New refund payment system
PM asks FBR to remove bottlenecks
FBR lists factors behind revenue shortfall during 2018-19
The Federal Board of Revenue (FBR) has described slowdown in the construction-allied sectors including cement and steel, and import compression as major factors behind revenue shortfall during 2018-19. According to the FBR’s biannual review (July-December 2018-19) issued on Tuesday, the main reasons for revenue shortfall during 2018-19 included a sharp reduction in the general sales tax (GST) rate on petroleum products.
Govt to declare erstwhile zero-rated sectors as export-oriented sectors
The government has decided to declare erstwhile five zero-rated sectors as export-oriented sectors which are eligible for incentives, well-informed sources in Commerce Division told Business Recorder.
Renewable power plants
Sindh cabinet approves allotment of land to NTDC, 10 other cos
Slash emissions now or face climate disaster, UN warns
The world will miss its chance to avert climate disaster without an immediate and all-but-impossible fall in fossil fuel emissions, the UN said Tuesday in its annual assessment on greenhouse gases.
APTMA seeks Razak’s help in resolution of issues
The country’s textile sector is still crying for resolution of its longstanding issues despite getting assurance at the highest level after meeting with the Army Chief, General Qamar Javed Bajwa.
FBR chief explains what discourages SMEs to come into tax net
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi stated on Tuesday that difficult tax system and trust deficit discourage small and medium enterprises (SMEs) to come into the tax net and consequently they are unable to have access to formal finances.
New SMEs policy in the offing, says Hammad
Minister for Economic Affairs Hammad Azhar said on Tuesday that new Small and Medium Enterprises (SMEs) policy is being developed as promotion of SMEs is essential for economic growth.
Speakers for registration of SMEs with regulatory bodies
Speakers at a seminar Tuesday stressed the need for registration of Small and Medium Enterprises (SMEs) with regulatory bodies so that essential liquidity can be provided to them for sustainable growth.
July-Oct pulses import down by 23.33pc
Pakistan’s import of pulses slumped to $155.061 million in July-Oct 2019, down by 23.33 percent, official figures say.
Govt gets $784.97m loan from foreign banks
The government procured $784.97 million from foreign commercial banks (around 30 percent) out of total external loans of $2.525 billion in the first four months (July-October) of 2019-20 and around 50 percent more than the comparable period of last year ($1.584 billion).
Karandaaz, ADB Institute organise Pakistan Innovative Finance Forum
Karandaaz Pakistan, in partnership with The ADB Institute (ADBI) and the Resident Mission of Asian Development Bank (ADB), has organized the Pakistan Innovative Finance Forum in Islamabad.
PTBA for extending return filing date till Dec 31
The Pakistan Tax Bar Association has urged Chairman Federal Board of Revenue (FBR) to extend date of filing of income tax return of individuals, salaried individual & AOPs for the year 2019 be up to 31st December, 2019, in order to facilitate the genuine taxpayers of the country who are regularly contributing in the national exchequer as their moral and legal obligation.
Cotton up for the third straight session; US-China trade talks in focus
ICE cotton futures rose for the third straight session on Tuesday as demand picked up after a sharp decline in prices last week, while investors seek further clarity on the long-awaited trade agreement between the United States and China.
FBR chief clarifies situation
Chairman Federal Board of Revenue (FBR) Shabbar Zaidi said Tuesday a draft being circulated as Federal Revenue Authority (FRA) Act, 2019 has nothing to do with the government.
|16.||One million apply for Kamyab Jawan Programme: special assistant
Special Assistant to the Prime Minister on Youth Affairs Usman Dar on Tuesday said under the Kamyab Jawan Programme, one million applications have been received in just 15 days.
“The number of female applicants is 190,000. Under the youth entrepreneurship scheme, a transparent and fair procedure has been adopted to distribute loans under the scheme,” he said while speaking at a ceremony held to mark the 5th Global Entrepreneurship Week at the Rawalpindi Chamber of Commerce and Industry (RCCI) on Tuesday.
|17.||China raises $6bn in its biggest-ever global bond sale
China raised $6 billion in its biggest ever international sovereign bond sale on Tuesday, as it pounced on the year’s sharp dive in borrowing costs.
The finance ministry sold the bonds in four tranches. A three-year issue priced 35 basis points above benchmark US Treasuries, a source at one of the managing banks said.
|18.||Power firms allowed to recover additional Rs 15bn
The National Electric Power Regulatory Authority (Nepra) on Tuesday allowed ex-Wapda Discos to transfer the burden of Rs14.780 billion (14.56 paisa per unit) to the power consumers on account of power purchase price (PPP) adjustment for the first quarter of 2019-20.
The hike in electricity prices continued unabated as Nepra has notified an increase of 14.56 paisa in the power tariff for the power consumers on account of power purchase price (PPP) adjustment for the first quarter of current fiscal year.
|19.||Brisk trading on cotton market
Buying interest picked up in the cotton market on Tuesday as many spinners took advantage of lower prices and replenished their stocks.
The sudden optimism witnessed in most of the world leading markets following reports that US-China trade talks were moving in right direction induced sentiment, brokers said.
Currency exchange rates