Business

ISLAMABAD: The FBR’s Directorate General of Intelligence and Investigation (DG I&I) has detected 6,186 cases involving sales tax evasion amounting to Rs14.5 billion in the past two months, Dawn has learnt from official sources. The cases were detected in an investigation initiated since November 12, 2018 for all returns with negative carry forward amount of sales tax. On October 29, 2018, the …

ISLAMABAD: Secretary of the Ministry of Energy (power division) Irfan Ali has hinted at outsourcing the collection of electricity bills in a bid to overcome difficulties in the recovery of dues. “Distribution companies will focus only on distributing electricity,” the secretary informed a sub-committee of the Public Accounts Committee (PAC) while providing a solution to improve the system and minimise …

Adviser to PM for Commerce, Textile and Industry Production Abdul Razak Dawood on Saturday vowed to make a record by increasing the volume of exports to a new historical level in 2019. “This year, we will achieve the target of highest exports in the history of the country,” he added. Dawood, while addressing a ceremony in Karachi, said that reducing the imports …

KARACHI: The Sindh Provincial Development Working Party (PDWP) on Thursday approved nine schemes worth Rs10.310 billion. The meeting was chaired by Chairman Planning and Development Board Muhammad Waseem. One scheme worth Rs210.307 million was approved for plan period extension including establishment of Women Development Complex at Sukkur. One scheme each has been earmarked for Livestock and Fisheries and Forest and …

KARACHI: The government is determined to facilitate introduction of new products in the capital market, said Securities and Exchange Commission of Pakistan (SECP) Chairman Farrukh Sabzwari. Mr Sabzwari, along with other SECP officials, had his first interaction with members of the management of Pakistan Stock Exchange (PSX) and stockbrokers on Thursday. He assured that the government was interested in making …

KARACHI: Reserves held by the State Bank of Pakistan (SBP) dropped by $148 million during the week ended on Jan 11 on account of debt servicing and other official payments. The SBP reserves fell to $6.9 billion — their lowest level since April 11, 2014 when they hit a trough of $4.984bn. The dollar stocks of central bank have breached …

ISLAMABAD: Pakistan’s oil import bill jumped nearly 15 per cent year-on-year to $7.6 billion during 1HFY19 from $6.675bn in same period last year, Pakistan Bureau of Statistics reported on Thursday. The country’s petroleum bill is steadily on the rise despite the fall in international prices. The government has taken several measures to cut import bill in a bid to ease …

KARACHI: The government found another reason to sigh with relief on Thursday as the crucial current account deficit (CAD) slipped slightly by 4.4 per cent to $7.98 billion, driven by a fourth quarter decline of 10 per cent, according to data released by the State Bank of Pakistan (SBP). The CAD lies at the heart of the economy’s difficulties since …

KARACHI: Bulls dominated the stock market on Tuesday pushing the KSE-100 index up by 201.63 points (0.5 per cent). The intraday movement was relatively restricted as investors await economic clarity on budgetary front. The index closed at 39,615 after hitting an intraday high of 299 points. Positive investor sentiment was driven by anticipation of hydrocarbon discovery in the Indus offshore …

ISLAMABAD: Federal Planning and Statistics Minister Khusro Bakhtyar has on Tueday directed Pakistan Bureau of Statistics (PBS) to start the process for appointing a new chief statistician as the post has been lying vacant for the last one year. The minister was chairing the 16th meeting of Pakistan Bureau of Statistics (PBS), where he was briefed by Secretary Statistics Division …