Feb 19

Automotive

Finance ministry may resolve taxation issues of automotive industry

KARACHI: A standing committee of the National Assembly has assured that finance ministry to convene an exclusive meeting for resolving taxation issues of automotive industry. The National Assembly standing committee paid its visit to Pak Suzuki Motors under the chairmanship of Sajid Hussain Turi on Wednesday. The Committee informed that an exclusive meeting may be […]

by Mrs. Anjum Shahnawaz

IR officers to get information of importers through online customs system

Feb 19

Taxation

IR officers to get information of importers through online customs system

KARACHI: The officers of Inland Revenue to access online system of customs clearance for monitoring of withholding tax collected from importers. The sources in Federal Board of Revenue (FBR) said that the Collectors of Customs of Sea Ports/Dry Ports are obliged to collect withholding tax on imports as per prescribed rates. In the case of […]

by Mrs. Anjum Shahnawaz

FBR bans leaves of officials for revenue collection

Feb 19

Taxation

FBR bans leaves of officials for revenue collection

ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday banned all kind of leaves of its officers and officials with immediate effect in order to collect revenue in the remaining period of current fiscal year. In an official note issued by the FBR said that it had been observed with concern that field formations of the […]

by Mrs. Anjum Shahnawaz

Rupee falls by three paisas against dollar on corporate demand

Feb 19

Money & Banking

Rupee falls by three paisas against dollar on corporate demand

KARACHI: The Pak Rupee fell by three paisas against dollar on Wednesday owing to demand from import and corporate buyers. The rupee ended Rs154.26 to the dollar from previous day’s closing of Rs154.23 in interbank foreign exchange market. The currency dealers said that dollar demand was higher because corporate buyers were active during the day. […]

by Mrs. Anjum Shahnawaz

No link of toxic gas leakage with soybean cargo: Shipping agents

Feb 19

Ports and Shipping

No link of toxic gas leakage with soybean cargo: Shipping agents

KARACHI: Shipping agents association has strongly condemned the linking of toxic gas leakage with soybean cargo. In a statement issued on Wednesday they said that the first casualty was reported hours before discharging of soybean at Karachi Port Trust. The statement issued by Ships Agents Association and Stevedoring Conference, stated: “We strongly condemn the rumors […]

by Mrs. Anjum Shahnawaz

Current account deficit shrinks by 72% in seven months

Feb 19

Finance

Current account deficit shrinks by 72% in seven months

KARACHI: Pakistan’s current account deficit narrowed by 72 percent during first seven months (July – January) of 2019/2020 owing to inflows of workers’ remittances and decline in import bill. The current account deficit reduced to $2.65 billion during the first seven months of current fiscal year as compared with $9.48 billion in the corresponding months […]

by Mrs. Anjum Shahnawaz

Stock market gains 399 points on positive vibes from FATF session

Feb 19

Stock & Commodity

Stock market gains 399 points on positive vibes from FATF session

KARACHI: The stock exchange gained 399 points on Wednesday owing to positive vibes from ongoing FATF plenary session, analysts said. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,574 points as against 40,735 points showing an increase of 399 points. Analysts at Arif Habib Limited said that the market moved up today […]

by Mrs. Anjum Shahnawaz

Ufone celebrates 19 years of Pakistan operations

Feb 19

IT & Telecom

Ufone celebrates 19 years of Pakistan operations

ISLAMABAD: Ufone celebrated 19 years of successful operations in Pakistan with the entire UFamily at Ufone Tower, Islamabad and other offices across the country. During the anniversary celebrations, employees and management vowed to serve their customers with complete dedication and leave no stone unturned in delivering the best. President & CEO, PTCL-Ufone, Rashid Khan addressed […]

by Mrs. Anjum Shahnawaz

Indus Motors posts 67% decline in half-year profit

Feb 19

Automotive, Corporate

Indus Motors posts 67% decline in half-year profit

KARACHI: Indus Motors Company Limited on Wednesday declared massive 67 percent decline in net profit for six-month period ended December 31, 2019. According to financial results announced by Indus Motors, the company declared Rs2.3 billion profit after tax for the half year ended December 31, 2019 as compared with Rs6.91 billion in the corresponding half […]

by Mrs. Anjum Shahnawaz

UBL declares 26% growth in annual profit

Feb 19

Corporate, Money & Banking

UBL declares 26% growth in annual profit

KARACHI: United Bank Limited has declared 26 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income. According to financial results for calendar year 2019 released on Wednesday, the bank declared Rs19.13 billion after tax profit as compared with Rs15.22 billion profit in the preceding year. The bank […]

by Mrs. Anjum Shahnawaz