Business

FBR to pursue four major sugar mills in a bid to recover billions of rupees in sales tax evasion

ISLAMABAD: The Federal Board of Revenue (FBR), the country's top tax body, has decided to pursue four major sugar mills in a bid to recover billions of rupees in sales taxes they allegedly avoided paying to the exchequer over the last five years. The action is being taken on the findings of the Sugar Inquiry Commission (SIC), after the incumbent...

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SBP Governor expresses confidence in Pakistan’s economic future

State Bank of Pakistan (SBP) Governor Reza Baqir on Monday expressed confidence in the country's economic future, and provided assurance that the "two main causes of our instability are being effectively addressed in a credible manner". Speaking in a press conference days after unveiling of the 2019-20 federal budget, the SBP chief describing uncertainty as "the biggest opponent" facing the...

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Pakistan to receive $3.4 BN loan from ADB in budgetary support: Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Saturday said the Asian Development Bank (ADB) will lend Pakistan $3.4 billion for budgetary support. Adviser to PM met ADB Director General Werner Leipach in Islamabad where they discussed the economic condition of the country and matters relating to ADB's upcoming operations in Pakistan. According to the finance...

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Dollar weekly gained by Rs7.24 in interbank market

KARACHI: The price of dollar in the interbank market rose by Rs7.24 during the week. In the business week, dollar reached its peak rate at Rs156. The US dollar rose by Rs2.94 in the interbank market to reach Rs155.84. In interbank market, Euro gained by Rs9.54, reaching Rs175.61. As for Pound Sterling, it was of Rs 197.03 by gaining Rs9.11.

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Have to put national interests above politics: Shaikh

ISLAMABAD: Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr Abdul Hafeez Shaikh said on Wednesday have to put national interest above politics and the government has a message for the public of decreasing its expenditures. Speaking in a press conference post unveiling of the federal budget for the fiscal year 2019-20, the Adviser to PM said country's...

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Important to understand fundamental flaws of our economy: Shaikh

Adviser to Prime Minister on Finance, Revenue, and Economic Affairs Dr Abdul Hafeez Shaikh said on Monday it is important for us to understand the fundamental flaws in our economy while realizing Pakistan's considerable indebtedness. Addressing the press conference presenting the Pakistan Economic Survey report on the economy for fiscal 2018-19 prior to the presentation of the federal budget for...

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Pentagon eyes rare earth supplies in Africa in push away from China

The US Department of Defence has held talks with Malawi’s Mkango Resources Ltd and other rare earth miners across the globe about their supplies of strategic minerals, part of a plan to find diversified reserves outside of China, a department official said on Wednesday. The push comes as China threatens to curb exports to the United States of rare earths,...

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Rupee gain strength as Dollar slides to PKR 148.50 in open market

The value of Pakistan's rupee strengthened in the currency market on Friday as the US dollar continued to slide in the interbank as well as the open market. The greenback shed its value by Re0.35 in the interbank and was traded against Rs148.15. Similarly, the dollar shed its value by Re1 in the open market to be traded at Rs148.50....

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Dollar drops to Rs148.70 in interbank market

The value of dollar in interbank further fall to Rs148.70 in interbank market on Thursday as rupee got some potency in the money market. The decrease in value also reflected in the open market, forcing the dollar to drop its value by Re0.50 to Rs149.50. As the external payments have been made, steadiness started returning to the money according to...

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OGRA proposes to increase petrol prices by Rs8.53 per litre

KARACHI: The Oil and Gas Regulatory Authority (Ogra) on Thursday proposed the Petroleum Division to increase petrol price by Rs8.53 per litre, raising the price to Rs116.95 per litre. According to sources, Ogra has also purposed to increase prices of high speed diesel and kerosene oil by Rs8.99 and Rs1.69 per litre respectively. The new suggested price of kerosene oil...

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PSE witnessing bullish trend on second consecutive day

KARACHI: Following the upward trajectory a day before, the Pakistan Stock Exchange (PSX) continued its bullish trend on Thursday. At the time this report was posted, the benchmark KSE-100 index was up 92.18 points. The current index was 36,051.61 points with a 0.26% change. On Wednesday, the KSE-100 gained 1,010 points closing just shy of the 36,000 points level. A...

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Rs1837 BN development budget for centre, provinces approved by NEC

ISLAMABAD: The National Economic Council (NEC) on Wednesday approved a development budget of Rs1837 billion for the center and provinces for the next monetary year. In a meeting presided by Prime Minister Imran Khan, a 12th five-year plan was approved, said the statement issued today. 4 per cent Gross Domestic Product (GDP) rate, 3 per cent increase in the agriculture...

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PSX: Benchmark index gains 1,010 points; US dollar unchanged

KARACHI: The Pakistan Stock Exchange (PSX) saw a bullish run on Wednesday with the benchmark KSE-100 index gaining 1,010 points. At the conclusion of trading, the benchmark KSE-100 was up 2.89% closing just short of the 36,000 points level at 35,959.43 points. With a value of Rs7.19billion, a total volume of 151million shares were traded. The KSE-100 closed the outgoing...

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FBR traces large network involved in tax evasion through ‘benami’ sales

KARACHI: According to officials, on Tuesday the Federal Board of Revenue (FBR) busted a major network involved evading billions of rupees in taxes through 'benami' sales. The FBR officials said that several sugar and textiles mills, and other major enterprises had been evading taxes worth billions of rupees. Furthermore, they said these entities registered their sales under the names of...

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Conflict of Interest: Pakistan Stock Exchange chief executive Richard Morin steps down

Pakistan Stock Exchange (PSX) chief executive officer Richard Morin on Tuesday resigned from his post. A notification of his resignation was shared on the PSX website. The board after the emergency meeting approved the decisison according to media reports. Morin had developed differences with the board, sources added, and the PSX board of director had written a letter to the...

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Dollar falls to Rs149.74 in interbank market

KARACHI: The US dollar fell below Rs150 in the interbank market on Monday after witnessing record highs the previous week. Down by Rs1, the dollar was trading at Rs149.74 in the interbank market and was down Rs2.16 in the last three sessions. The rupee fell record low against the US dollar after the announcement of a $6 billion bailout agreement...

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SBP releases notification related to assets declaration scheme

KARACHI: The State Bank of Pakistan (SBP) issued a notification on Sunday related to the assets declaration scheme which said the repatriation of foreign assets can be done through conversion of 10 currencies into Pakistani rupee. A taxpayer should declare the value of their assets outside Pakistan on the Federal Board of Revenue (FBR) web portal in respective currency, said...

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