FBR to fix systemic flaws in view of consistently high complaint numbers on April 15, 2018 KARACHI: The Federal Tax Ombudsman (FTO) has advised the Federal Board of Revenue (FBR) to address systemic flaws in view of the high number of complains against the tax authority. In the year 2017, out of 1,860 complaints decided by the FTO, 1,385 or 74.5 percent were decided in favour of complainants. The trend of […]
AC production goes up 24% this year, amid soaring demand on April 14, 2018KARACHI: Despite long hours of power outages and higher electricity tariffs, rising urbanization and increased summer peak temperatures are driving air-conditioners (ACs) sales across the country. With the early start of summer and fear of intense heat-wave this year, split air-conditioners’ sale has already seen an upward trend and is expected to break all records […]
Islamic banking continues to outshine conventional banking in Pakistan on April 13, 2018KARACHI: Islamic banking continues to gain popularity in Pakistan as it outshined conventional banking over the quarter by showing remarkable growth in deposits and assets. Deposits of Islamic banking industry showed a quarterly growth of 9 percent (Rs 156 billion) during the quarter October to December, 2017 to reach Rs 1,885 billion compared to Rs […]
FBR initiates crackdown on unregistered businesses on March 17, 2018KARACHI: The Federal Board of Revenue (FBR) has initiated a countrywide crackdown against unregistered manufacturing units, sources in the bureau said on Friday. In this connection, a team from Broadening of Tax Base (BTB) Zone, RTO-II, Karachi, on the directions of Shazia Memon, the commissioner Inland Revenue of BTB, has paid a surprise visit to […]
‘Pakistan may manage to survive if placed on FATF grey list’ on February 27, 2018KARACHI: Pakistan’s likely inclusion in the Financial Action Task Force’s (FATF) terror financing watch list may not, as is anticipated, dent country’s economy much, said analysts. Potential inclusion on the FATF grey list is a clear negative for the economy, financial system and asset prices but its impact is never a knee-jerk reaction. It may […]
Hi-Tech Lubricants to set up 160 retail outlets across Pakistan on February 21, 2018KARACHI: Hi-Tech Lubricants Limited (HTL), a leading oil distributor in the country, is considering entering the oil marketing space as the company plans to set up 160 retail outlets across the country by the end of 2020. According to industry sources, the company has gotten permission from the Oil and Gas Regulatory Authority (OGRA) to […]
PTA to deploy WMS for blocking access to unlawful content on February 16, 2018KARACHI: The Pakistan Telecommunication Authority (PTA) has planned to establish and deploy national level Web Management Solution (WMS) for identifying and blocking access to any online content classified as unlawful under Prevention of Electronic Crimes Act (PECA). In this regard, the PTA has invited applications from interested parties to supply, installation and configuration of applicable […]
SHC nullifies RD imposition notification on 731 import items on February 8, 2018KARACHI: The Sindh High Court (SHC) Wednesday while giving its final judgment with regards to the recent increase in Regulatory Duties (RD) by the federal government has declared the Statutory Regulatory Order (SRO) as null and void. The Court declared this SRO ultra vires or no legal effect and the respondents or any authority or […]
NEPRA accepts KP’s request for hydropower generation licence on February 3, 2018KARACHI: The National Electric Power Regulatory Authority (Nepra) on Friday has accepted an application of Pakhtunkhwa Energy Development Organization (PEDO) that is seeking power generation license for its Karora Hydropower Project. The Government of Khyber Pakhtunkhwa (KPK) is sponsor of an 11.80MW Karora Hydropower Project and the Executing Agency (EA) for implementation of the project, […]
JDW Group to set up 50MWp solar power plant in Sindh on January 30, 2018KARACHI: Pakistan Tehreek-e-Insaf (PTI) leader Jahangir Khan Tareen’s JDW Group intends to set up a 50 MWp solar PV power project in Sindh aiming to sell the generated electric power to K-Electric. In this regard, JDW Group’s subsidiary Gharo Solar (Private) Limited (GSPL) has applied to the National Electric Power Regulatory Authority (Nepra) for grant […]