Telecom sector generated Rs 1,500bn in taxes in 15-yrs on May 8, 2018KARACHI: Having the fourth most heavily taxed telecom markets in the world, Pakistan managed to collect Rs 1,499.81 billion from the sector in various taxes in 15-years. The telecom sector has become a veritable gold mine for the Pakistani government, attracting millions of new users every month and generating staggering amounts of money from tax […]
FBR makes first-ever arrest under Anti-Money Laundering Act on May 4, 2018KARACHI: The Federal Board of Revenue’s (FBR)’s Directorate General of Intelligence and Investigation-Inland Revenue (I&I-IR) wing on Thursday made first-ever arrest under the Anti-Money Laundering Act (AMLA) 2010, Daily Times has learnt reliably. Sources in the federal bureau said that I&I-IR Hyderabad section arrested a local businessman, who was under FBR’s scrutiny for alleged laundering […]
Pakistan formulates policy to check declining emigration trend on May 4, 2018Karachi: In a bid to boost export of human resources, the government of Pakistan is formulating a National Emigration and Welfare Policy for migrant workers to provide them every possible facility during the entire emigration cycle. Lately, export of human resources form Pakistan to Gulf Cooperation Council (GCC) countries has been decreasing mainly due to […]
Govt urged to review outdated Sugar Act on May 4, 2018KARACHI: The Competition Commission of Pakistan (CCP) has termed the Sugar Act outdated, saying that it was no longer serving any purpose. The CCP has recommended that the provincial governments should review their legislative frameworks covering the sugar sector. “All provincial governments should review legislations to limit government intervention and to bring their laws in […]
K-Electric seeks permit to keep RLNG as backup source for power plants on April 28, 2018KARACHI: Electricity rates in Karachi may increase threefold as the K-Electric (KE) has filed a modification request in the National Electric Power Regulatory Authority (Nepra) for approval of Re-Gasified Liquefied Natural Gas (RLNG) as an alternative fuel for its existing power plants. The KE, in a letter sent to Nepra, has said that considering the […]
Pakistan suffered $127bn losses in war against terrorism in 17 years on April 27, 2018KARACHI: The war against terrorism continues to financially bleed the country as Pakistan had to spend $126.79 billion in direct and indirect costs due to incidents of terrorism in the last 17 years, according to the Economic Survey of Pakistan 2017-18 issued on Thursday. The government claimed that after facing protracted violence for more than […]
PSX to increase annual listing fee by Rs 1.5mn on April 22, 2018KARACHI: The Board of Directors of Pakistan Stock Exchange (PSX) has proposed to increase annual listing fee for equities spread over a period of two financial years i.e. FY 2018-1 9 and FY 2019-20 & onwards from existing Rs 1.5 million to Rs 3 million. Also, the Board has proposed reduction in annual and initial […]
Regulator seeks centre’s intervention to restore gas supply to KE on April 20, 2018KARACHI: The National Electric Power Regulatory Authority (Nepra) has requested the Ministry of Energy (MoE) to intervene immediately to resolve the matter of unscheduled load-shedding in Karachi, saying that the situation may lead to a law and order issue in the metropolis. Showing its concerns on the recent issue of extended power cuts in Karachi […]
FBR may initiate action against builders for not providing allottees’ details on April 19, 2018KARACHI: The Federal Board of Revenue (FBR) may initiate legal proceedings against the builders and developers who refused to provide details of allottees of shops, flats and other commercial and residential units, Daily Times learnt on Wednesday. Earlier, the tax authorities have issued notices to property registration authorities and housing societies to obtain details of […]
9MFY18: China invests $1.4b in Pakistan’s power, construction sectors on April 18, 2018KARACHI: Foreign Direct investment (FDI) in Pakistan grew marginally by 4.4 percent in first nine months of the current fiscal to $2.00 billion as compared to $ 2.09 billion invested during the same period of the previous fiscal year, State Bank of Pakistan (SBP) data shows on Tuesday. China emerged as the single largest foreign […]