Business

ISLAMABAD: After many months, the prices of petroleum products in the country would show some signs of stability with mixed trend as the regulator seeks minor cut in petrol rates and increase in diesel rates for July. The Oil and Gas Regulatory Authority (Ogra) has recommended about 77 paisa per litre reduction in the price of petrol (motor spirit) and …

KARACHI: The rupee, after shedding 3.8 per cent on Wednesday, managed to reverse some of its losses on Friday after gaining Rs5 in the interbank to close at Rs159 against Rs164 in the previous session. “The banks are mainly responsible for the fall in dollar prices since Friday was the closing day for them and they review their foreign currency …

ISLAMABAD: The World Bank has approved three projects for Karachi that will help improve urban management and investment environment; mobility, accessibility and safety along selected corridors; and access to safe water services. These projects, approved on Thursday, build on findings of the ‘Karachi Transformative Strategy’ which estimates infrastructure needs of between $9bn and $10bn in financing over a 10-year period …

ISLAMABAD: The Internatio­nal Monetary Fund (IMF) has voiced opposition to the idea of extending the deadline for the amnesty scheme, saying doing so could hurt the country’s case at the Board meeting that is scheduled to take up Pakistan request for a $6 billion bailout package on July 3. “The IMF is not in favour of tax amnesties,” IMF’s country …

KARACHI: Shares continued to tumble for the fourth successive day with the KSE-100 index recording a drop of 314.13 points (0.92 per cent) and close at 33,774.43 — falling below the 34,000-level after 21 trading sessions. The investors’ concerns were mounting inflation with June CPI initial figure at 9.5pc, giving rise to fears over additional interest rate hike in the …

KARACHI: Reserves held by the State Bank of Pakistan (SBP) fell by $322 million to $7.28 billion on the week ended June 21, said the bank in a notice issued on Thursday. Of the total reserves in the country, the ratio of holdings with central bank and commercial banks has fallen to 51:49 per cent compared to 60:40pc on Mar …

ISLAMABAD: Minister of State for Revenue Hammad Azhar on Thursday explained that of the total Rs1.5 trillion increase in tax target for the next fiscal year, the government has introduced additional taxes worth Rs516 billion. The remaining amount will be collected through withdrawal of subsidies, rationalisation of exemptions and revival of taxes that were not collected due to different reasons …

Prime Minister Imran Khan on Thursday hinted at an extension in the Asset Declaration Scheme in order to avoid inconvenience caused to citizens by the June 30 deadline. The prime minister made the remark while interacting with members of the business community on a special PTV News telethon via video link.. Tycoon Aqeel Karim Dedhi asked the premier whether he …

LAHORE: The Lahore High Court has ruled that the Federal Board of Revenue (FBR) is bound to inform taxpayers about the parameters, if requested, on the basis of which they are selected for audit. “The Board shall keep the parameters confidential. However, once persons or classes of persons are selected for audit under section 214C of Income Tax Ordinance, 2001, …

KARACHI: The State Bank of Pakistan (SBP) on Wednesday promulgated Assets Declaration Ordinance 2019 to facilitate voluntary declaration of undisclosed assets. The ordinance has been introduced with a view to provide for voluntary declaration of undisclosed assets, sales and expenditures, for the purposes of allowing the non-documented economy’s inclusion in the taxation system and encouraging a tax compliant culture. As …