FBR sets up specialised unit to track down high net-worth tax evaders on December 28, 2018KARACHI: The Federal Board of Revenue (FBR) has established a highly specialised unit to deal exclusively with high net-worth tax evaders’ cases on a fast-track basis. According to a copy of a letter available with Daily Times, the FBR Member Inland Revenue (IR) has approved establishment of the specialised unit which will deal with high […]
Pakistan prepares for 5G public trials in 2019 on December 27, 2018The Pakistan Telecommunication Authority (PTA) has unveiled its plans for the Fifth Generation (5G) Wireless Networks public trials, demonstrate systems and/or services in Pakistan. In this connection, the regulator Wednesday has issued draft framework for test and development of future technologies particularly for 5G wireless networks in Pakistan 2018. According to the PTA, the rapid […]
‘Construction work on Diamer-Bhasha site not likely to begin in 2019’ on December 13, 2018Industry analysts do not foresee any major construction activity on the Diamer Bhasha project site over the next 12 months citing lack of existing funds, land issues, unavailability of international financing and current project status. Recently, Water and Power Development Authority (WAPDA) has claimed to commence construction work on Mohmand and Diamer Bhasha dams from […]
HEC to develop job portal for academia and industry on December 12, 2018KARACHI: In order to facilitate students, faculty and researcher in areas of job acquisition and hunting, the Higher Education Commission (HEC) has decided to develop a job portal for academia and industry using HEC platform. In this connection, the HEC has invited Expression of Interest (EoI) for development of job portal. HEC intends to acquire […]
Hydrocracking-a solution to bring Pakistan’s oil refineries out of crisis on December 11, 2018Amid oil refineries’ shutdown fear due to government’s decision to switch to less costly RLNG from furnace oil (FO) for power production, the analysts have suggested that installation of a hydro-cracker unit would convert FO into other POL products. However, this would require significant CAPEX and a holistic approach is required to lift refineries out […]
SBP increases interest rate by 150bps to 10% on December 1, 2018Amid rising inflation, an elevated fiscal deficit and low foreign exchange reserves, the State Bank of Pakistan (SBP) on Friday decided to raise the key interest rate by 150 bps to 10%. The newly announced interest rate will be effective from Monday for the next two months. Also, the central bank revised down FY19 GDP […]
Tax restoration on mobile cards’ proposal draws unfavourable views on November 30, 2018KARACHI: The solid majority of cellular consumers in Pakistan are not in favor of the Chief Justice of Pakistan (CJP)’s proposal to collect dams’ fund by re-imposing Withholding Tax (WHT) on balance upload, it has been observed. Many of them were of the view that revenues generated from additional taxes will not be utilized purposefully, […]
SBP asks banks to replace all payment cards of consumers on November 29, 2018KARACHI: In order to safeguard banks and their customers from potential losses due to cyber-crimes and online banking frauds, the State Bank of Pakistan (SBP) has directed all the banks to immediately take corrective measures. In this regard, the SBP on Wednesday issued a circular directing the banks/microfinance banks (MFBs) to carryout extensive vulnerability assessment […]
Expats’ contribution to dam fund remains paltry on November 21, 2018KARACHI: Since the establishment of the Supreme Court of Pakistan and the Prime Minister of Pakistan Diamer-Bhasha and Mohmand Dams Fund, donations from overseas Pakistanis remain paltry as expats have donated a meagre amount of Rs 877.6 million so far. On the directives of the SC, the State Bank of Pakistan (SBP) opened an account […]
NEPRA registers CPPA-Gas Market operator on November 20, 2018KARACHI: The National Electric Power Regulatory Authority (NEPRA) has granted a certificate of registration to the Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) as a market operator under certain conditions. As market operator, the transformed CPPA-G will be responsible for almost all buying and selling of electricity at market prices from power generation to transmission […]