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Centre, provinces to implement single portal for filing sales tax returns


September 17, 2021

ISLAMABAD: The federal government and provinces have agreed to implement the much-awaited single portal for filing sales tax returns to reduce the compliance cost for taxpayers. The understanding was reached on Thursday during the second meeting of the National Tax Council (NTC) presided over by Finance Minister Shaukat Tarin at the Finance Division. The NTC considered different proposals for filing …

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Slow pace of work on CPEC irks Chinese companies


September 17, 2021

ISLAMABAD: A Senate panel on Thursday expressed concern over the slow pace of development on the China-Pakistan Economic Corridor (CPEC) and dissatisfaction being expressed by the Chinese companies over the negligible progress over the past three years. While presiding over the Senate Standing Committee on Planning and Development, its Chairman Saleem Mandviwalla said the Chinese were not satisfied with the …

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Joblessness jumped in 2018-19: labour survey


September 17, 2021

LAHORE: The country’s unemployment rate jumped from 5.8 per cent in 2017-18 to 6.9pc in 2018-19, the first year of Pakistan Tehreek-i-Insaf in power, according to the Labour Force Survey (LFS) published by the Pakistan Bureau of Statistics (PBS) on Thursday. In absolute terms, the number of people actively looking for jobs increased by 0.92 million to 4.71m in FY19 …

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Pakistan becomes self-sufficient in mung bean output


September 17, 2021

ISLAMABAD: Pakistan has become self-sufficient in mung bean production as the first estimate of the crop for 2021-22 records the legume output at 253,000 tonnes against the national requirement of about 180,000 tonnes. The self-sufficiency in mung bean — a major edible legume in Asia — was announced during the annual review and planning meeting for Rabi 2021-22 on Thursday. …

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Iran plans use of cryptocurrency to ease sanctions


September 17, 2021

TEHRAN: An Iranian official has suggested that cryptocurrencies could be used to overcome problems related to international sanctions imposed on the Islamic republic. “We cannot remain indifferent to the phenomenon” of cryptocurrencies, Gholamreza Marhaba, spokesman of the economic commission at Iran’s parliament, said. “The transfer of money through cryptocurrencies could be a means to circumvent sanctions and ease their effects” …

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Ufone awarded additional spectrum


September 16, 2021

ISLAMABAD: The government officially awarded additional spectrum to Ufone during a ceremony on Wednesday. Ufone was the only company to have submitted bids for the additional spectrum auction while Jazz, Telenor and Zong 4G — country’s top three mobile operators — had opted to stay away from the process. Sharing his thoughts on spectrum acquisition, president and group CEO of …

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Govt hikes petrol price by Rs5 per litre


September 16, 2021

ISLAMABAD: Ignoring the Oil & Gas Regulatory Authority’s (Ogra) workings, the government on Wednesday increased the prices of all the petroleum products by Rs5 to Rs6 per litre with immediate effect for next 15 days to pass on impact of higher international market and currency depreciation. According to a notification issued by Ministry of Finance, the prices of petrol and …

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ECC okays Rs44bn financial aid for PIA


September 16, 2021

ISLAMABAD: Within first quarter of the new fiscal year, the Economic Coordination Committee (CCI) of the Cabinet on Wednesday approved Rs28 billion supplementary grants to Ministry of Defence and about Rs44bn to Pakistan International Airlines. Presided over by Finance Minister Shaukat Tarin, the ECC also allowed 70 million cubic feet of imported gas to two Punjab-based fertiliser plants for the …

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Axed aide to PM sees current account deficit surging in FY22


September 16, 2021

KARACHI: Growing pressure in the external sector is likely to result in a current account deficit of $12 billion to $17bn for 2021-22, veteran bureaucrat and former aide to the premier Dr Waqar Masood Khan said on Wednesday. Addressing a book launch ceremony at the Institute of Business Administration (IBA), Dr Khan said the country should expect major changes in …

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Visit no longer needed for opening bank account


September 16, 2021

KARACHI: The State Bank of Pakistan (SBP) has said that Pakistanis are no longer required to visit a branch for opening an account and instead can use the digital framework designed by the central bank for the purpose. “Based on the success of the Roshan Digital Account framework, the SBP has now devised a comprehensive ‘Customers’ Digital Onboarding Framework’, which …

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