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Impartial, transparent probe to be conducted into sugar subsidy case: NAB chairman

ISLAMABAD: A meeting of National Accountability Bureau (NAB) was held under the chairmanship of its chairman Justice Javed Iqbal at NAB headquarters. Deputy Chairman Hussain Asghar, Prosecutor General Syed Asghar Haider, Director General Operations Zahir Shah, DG NAB Rawalpindi Irfan Naeem Mangi and other senior officers attended the meeting. The meeting reviewed the report of Sugar Commission in detail and ... Read More »

PSX rallies by 305.16 points as bull-run continues

KARACHI: Pakistan Stock Exchange (PSX) witnessed a bullish trend as KSE-100 closed at 39,882.78 points as compared to 39,577.62 points on the previous working day with positive change of 305.16 points (0.77%). Head of Equities Aba Ali Habib Securities said the oil and cement sectors led the bullish rally in the stock market on Wednesday. “Investors are expecting more returns ... Read More »

Customs Preventive along with LEAs using all available resources to curb smuggling attempts: Collector Irfan Javed

QUETTA: Collectorate of Customs Preventive Collector Irfan Javed has said that under guidance of Federal Board of Revenue there has been a substantial improvement in the performance of MCC Quetta to curb smuggling activities. Talking with Customs Today Collector Irfan Javed said said that this Collectorate has embarked upon a proactive approach to bring real results, and there has been ... Read More »

ICCI urged investors to take benefits from construction package

ISLAMABAD: President of Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Ahmed Waheed said that the government has announced a number of incentives to boost construction industry, which would help in moving wheel of economy and to accelerate economic activities in the country. He expressed these views at the occasion of Retailer’s Day and also congratulated the President of Federation ... Read More »

Global current account imbalances narrowed in 2019, can narrow even further in 2020: IMF

WASHINGTON: The International Monetary Fund said on Wednesday that global current account imbalances narrowed in 2019 as trade slowed, and the coronavirus could narrow them further in 2020, but some commodity exporters and tourism-dependent countries will swing to current account deficits. The IMF’s External Sector Report on currencies and imbalances for the world’s 30 largest economies showed that net current ... Read More »

Recent hike in petroleum prices to add about Rs 4b to FBR’s revenue in August

ISLAMABAD: The Federal Board of Revenue (FBR) has estimated additional revenue of Rs 3-4 billion in August 2020 as a result of increase in the price of petroleum products by up to 11.8 percent. According to a senior FBR official the federal government has raised the ex-refinery price of all petroleum products across the board to generate additional revenue under ... Read More »

Pakistan’s exports grow 5.8pc in July

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood chaired an internal strategy meeting at the commerce ministry to review the recent trade statistics and to devise plans for the enhancement of exports. As per the data shared by the commerce ministry, the country exported goods and services worth $1.998 billion in the first month of FY21, ... Read More »

NAB Karachi recovers Rs134.339m acting upon Customs Today article, distributes to FBR

KARACHI: Customs Today had published a series of stories including on 16th Sept. 2019 https://customstoday.com.pk/nab-takes-action-on-green-channel-mega-scam-after-customs-todays-extensive-coverage/ and further on 19th Sept. 2019 unearthing the scam of clearing goods in green channel under the garb of Iron/ steel re-meltable scrap. The articles also had names of culprits upon which action was initiated and the inquiry culminated into arrests and recoveries of Rs134.339 ... Read More »

FBR announces to release of simplified salary return video tutorial

ISLAMABAD: Continuing the awareness and technical training campaign of educating the general public on filing taxes and other online services being provided by the Federal Board of Revenue (FBR), the authority will release a video tutorial for filing of simplified salary return form for Tax Year 2020. An announcement of the FBR displayed on its website Tuesday says, “Video tutorial ... Read More »

FBR upgrades posts of 11 PCS officers to BS-19

ISLAMABAD: The posts of following BS-18 officers of Pakistan Customs Service who were promoted to BS-19 vide FBR’s Notification No. 1013-C-II/2020 dated 18-06-2020, are upgraded to BS-19 mentioned against each, as personal to these officers and for as long as they are held by them:- 1.Dr. Imran Rasool Khan, Deputy Collector (BS-19), Model Customs Collectorate of Hyderabad. (2) Ghulam Hyder ... Read More »

Customs AIIA transfers four inspectors to different locations

LAHORE: Collectoarte of Customs Allama Iqbal International Airport (AIIA) deputy collector Tuesday ordered transfers and postings of four inspectors at the Air Freight Unit with immediate effect. As per details Inspector Nasir Mehmood has been transferred from Air Freight Unit (HQ) to General Post Office (GPO), Inspector Talat Mehmood is transferred from ICG Gate Royal & PIA to GPO, Inspector ... Read More »

FBR updates WHT rates on payment to non-residents

ISLAMABAD: Federal Board of Revenue (FBR) updated withholding tax rates on payment made to non-residents for tax year 2021 under Section 152 of Income Tax Ordinance, 2001. The FBR updated withholding tax card 2020-2021 (up to June 30, 2020) after incorporating amendments made through Finance Act, 2020. According to the withholding tax rates: Under Section 152(1), every person shall deduct ... Read More »

ECNEC okays Pakistan Single Window project & establishment of dry port near Havelian

ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Executive committee of the National Economic Council (ECNEC) today. During the meeting, the project of Pakistan Railways for”Up gradation of Pakistan Railways existing Mainline-1 (ML-1) and establishment of dry port near Havelian “was also approved by ECNEC at the rationalized cost ... Read More »

National Financial Literacy Program milestones achieved: SBP

KARACHI: The National Financial Literacy Program (NFLP) of the State Bank of Pakistan (SBP) completed its third year at the end of FY20 with all the targets surpassing for the fiscal year, despite the outbreak of COVID-19 pandemic since March 2020, according to a statement released by SBP. According to details, in order to address the challenge of financial exclusion, ... Read More »

Business Confidence Score in Pakistan stands at negative 50pc: OICCI

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI) shared the results of its Business Confidence Index (BCI) Survey – Wave 19, which shows that the overall Business Confidence Score (BCS) in Pakistan stands at negative 50 percent. This is a further drop by 5 percent from the already negative 45 percent score in Wave 18 Survey conducted in August ... Read More »

PSX’s first listing of 2020 comes with an oversubscribed IPO

KARACHI: A gong ceremony to mark the first listing of the year 2020 of The Organic Meat Company Limited (TOMCL) was held at Pakistan Stock Exchange (PSX). The Company has successfully listed on Pakistan Stock Exchange on August 3rd, 2020, after its Initial Public Offering (IPO) [on July 14 to 16] was oversubscribed by 1.6 times. It is a significant ... Read More »

New amendments by SECP only allow ATL listed individuals for registration

ISLAMABAD: The individuals whose names are not appearing on the Active Taxpayer List (ATL) of the Federal Board of Revenue (FBR) cannot apply to the Securities and Exchange Commission of Pakistan (SECP) for registering as securities advisers or futures advisers with the commission, a notification issued by the commission said on Tuesday. The SECP has proposed amendments to the Securities ... Read More »

Excellent performance: Missing Persons Commission settles 4616 cases up to July 30

ISLAMABAD: Missing Persons Commission has disposed of 4616 cases upto July 30, 2020 as per monthly progress report released by Farid Ahmed Khan, Secretary (ColoED) on cases of alleged enforced disappearances for the month of July 30, 2020. A total number of 6686 cases were received by the Missing Persons Commission up to June 2020. During July 2020, 43 more ... Read More »

China’s ByteDance to consider int’l HQ for TikTok, outside US

LONDON: Chinese tech company ByteDance said it was considering moving the headquarters of its TikTok video-sharing platform overseas, following a British media report that the unit could relocate to London. TikTok is under heavy fire from US President Donald Trump and other American politicians over concerns that it poses a national security risk, and Microsoft has emerged as a possible ... Read More »

FBR exempts builders, developers from withholding income tax

ISLAMABAD: The Federal Board of Revenue (FBR) has announced that builders and developers opting for the Fixed Tax Scheme (FTS) are not required to withhold income tax on the purchase of building material except steel and cement. Responding to different queries of developers and builders, the FBR responded that the builders and developers are not required to withhold tax on ... Read More »