trade deficit has narrowed by 15.33 percent during fiscal year 2018/2019 owing to decline in import bill, according to data released by Pakistan Bureau of Statistics (PBS) on Friday. The trade deficit declined to $31.82 billion in last fiscal year as compared with $37.58 billion in the preceding fiscal year. The decline […]

by Mrs. Anjum Shahnawaz

FPCCI seeks removal of protective duties on Pakistani products by Turkey

Jul 12

Trade & Industry

FPCCI seeks removal of protective duties on Pakistani products by Turkey

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged Turkish authorities to remove protective duties imposed on Pakistani products. “Turkey should remove local preventive in PTA/FTA with Pakistan,” said Engr. Daroo Khan Achakzai, President, FPCCI in a statement on Friday. He said that in the past textile exports to Turkey was based […]

by Mrs. Anjum Shahnawaz

Stock market ends down by 203 points on lack of investors confidence

Jul 12

Stock & Commodity

Stock market ends down by 203 points on lack of investors confidence

KARACHI: The stock market ended down by 203 points on Friday due to lack of investors confidence. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,672 points as against 33,875 points showing a decline of 203 points. Analysts at Arif Habib Limited said that the market remained lackluster today, following the trend […]

by Mrs. Anjum Shahnawaz

Rupee continues losing streak against dollar

Jul 12

Money & Banking

Rupee continues losing streak against dollar

KARACHI: The Pak Rupee continued losing streak on Friday amid higher demand for import and corporate payments. The rupee ends 31 paisas to close at Rs158.80 to the dollar from previous day’s closing of Rs158.49 in interbank foreign exchange market. The foreign exchange market was initiated in the range of Rs158.40 and Rs158.70. The market […]

by Mrs. Anjum Shahnawaz

SBP to announce monetary policy on July 16

Jul 12

Money & Banking

SBP to announce monetary policy on July 16

KARACHI: State Bank of Pakistan (SBP) will announce key policy rate for next two months of July 16, 2019, a statement said on Friday. The SBP said that the Monetary Policy Committee of the central bank would meet on Tuesday, July 16, 2019 at SBP Head Office Karachi to decide the policy rate. In the […]

by Mrs. Anjum Shahnawaz

Cash payment above Rs5 million for immovable property to attract penalty of 5pc of total value

Jul 12

Taxation

Cash payment above Rs5 million for immovable property to attract penalty of 5pc of total value

KARACHI: A person who purchases immovable property having fair market value greater than Rs5 million through cash or bearer cheque then the person is liable to pay five percent of the value of immovable property as penalty. From tax year 2020 starting July 01, 2019 the purchase of immovable property has been prohibited through any […]

by Mrs. Anjum Shahnawaz

Consumers may not able to get 5pc sales tax rebate till FBR notification

Jul 12

Taxation

Consumers may not able to get 5pc sales tax rebate till FBR notification

ISLAMABAD: General public may not be able to avail 5 percent rebate on their purchases until a notification is issued by the Federal Board of Revenue (FBR). Through Finance Act, 2019 a new proviso has been added wherein customers of Tier-1 retailers are entitled for pay-back up to 5 percent of sales tax involved in […]

by Mrs. Anjum Shahnawaz