Petroleum prices increased up to 66 percent; Petrol enhanced to Rs100.10/liter

Jun 26

Energy

Petroleum prices increased up to 66 percent; Petrol enhanced to Rs100.10/liter

ISLAMABAD: The federal government has increase prices of petroleum products (POL) up to 66 percent effective from June 26, 2020. According to new prices issued by the ministry of finance the maximum increase has been witnessed in kerosene oil by 66.08 percent to Rs59.06 per liter from previous price of Rs35.56 per liter. Second major […]

by Mrs. Anjum Shahnawaz

FPCCI advises central bank to bring down interest rate to 5 percent

Jun 26

Trade & Industry

FPCCI advises central bank to bring down interest rate to 5 percent

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has advised the State Bank of Pakistan (SBP) to bring down the key policy rate at 5 percent considering the prevailing situation due to coronavirus. FPCCI president Mian Anjum Nisar on Friday appreciated the SBP for slashing key policy rate by 100 basis points to […]

by Mrs. Anjum Shahnawaz

KCCI declares policy rate cut insufficient

Jun 26

Trade & Industry

KCCI declares policy rate cut insufficient

KARACHI: Karachi Chamber of Commerce and Industry (KCCI) is not satisfied with one percent interest rate cut by the State Bank of Pakistan (SBP) and said it is very little reduction. Chairman Businessmen Group (BMG) and Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli and President KCCI Agha Shahab Ahmed Khan, […]

by Mrs. Anjum Shahnawaz

Stock market gains 230 points on surprise rate cut

Jun 26

Stock & Commodity

Stock market gains 230 points on surprise rate cut

KARACHI: The stock market gained 230 points on Friday after the central bank announced a surprise cut in interest rate a day earlier. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,939 points as against 33,709 points showing an increase of 230 points. Analysts at Arif Habib Limited said that the surprise […]

by Mrs. Anjum Shahnawaz

Customs officials promoted to post of assistant collector

Jun 26

Pakistan Customs

Customs officials promoted to post of assistant collector

KARACHI: Federal Board of Revenue (FBR) on Friday notified promotions of customs officials to the post of Assistant Collector (BS-17) in the Pakistan Customs Service with immediate effect and until further orders. Following officers have been promoted to the post of Assistant Collector (BS-17): 01. Muhammad Khalid, Superintendent, RTO, Gujranwala. 02. Mehmood Ahmad Nasir, Superintendent, […]

by Mrs. Anjum Shahnawaz

Rupee weakens by 31 paisas on import payment demand

Jun 26

Money & Banking

Rupee weakens by 31 paisas on import payment demand

KARACHI: The Pak Rupee weakened by 31 paisas against dollar on Friday owing to higher demand for import and corporate payment as fiscal year ending next week. The rupee ended Rs167.67 to the dollar from previous day’s closing of Rs167.36 in interbank foreign exchange market. Currency dealers said that the local unit was under pressure […]

by Mrs. Anjum Shahnawaz

Customs collectorates to observe extended working hours on June 29-30

Jun 26

Pakistan Customs

Customs collectorates to observe extended working hours on June 29-30

KARACHI: Federal Board of Revenue (FBR) on Friday said that the collectorates of Customs will observe extended working hours on June 29 and 30, 2020 to facilitate trade and business in payment of duty and taxes. The FBR said that all filed offices of customs will remain open and observe extended working hours till 10:00 […]

by Mrs. Anjum Shahnawaz

Cash withdrawal should be exempted from withholding tax; Senate recommends key changes in Finance Bill 2020

Jun 26

Budget 2020-2021, Taxation

Cash withdrawal should be exempted from withholding tax; Senate recommends key changes in Finance Bill 2020

ISLAMABAD: The Senate of Pakistan has recommended the government to abolish withholding tax on cash transactions from banks. In its key tax recommendations for finalizing budget 2020/2021, the Senate recommended that the government should abolish all kinds of withholding tax chargeable on cash transactions from banks. It recommended that instead of the proposed amendment in […]

by Mrs. Anjum Shahnawaz

Senate advises salary increase by 10 percent

Jun 26

Budget 2020-2021, National

Senate advises salary increase by 10 percent

ISLAMABAD: The Senate of Pakistan has recommended increase in salary of government employees by at least 10 percent for fiscal year starting July 01, 2020. As per the general consensus recommendations of the upper house after the debate on budget 2020/2021, it is recommended that salary of government employees should be enhanced at least 10 […]

by Mrs. Anjum Shahnawaz

Senate recommends tobacco must be treated as crop, exempted from duty/taxes

Jun 26

Budget 2020-2021

Senate recommends tobacco must be treated as crop, exempted from duty/taxes

ISLAMABAD: The Senate of Pakistan has recommended that tobacco must be treated as a crop and must be exempted from duty and taxes. In its recommendations to Finance Bill 2020, the upper house recommended the National Assembly that tobacco must be treated as a crop like wheat, maize, sugarcane etc. and must be exempted from […]

by Mrs. Anjum Shahnawaz