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Brent crude slips below $87 on brighter US economy outlook

LONDON: Brent crude oil fell below $87 a barrel on Thursday, pressured by a stronger dollar after the Federal Reserve painted a brighter outlook for the US economy. The U.S. central bank on Wednesday ended its monthly bond purchase programme, showing confidence in the prospects for the U.S. economy. While that boosts the outlook for demand from the world’s top ... Read More »

Asian currencies down as Fed seen hawkish

SINGAPORE: Most of the emerging Asian currencies moved down on Thursday as the Federal Reserve struck a more hawkish tone than expected at its policy meeting this week. South Korea’s won led losses among emerging Asian currencies on selling from offshore funds. The Indonesian rupiah fell with importers buying dollars for payments. The Malaysian ringgit hit a seven-month low as ... Read More »

Tokyo stocks open 0.27 higher, Nikkei 225 gains 42.59pts

TOKYO: Tokyo stocks started the day with 0.27 per cent increase on Thursday after the dollar jumped against the yen on a slight bullish turn by the US Federal Reserve. The Nikkei 225 index at the Tokyo Stock Exchange gained 42.59 points to 15,596.50 at the start. Shares in Nintendo soared 7.33 per cent to 11,935.0 yen in the first ... Read More »

Asian shares slightly higher, dollar struggles ahead of Fed meeting

TOKYO: Asian shares went modestly higher while the dollar remained steady on Tuesday, as investors awaited the outcome of the US Fed meeting for clues to the direction of US interest rates. MSCI’s broadest index of Asia-Pacific shares outside Japan shrugged off early losses and a lackluster performance on Wall Street to rise about 0.3 percent. But Japan’s Nikkei stock ... Read More »

Oil falls below $86 a barrel after Goldman Sachs’s forecast

  TOKYO:  Brent crude futures on Monday dropped below $86 a barrel after Goldman Sachs cut its price forecasts for the contract and for US oil in the first quarter of next year by $15. The US investment bank said in a research note on Sunday that it had cut its forecast for West Texas Intermediate (WTI) to $75 a ... Read More »

Tokyo investors looking Fed meeting; Japan data next week

TOKYO: Investors of Tokyo are eyeing a US central bank meeting to be held on Tuesday and economic data including Japanese inflation next week. “The Fed is largely expected to complete its tapering, but we also want to keep an eye on what (Federal Reserve chief Janet) Yellen says about the prospects for future policy,” said Kenzaburo Suwa, strategist at ... Read More »

Asian stocks rebound after global gyrations

HONG KONG: Asian stock markets rebound on Friday after decrease in U.S. unemployment applications and comments from a Federal Reserve official eased nerves about a stalling economic recovery. Hong Kong’s Hang Seng increased 0.2 percent to 22,931.60 and Australia’s S&P/ASX 200 was up 0.4 percent at 5,274. Japan’s Nikkei 225 dropped 1 percent to 14,588.16 as a rise in the ... Read More »

Stock markets fall as confidence in recovery lessens 

London:  Following Wall Street’s dismal performance a day before, share trading got negative result in Europe on Tuesday as most of the stocks fell. France’s CAC 40 slid 0.6 percent to 4,052.63 and UK’s FTSE 100 fell 0.5 percent to 6,336.46. Germany’s DAX shred 0.5 percent to 8,773.10. Despite all that, Wall Street seemed down for a rebound after Monday’s ... Read More »

FBR urged to disclose list of 700,000 affluent non-taxpayers

KARACHI:  The Federal Bureau of Revenue (FBR) should made public the list it has frequently claimed to have compiled of more than 700,000 individuals living a lavish life style, Karachi Chamber of Commerce and Industry (KCCI) President Iftikhar Ahmed Vohra said in a statement. Vohra said the FBR officials have repeatedly claimed that majority of these 700,000 people also hold ... Read More »

Textile exporters press govt for early tax refund

PTEA chairman says textile exports are crumbling and industry and business are squeezing due to non-availability of funds and energy   FAISALABAD: The Pakistan Textile Exporters Association (PTEA) has urged the government to expedite the process of paying billions of rupees outstanding tax refunds for maximum industrial growth and significant increase in exports. PTEA Chairman Sohail Pasha and Vice Chairman ... Read More »

Dar, Bajwa select 77,500 returns for audit through balloting

ISLAMABAD: Random computer ballot was conducted on Thursday at Federal Board of Revenue, Islamabad for selection of cases for audit for Tax Year 2013 and Tax Period 1st July 2012 to 30th June, 2013 in respect of Income Tax, Sales Tax and FED. The Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Senator Muhammad Ishaq Dar was the chief ... Read More »

Tax dodgers to be caught thru auditing

ISLAMABAD: Federal Board of Revenue (FBR), again this year, has decided to audit thousands of cases to catch the tax evades. Sources said that Income Tax, Sales Tax and Federal Excise Duty (FED) heads would audit about 70,000 to 80,000 cases selected through computerised balloting. “The number of cases for audit has been doubled this year as 41,727 cases were ... Read More »

Fed’s decision fans rally in Asian markets

HONG KONG: Federal Reserve’s decision of sticking to its timetable on increasing interest rates fanned a rally in Asian stock  markets on Thursday. The Fed’s statement that its funds would remain low also pushed rally in Wall Street and US dollar as well. Tokyo rallied by 1.13 per cent or 178.90 points, to 16,067.57; Sydney upped by 0.16 per cent ... Read More »

FBR takes exception to misuse of SRO 77(I)2013 by sugar sector

KARACHI: Taking strong exception to serious irregularities in collection of sales tax, Federal Excise Duty (FED) and income tax from sugar sector, the Federal Board of Revenue (FBR) has directed the Large Taxpayer Units (LTUs) and Regional Tax Offices (RTOs) to act on the report of Directorate General Audit, Inland-Revenue (South), Karachi. According to reports, the sugar sector has committed ... Read More »

Quetta Customs collects Rs 261.37m in July

KARACHI: The Model Customs Collectorate (MCC) of Quetta has collected an amount of Rs261.37million in share of Customs Duty (CD), Sales Tax, Federal Excise Duty (FED) and Withholding Tax (WHT) in the month of July 2014. According to details, the Collectorate collected an amount of Rs33.77 million in share of CD in first month of fiscal year2014-15 with decrease of ... Read More »

Customs collects Rs 300.11m in Gwadar

KARACHI: The Model Customs Collectorate (MCC) of Gwadar has collected an amount of Rs 300.11 million in share of customs duty (CD), sales tax, federal excise duty (FED) and withholding tax (WHT) in the month of July-2014. According to the statistics, the Collectorate of Gwadar has collected an amount of Rs 58.87 million in share of CD in the first ... Read More »

50 percent increase in FED rates irks air passengers

PESHAWAR: Federal Board of Revenue (FBR) has enhanced Federal Excise Duty (FED) rates by 50% replacing the fixed FED rates with already existing standard rate of 16 percent on tickets issued to passengers travelling aboard. National and domestic travelers flared at FBR after the decision of increase in FED on domestic and international flights. The decision has arrived after the ... Read More »

Achieving revenue target in doldrums, FBR collects Rs1967b till June 6

ISLAMABAD: Even after revising the revenue target twice, it has become apparently an impossible task for Federal Board of Revenue to collect Rs2,275 billion by the end of the current fiscal year. The latest data availed by Customs Today revealed that until June 6, 2014, FBR had collected merely around 1,967 billion rupees. FBR authorities are now expecting that by ... Read More »

MCC Appraisement-East collects Rs14,863m against Rs21,584m target

KARACHI: Model Customs Collectorate of Appraisement-East has collected total revenue of Rs 14,863 million in the month of May, 2014 against its set target of Rs 21,584.6 million with a shortfall of Rs 6,721.5 million. MCC Appraisement-East has collected revenue of Rs 4,149.9 million in share of customs duty against the set target of Rs 6,871 million with a difference ... Read More »

MCC Appraisement-West collects Rs16,714m against target of Rs22,787m in May

KARACHI: Model Customs Collectorate of Appraisement-West despite all out efforts has failed to achieve the revenue target set by the Federal Board of Revenue for the month of May, 2014. MCC Appraisement-West had a target of Rs 22,787 million in share of customs duty, sales tax, federal excise duty and income tax for the month of May, 2014. However, the ... Read More »