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Tag Archives: fiscal year

Port of Virginia sets new volume records for June, fiscal year

WASHINGTON: The Port of Virginia ended last month with a bang – its best June on record. The close of the month also marked the end of its best-ever July-June fiscal year. The port’s terminals moved 231,675 containers, as measured in standard 20-foot units or TEUs, in June, a 7 percent gain from the same month a year ago. For ... Read More »

New initiatives in Textile Package result in increasing textile products

ISLAMABAD: The initiatives announced under the Textile Package incorporated in the finance bill 2014-15 has enhanced exports of textile products to $13 billion of which exports to EU stand at $5 billion.  “Besides, Textile Package, GSP-Plus status granted by the European Union to Pakistan has also significantly contributed to this increase because Pakistan is strong in the area of bed ... Read More »

US exports to Iran up 1.5% in Jan

TEHRAN: According to a report of US Department of Commerce that US exported $13.3 million worth of products to Iran in January 2015 that showing a 1.5 percent increase compared to the last fiscal year. The report said Iran was the 130th export destination of the U.S. products in January 2015. The Iran-US trade totaled $182.1 million in 2014, with ... Read More »

South Korea’s gross revenue shortfall reaches $10b in 2014

SEUOL: South Korea’s gross tax revenue fell 11 trillion won ($10 billion) short of forecast in 2014,as slower-than-predicted growth affected the collection of dues. The finance ministry, which completed calculations on gross revenue and expenditures for the 2014 fiscal year, said tax earnings came to 298.7 trillion won. This represents a gain of 5.8 trillion won from the year before ... Read More »

Pakistan Bureau of Statistics claims country’s economy moving on right track

ISLAMABAD: The country’s economy is moving on right track because of prudent economic policies of the government despite challenges on different fronts. According to Radio Pakistan quoting a report of Pakistan Bureau of Statistics, major economic indicators have shown positive signs of sustainable growth owing to improved foreign exchange reserves, workers’ remittances and increased investment. A considerable increase has been ... Read More »

Punjab Excise and Taxation Dept collects 336 million professional tax in six months

LAHORE: in fiscal year 2014-25 Excise and Taxation department Punjab has collected Rs 336 million as professional tax from July 2014 till now. The amount collected is two percent less than the last fiscal year 2013-14. Punjab Government has set a target of 822.529 Million Rupees for Excise to collect in the Budget of 2014-15, whereas Excise has barely collected ... Read More »

Gold prices at over 3-year low, drop 35.8pc to $1,169 from $1,821 in 2011

KARACHI: Pakistan retail market has fallen after the gold prices in international market have witnessed 35.8 per cent decline to reach over the last three years low and dropped to $1,169 from $1,821 in August 2011. While international gold prices are down by 12% in dollar terms since the end of June, the value of 10 grams of 24K gold ... 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 »

FBR collects Rs180b in Oct with 17pc growth

ISLAMABAD: Federal Board of Revenue’s (FBR) gross revenue collection stood at Rs180 billion during the month of October this year against Rs156 billion it collected in October 2013, reflecting a growth of 17 per cent. The FBR has paid refunds/rebates of Rs8 billion during the month against Rs4 billion paid in last October. The Board has collected Rs750 billion during ... Read More »

Govt to raise Rs273b by privatising eight state institutions

ISLAMABAD: The Finance Ministry has high expectation of getting Rs260.9 to Rs273 billion by privatising of eight government entities in the current fiscal year. The government also eyed on significant increase in proceeds from the privatization of remaining three generation companies (GENCOs) and six power distribution companies (DISCOs). An official source at the Finance Ministry told this scribe that the government ... Read More »

FBR collects Rs750 billion during July-Oct

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs750 billion during July-October this year against Rs661 billion in corresponding period of 2013-14. Sources said that during July to October 2014, FBR collected Rs265 billion as direct taxes, Rs355 billion as sales tax, Rs47 billion as federal excise duty and Rs86 billion customs duty. During the month of October this year, ... Read More »

Govt to generate $4.5b thru privatising 12 public sector entities

ISLAMABAD: The government has planned to generate $4.5 billion through privatising more than 12 public sector entities during the current fiscal year. This was stated by Minister of State for Privatisation Muhmmad Zubair, while addressing the second day of the International Investment Conference. He told the foreign investors that there were huge opportunities of investment on Pakistan as the government ... Read More »

Multan customs seizes smuggled goods worth Rs14.936b

MULTAN: The counter-trafficking performance of the Model Customs Collectorate Multan has improved drastically as it has seized smuggled goods worth Rs 14.936 billion till the month of August of the current fiscal year against the seizure of contraband worth Rs 227 million 2010-11. Giving an account of the past five-year performance of customs anti-smuggling squad, officials said that smuggled goods ... Read More »

Electronic banking up 80pc, mobile banking grows to Rs67.2b: SBP

KARACHI: The electronic/Internet and mobile banking is rapidly growing in Pakistan as Internet banking has increased to 80 per cent with 17 million transactions and mobile banking has grown to 149 per cent, reaching Rs 67.2 billion during the fiscal year 2013-14. According to State Bank of Pakistan’s (SBP) Annual Payment System Review, retail payments also registered inspiring growth and ... Read More »

Pak rupee remains steady against US dollar

KARACHI: Pakistani rupee remained stable against US dollar both in open market and interbank on Monday, the first trading day. As per the local currency market, Pakistani rupee remained unchanged at 103.45 and 102.7 in open market and interbank respectively. On Friday, US dollar crossed the barrier set by the State Bank of Pakistan (SBP) and reached Rs103.45 at a ... Read More »

US dollar increases to Rs103.45, crosses SBP barrier

KARACHI: Crossing the barrier set by the State Bank of Pakistan (SBP), the US dollar increased to Rs103.45 at a six-month high. Most of the trading was done at Rs103.20 though the US currency slipped slightly below Rs103 in the second half. Dollar’s demand from importers has been rising, but the central bank was defending the value of rupee. In ... Read More »

Indus Motor records 28pc profit, Pakistan Petroleum earns Rs13.6b

KARACHI: Indus Motor Company (IMC) has earned a net profit of Rs1.1 billion during first quarter of current fiscal year, showing a growth of 28 per cent from Rs0.9 billion it recorded during the same period last year. The company’s sales revenue from Completely Knocked Down (CKD), Completely Built Units (CBU) and spare parts business has increased by 21 per ... Read More »

Punjab Revenue Authority likely to collect Rs40b taxes in FY14

LAHORE: Punjab Revenue Authority (PRA) will likely to collect Rs40 billion taxes during the current fiscal year as compared to Rs16 billion in FY2013 and Rs6 billion in FY2012. This was revealed by PRA Chairperson Iftikhar Qutab during a meeting with Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A Mumtaz. Executive committee members of the chamber and representatives ... 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 »