Important Business News 4 December, 2017

Important Business News

4 December, 2017

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1.      

Jul-Nov: 20pc growth in revenue collection

The revenue collection of the Federal Board of Revenue (FBR) has witnessed a handsome growth of 20 percent during July-November (2017-18) when compared with same period of the last fiscal year, whereas total refunds of Rs56 billion have been paid during this period of 2017-18. 

http://epaper.brecorder.com/2017/12/04/1-page/685619-news.html

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Business Recorder

2.      

Commissioners IR have independent audit powers: LHC

A Division Bench of Lahore High Court (LHC) has held that the Commissioners Inland Revenue have independent powers to select cases for audit under section 177 of the Income Tax Ordinance, 2001 in addition to selection by Federal Board of Revenue (FBR) through computer ballot under section 214C . 

http://epaper.brecorder.com/2017/12/04/1-page/685620-news.html

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Business Recorder

3.      

Zero power cuts from today, claims minister

After repeated claims to end load-shedding, the federal government on Sundayofficially announced that zero power cuts will be observed from Monday (today) as overall power generation has surged to 16,477 megawatt. 

http://epaper.brecorder.com/2017/12/04/1-page/685617-news.html

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Business Recorder

4.      

HBL asks Iranian embassy to close accounts

 Habib Bank Limited (HBL) has reportedly asked Islamabad-based Iranian Embassy to close its accounts due to sanctions on Iran. 

http://epaper.brecorder.com/2017/12/04/18-page/685749-news.html

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Business Recorder

5.      

SHC retrains commissioner Inland from cancelling exemption certificate

 A division bench of the Sindh High Court has restrained the Commissioner Inland Revenue from cancelling exemption certificate earlier issued by him (under section 159(1) and section 154(4A) read with clause (94) of Part IV of the Second Schedule of Income Tax Ordinance, 2001) on the basis that taxpayer is not paying advance tax as per calculation made by the department of turnover of taxpayer for providing human resource services. 

http://epaper.brecorder.com/2017/12/04/5-page/685640-news.html

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Business Recorder

6.      

Iran opens $1bn project to expand Chabahar port

Iran inaugurated a long-awaited $1 billion project to expand its southeastern Chabahar port which Tehran hopes would help the country become a key transit route to Afghanistan and Central Asia, competing with Gwadar port.

https://epaper.dawn.com/DetailImage.php?StoryImage=04_12_2017_001_005

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Dawn

7.      

Currency exchange rates

 

Countries

U.S.A

 U.K

EURO

SAUDIA ARABIA

Selling 106.66

143.69

126.56

28.30

Buying

104.13

140.29

123.56

26.63

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Business Recorder

 

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