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Tag Archives: financial year

China Shipping Container Lines to get boost from ship scrap subsidies

CHINA: China Shipping Container Lines (CSCL) is to benefit its following financial year by collecting the subsidies for the scrapping of older vessels. The CSCL Group, including its units, “has applied for the special subsidies in respect of the retirement and dismantling of seven vessels (including Xiang Pu vessel) during the period from 1 January 2013 to 30 April 2014, ... Read More »

FDI up by 47% to $423m in July-Oct, China leads with $163m: SBP

KARACHI: State Bank of Pakistan (SBP) has said that the foreign direct investment (FDI) into the country has increased by 47pc from July to October this financial year as China invested $163m, which is more than other country invested during this period. According to SBP, the country received $423 million during July-October compared to $288m during the same period of ... Read More »

$8.81b trade deficit up by 49.37% in 4 months on plunging $7.97b exports & swelling $16.7b imports

KARACHI: Pakistan’s trade deficit has swelled by 49.37 per cent to $8.81 billion from July to October of the current fiscal year as this deficit was $5.90 billion in the corresponding period of previous financial year. As per the Pakistan Bureau of Statistics (PBS) report, exports of goods to the rest of the world fell to $7.97 billion in first ... Read More »

Trade deficit widens by 49.37pc to $8.81 billion during July-Oct

KARACHI: Pakistan’s trade deficit has swelled by 49.37 per cent to $8.81 billion from July to October of the current fiscal year as this deficit was $5.90 billion in the corresponding period of previous financial year. As per the Pakistan Bureau of Statistics (PBS) report, exports of goods to the rest of the world fell to $7.97 billion in first ... Read More »

9,569 used vehicles imported in Q1 of FY14; hybrid cars’ rates soar

LAHORE: Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Chairman Siddique Misri has said that the import of used cars is increasing in the country and as many as 9,569 used vehicles were imported in the first quarter of financial year 2014-15 as compared to 5,863 units in the same period last year, reflecting a growth of 63pc. Siddique ... Read More »

CAA rejects poll claiming Islamabad airport world’s worst

KARACHI: Pakistan’s Civil Aviation Authority (CAA) Director General Air Marshal (r) Muhammad Yousaf, during a press briefing, has rejected the claim of an international website that Islamabad’s Benazir Bhutto International Airport is the world’s worst airport. Talking to the media, he said that the Authority has strongly rejected the survey conducted by the website, adding, “The problem is that no ... Read More »

Pakistan’s imports up by 12.01pc to $12.5b in July-Sept

ISLAMABAD: The country’s total import bill increased by 12.01 per cent and reached $12.519 billion during the first quarter of fiscal year 2014 from $11.177 billion import of corresponding period of last year. According to Pakistan Bureau of Statistics data, the import of oil and eatables has decreased by 4.78pc to $4.79 billion in July-September 2014 as compared to $5.03 ... Read More »

Agri credit disbursement up by 38pc to Rs98b in July-Sept 14

KARACHI: Agriculture credit disbursement has increased by 38 per cent to Rs98 billion during the first quarter of current financial year. According to the State Bank of Pakistan (SBP), the banks disbursed Rs70.8 billion agriculture credit during the same corresponding period of last fiscal year. The disbursement is almost 20% of the overall annual agriculture credit target of Rs500 billion. ... Read More »

FBR collects 13.2pc more tax in July-Sept: Dar

ISLAMABAD: Finance Minister Ishaq Dar has claimed victory against Pakistan Tehreek-e-Insaf Chairman Imran Khan as people have paid more taxes in the first quarter of current fiscal year, rejecting Khan’s civil disobedience call. Ishaq Dar giving details said that tax collection has witnessed 13.2 per cent growth from July to September of financial year 2014-15 due to the steps taken ... Read More »

Dar to preside over first meeting of Tax Reforms Commission

ISLAMABAD: Finance Minister Ishaq Dar will chair the first meeting of Tax Reforms Commission (TRC) formed to upgrade the taxation system and to address tax-related issues of general public. The meeting of 21-member Tax Reforms Commission will be held on Saturday, in which the ways to promote tax culture and to improve the taxation system in the country would be ... Read More »

Trade deficit increases to $6.5billion as exports fall

ISLAMABAD: The country’s declining exports has further increased trade deficit during the first quarter of current fiscal year. According to Pakistan Bureau of Statistics (PBS) data, as the gap between Pakistan’s exports and imports has been witnessed to $6.504 billion just from July to September this year as compare to last year’s $4.482 billion, with the growth of 45.11 per ... Read More »

World Bank lauds Pakistan’s economic growth

WASHINGTON: The World Bank, in its report, has lauded the Pakistan’s economic progress made during the current financial year. According to World Bank report on South Asia’s Economic Opportunity, the country’s 4.1 per cent GDP growth is the highest in seven years amid prolonged political turmoil in Pakistan. The report said that manufacturing sector backed by availability of energy and ... Read More »

117,000 potential taxpayers issued notices in FY2013-14

ISLAMABAD: The Federal Bureau of Revenue (FBR) has issued notices to 117,000 potential taxpayers to bring them into tax net during last financial year. However, out of the total persons only 14,182 have filed their returns up to May 2014. According to data issued by FBR, provisional assessments in cases where the person did not respond to notice have been ... Read More »

Efforts, claims to broaden tax net fail to produce

ISLAMABAD: The government, despite tall claims, failed to broaden tax base by bringing in wealthy non-taxpayers into the tax net as only 14 percent of the people have filed returns out of total notices issued during last financial year 2013-14. The government had planned roping in 100,000 wealthy non-taxpayers into tax net every year over the next five years. The ... Read More »

Remittances inflow registers 11.5pc growth

ISLAMABAD: The inflow of remittances from Pakistanis working in foreign countries has registered a commendable growth during July-May, 2013-14, showing a 11.5 percent increase against 6.4 percent growth recorded in the corresponding period of last year. This was stated by Overseas Pakistani Foundation (OPF) Managing Director Iftikhar Babar during an interview with the APP. Iftikhar Babar said that precious foreign ... Read More »

Multan tops Punjab in property, other taxes recovery

Multan: The Excise and Taxation Department Multan division has doubled its recovery and revenue generation over the past two years as the total recovery for the financial year 2013-14 stands at over Rs1.60 billion compared to Rs880 million recovered in 2011-12. This was disclosed by Director Excise and Taxation Multan Jam Siraj Ahmad while talking to the journalists here. He ... Read More »