Business

ISLAMABAD: The government’s ongoing campaign against tax defaulters, non-compliant high-net-worth individuals (HNWI) has helped the tax department recover nearly Rs13.5 billion in the first nine months of this fiscal year. Read: FBR eyes Rs775bn in fresh taxes next fiscal year In addition to this, notices have been sent to rich people in order to bring them in the tax net. …

ISLAMABAD: The World Bank has announced app­roval of two loans amounting $465 million to support higher education in Pakistan and expand sustainable electricity trade between Central Asia and South Asia. The approval of $400m ‘Higher Education Deve­lopment in Pakistan’ project will strengthen tertiary education to produce skilled, innovative and enterprising graduates. It will strengthen partnerships with industry for strategic research …

ISLAMABAD: The exports of Pakistani seafood from Gwadar to Chinese cities through Urumqi, China’s Xinjiang autonomous region has increased manifold owing to robust demand, Chen Baoliang, chairman of the board of Xinjiang Yu-Fei International Fishing Company said on Thursday. Yu-Fei Marine Technology of China (Gwadar) Company is one of the largest fishing companies in the Gwadar port of Pakistan, according …

ISLAMABAD: The deficit of Pakistan Railways has decreased by Rs 0.059 billion (0.24%) despite the increase of expenditure on account of pay, pension and fuel from July 2018 to March 2019 as compared to the corresponding period of the last financial year. Pakistan Railways has spent Rs 1.207 billion on account of pay, Rs 0.0468 billion for pension and Rs …

ISLAMABAD: The export of fruits from the country witnessed an increase of 6.37 percent during the first 10 months of current fiscal year against the exports of the corresponding period of last year. The fruits” export from the country were recorded at $ 380.869 million during July-April (2018-19) against the exports of $358.062 million during July-April (2017-18), showing a growth …

The rupee strengthened in the currency market on Friday as the value of the US dollar continued to slide in the interbank as well as the open market. The greenback shed its value by Re0.35 in the interbank and was traded against Rs148.15. Similarly, the dollar shed its value by Re1 in the open market to be traded at Rs148.50. …

ISLAMABAD: Despite a reduction in international crude price, the government on Friday increased the prices of petroleum products by up to 4pc for the month of June. With this adjustment, the petroleum prices in the country are now at the highest-ever mark despite the international crude market price at $67 per barrel, which is almost half of the 2008 highest …

Prime Minister Imran Khan urged citizens to declare their benami assets and bank accounts under the government’s Assets Declaration Scheme by June 30 in order to avoid legal action. In a video message released on Thursday, the prime minister said that the scheme was a “chance for [the people] to declare their benami properties and bank accounts” so they can …

KARACHI: Outflow of profits and dividends from the country declined by 30 per cent in the first 10 months of the current fiscal year, according to latest data released by the State Bank of Pakistan (SBP) on Thursday. During the same period, however, rupee’s value also declined by 21.36pc against the greenback amid rising debt financing costs. Outflow of profits …

ISLAMABAD: Accepting the demand of stockbrokers, the government on Thursday approved Rs20 billion fund to support struggling stock market through state-run National Investment Trust (NIT). Read: ECC expected to approve Rs25bn stock market support fund A formal decision to this effect was taken at a meeting of the Economic Coordination Committee (ECC) of the Cabinet presided over by Finance Adviser …