FBR determines value of property in Karachi, Hyderabad, Sukkur on August 3, 2016KARACHI: The Federal Board of Revenue (FBR) has notified the value of residential and commercial property in Karachi, Sukkur and Hyderabad. The FBR has set the value of residential property in these cities from Rs 3,000 per square yard to Rs 40,000 per square yard, after reaching an agreement with the real estate sector. Association […]
MSML to set up Rs 750m bagasse-based power project on August 2, 2016KARACHI: The government’s efforts to utilise bagasse as renewable energy source have been yielding positive results, as the Mehran Sugar Mills Limited (MSML) has decided to further invest up to Rs 750 million in the 26.5MW bagasse-based power project. In this regard, the company has decided in its board of directors meeting to set up […]
Pakistan spends Rs 79bn on mobile phone imports on July 30, 2016KARACHI: Pakistan, having lower Gross Domestic Product (GDP) growth rate than war-affected Afghanistan, spent about Rs 79 billion in the fiscal year 2015-16 (FY16) on imported mobile handsets. Although the World Bank considers Pakistan a lower middle-income country, but Pakistanis continued to spend lavishly on mobile phones last year as well. Mobile handsets worth Rs […]
FBR explains new property taxes to clear up uncertainties on July 27, 2016KARACHI: In a bid to clear confusion regarding amendments in respect of taxation on immovable property introduced through the Finance Act 2016, the Federal Board of Revenue (FBR) has explained in detail the new tax laws. The FBR clarified that withholding tax (WHT) on transfer of immovable property in the hands of seller has been […]
Cement exports fall by 18% in FY15-16 on July 23, 2016KARACHI: Despite robust domestic growth, cement export from Pakistan in Fiscal Year 2015-16 (FY15-16) contracted by 18% to 5.8 million tones against 7.2 million tones in the previous fiscal year. Cement export is expected to drop further in FY16-17. Exports through sea have taken a major hit, plunging by a massive 33% year on year […]
Difficult year for worlds fourth largest cotton exporter on July 22, 2016KARACHI: The world’s fourth largest cotton producing country, Pakistan, saw another dismal year registering 8% decline in textile exports in the past year, whereas exports of non-cotton producing countries Bangladesh and Vietnam surged significantly. Excluding ready-made garments, exports of all other textile segments went down drastically in Fiscal Year 2015-16 (FY16) including raw cotton, cotton […]
Pakistans trade deficit widens to 35-year high in FY16 on July 16, 2016KARACHI: Despite continued low commodity prices in the global markets, Pakistan witnessed 35 years-high trade deficit as it surged by 8.14 percent to $23.96 billion during Fiscal Year 2015-16 (FY16) from $22.15 billion in the preceding fiscal year. Pakistan’s trade deficit continued to widen this year, as the decline in exports and a rise in […]
Auto sector achieves historical growth in FY16 on July 14, 2016KARACHI: The local car assemblers have observed an exceptional year, selling 180,079 passenger cars, highest ever in Pakistan, during the Fiscal Year 2015-16 (FY16), as compared to 151,134 cars sold in the previous year. The growth of Pakistani auto industry was on an ascending path from last two years as the industry marked another stellar […]
PTA decides to resolve CMOs, WLL operators conflict on July 13, 2016KARACHI: Considering constant complaints by cellular mobile operators (CMOs) against wireless local loop (WLL) operators regarding violation of limited mobility, the Pakistan Telecommunication Authority (PTA) has asked the stakeholders to provide regulatory remedies and solutions in this regard. PTA has issued a consultation paper in order to obtain comments and details from the stakeholders before […]
FBR set to nab influential tax evaders on July 12, 2016KARACHI: The Federal Board of Revenue (FBR) has almost completed investigations into cases of tax evasions by high net worthy individuals, Daily Times has learnt. “All regional directors of the Inland Revenue have been asked to finalise income and sales tax audit of selected cases of high net worth individuals’ cases’, FBR’s internal sources confirmed. […]