FBR requested to remove form about overseas Pakistani’s income tax returns on August 1, 2018KARACHI: Tax professionals have requested the Federal Board of Revenue (FBR) to delete the form about income returns filing by non-resident Pakistani citizen in recently proposed draft return forms saying that it is against the law and is creating confusion. The Karachi Tax Bar Association (KTBA)’s president Khalid Mahmood said non-resident Pakistani citizens are not […]
NEPRA foresees power glut by 2025 on July 31, 2018KARACHI: Installed power generation capacity of Pakistan has reached nearly 28,399MW as more than 7,000MW has been added to the national grid since 2013, the National Electric Power Regulatory Authority (NEPRA) said. “The generation capacity addition is expected to reach 62,185MW by the FY2024-25.” However, according to NEPRA, the final installed capacity of more than […]
SBP outlines policyto promote low-cost housing finance on July 20, 2018KARACHI: In a bid to resolve issues faced by the mortgage industry in Pakistan, the State Bank of Pakistan (SBP) has formulated a policy on low-cost housing in order to increase housing finance portfolio of banks/DFIs from Rs 83 billion to Rs 250 billion by June 2021, besides increasing the number of borrowers to 200,000 […]
SBP formulates policy for promotion of low-cost housing finance on July 19, 2018KARACHI: In a bid to resolve issues faced by the mortgage industry in Pakistan, the State Bank of Pakistan (SBP) has formulated a policy on low cost housing aiming to increase housing finance portfolio of banks/DFIs from Rs 83 billion to Rs 250 billion by June 2021, along with increasing the number of borrowers to 200,000 […]
CCP study finds discrimination against local firms in CPEC projects on July 19, 2018 KARACHI: The Competition Commission of Pakistan (CCP) urged the National Highway Authority (NHA), Pakistan Engineering Council (PEC), and Public Procurement Regulatory Authority (PPRA) to ensure competitive procurement by all the participants in the CPEC related construction work. The CCP has conducted a detailed study to assess competition issues in the road construction sector in Pakistan, […]
IPPs’ review plea against induction of CPEC security cost of tariff rejected on July 18, 2018 KARACHI: The National Electric Power Regulatory Authority (NEPRA) on Wednesday made minor alterations and turned down the review petition filed by Chinese Independent Power Producers (IPPs) against the decision of induction of security cost for the CPEC projects in the power tariff. The authority while agreeing with the petitioners on one point, said the matter […]
Pakistan lags behind peers in synthetic textiles exports on July 18, 2018The State Bank of Pakistan (SBP) said Pakistani manufacturers should penetrate aggressively in the global synthetics products market which has long surpassed the cotton market. Though starting late, Pakistan’s exporters can still sail through if allowed to access essential raw materials at competitive prices. The Central Bank said local industry would benefit and tariff-based policy […]
SECP finds low-quality human resources at NCCPL cause of errors on July 17, 2018KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has found that the National Clearing Company of Pakistan Limited (NCCPL) has been failed to calculate correct Value at Risk (VaR) estimates, correct hair cuts applicability, collect Capital Gain Tax (CGT) and imposing penalties due to lack of high quality human resources. NCCPL is a significant institution […]
US Federal Reserve finds AML deficiencies at UBL’s NY branch on July 13, 2018KARACHI: The Federal Reserve Bank of New York (FRBNY) on Thursday directed United Bank Limited (UBL) Pakistan to conduct third party review of its New York branch’s compliance with the anti-money laundering (AML) /Bank Secrecy Act (BSA) requirements. The UBL and its New York branch have entered into a written agreement (WA 2018) with the FRBNY, effective […]
Trade deficit reaches all-time high of $37.6bn on July 12, 2018Pakistan’s trade deficit reached all-time high of $37.6 billion in Fiscal Year 2017-18 (FY18) from $20.4 billion in FY13 when the PML-N led government took charge in 2013. Before PML-N’s government, exports from Pakistan stood at $24.5 billion by the end of FY13 while the import bill of the country were recorded at $44.9 billion. […]