Officials directed to ensure recovery of motor vehicle tax

Mar 4

Taxation

Officials directed to ensure recovery of motor vehicle tax

KARACHI: The officials of Sindh excise and taxation have been directed to ensure recovery of motor vehicle tax from government authorities. Sindh Minister for Excise and Taxation & Narcotics Control and Parliamentary Affairs Mukesh Kumar Chawla has asked the officers to boost-up their efforts for the recovery of Government’s dues regarding motor vehicle tax from […]

by Mrs. Anjum Shahnawaz

Trade deficit narrows by 26.52% in July – February

Mar 4

Finance

Trade deficit narrows by 26.52% in July – February

ISLAMABAD: The trade deficit has narrowed by 26.52 percent in first eight months (July – February) 2019/2020 owing to fall in import bill. The trade deficit reduced to $15.773 billion during first eight months of current fiscal year as compared with the deficit of $21.467 billion in the corresponding months of the last fiscal year, […]

by Mrs. Anjum Shahnawaz

Mar 4

Corporate

Engro wins eight awards at GDIB 2020

KARACHI: Engro Fertilizers Limited and Engro Energy, two subsidiaries of Engro Corporation, have won eight awards at this year’s Diversity Hub Pakistan’s 2020 GDIB Awards, hosted by HR Metrics, a statement said on Wednesday. Engro Fertilizers was recognized with six awards, the highest number for any company, at the event. The company won three awards […]

by Mrs. Anjum Shahnawaz

ECC approves withholding tax exemption on remittances transfer to bank accounts

Mar 4

Finance

ECC approves withholding tax exemption on remittances transfer to bank accounts

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved exemption from withholding tax on transfer of remittances into bank accounts. The ECC approved at the meeting on Wednesday chaired by Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. The ECC approved that the amount of the remittances transferred into bank accounts […]

by Mrs. Anjum Shahnawaz

Stock market slides by 293 points on selling pressure

Mar 4

Stock & Commodity

Stock market slides by 293 points on selling pressure

KARACHI: The stock market ended down by 293 points on Wednesday owing as selling pressure gripped the market. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,906 points as against 39,200 points showing a decline of 293 points. Analysts at Arif Habib Limited said that the market continued to slide with another […]

by Mrs. Anjum Shahnawaz

Rupee gains seven paisas on lackluster dollar demand

Mar 4

Money & Banking

Rupee gains seven paisas on lackluster dollar demand

KARACHI: The Pak Rupee gained seven paisas against dollar on Wednesday owing to lower import and corporate demand, dealers said. The rupee ended Rs154.22 to the dollar from previous day’s closing of Rs154.29 in interbank foreign exchange market. The currency dealers said that lackluster demand was seen from importer and corporate buyers for the dollar. […]

by Mrs. Anjum Shahnawaz

World Bank approves $300 million to support Pakistan human capital, livelihoods

Mar 4

Finance

World Bank approves $300 million to support Pakistan human capital, livelihoods

WASHINGTON: The World Bank has approved $300 million to support human capital and livelihoods in Pakistan, said a statement on Wednesday. Pakistan is accelerating investments in health care and education to prepare children to reach their productive potential and generate wealth. Today the World Bank committed $200 million for the Punjab Human Capital Investment Project […]

by Mrs. Anjum Shahnawaz

Banking deposits hit all-time high on attractive policy rate

Mar 4

Money & Banking

Banking deposits hit all-time high on attractive policy rate

KARACHI: The deposits of banking system hit all-time high of Rs14.672 trillion by end of January 2020 owing to higher returns on attractive interest rates. According to State Bank of Pakistan (SBP), the deposits of banking system grew by 12.36 percent to Rs14.672 trillion by January 2020 as compared with Rs13.057 trillion in the same […]

by Mrs. Anjum Shahnawaz

UBL continues de-risking strategy in international operations

Mar 4

Money & Banking

UBL continues de-risking strategy in international operations

KARACHI: The United Bank Limited (UBL) has continued its de-risking strategy in its overseas operations, with the business model focused on selective lending mainly to established corporates with a longer term business relationship with the bank. According to Director’s Report for the year 2019, it said that the economic climate remained challenging within the GCC […]

by Mrs. Anjum Shahnawaz

Source of money for immovable property purchase may be questioned

Mar 4

Taxation

Source of money for immovable property purchase may be questioned

KARACHI: Federal Board of Revenue (FBR) has said that a commissioner of Inland Revenue has been empowered to ask source of money used for purchase of immovable properties under legal provisions related to undeclared assets. The FBR in explanations related to purchase of immovable properties, said that the commissioner of Inland Revenue can ask to […]

by Mrs. Anjum Shahnawaz