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  • Shell says sales slipped after major supply chain safety overhaul

    June 24, 2018 12:00 AM

    SHEIKHUPURA: Jawwad Cheema, managing director Shell Pakistan Limited, on Saturday said the company’s sales had substantially dropped following the removal of all the sub-safety-standard trucks from the supply chain in a bid to avoid tragic incidents like the one in Ahmed Pur Shariqa, South Punjab. On June 25, 2017 and explosion took place after an oil tanker

  • Measures proposed to reduce pending audit cases

    June 24, 2018 12:00 AM

    KARACHI: Federal Board of Revenue (FBR) was urged to speed up settlement of audit cases that piled up to more than one million. Pakistan Tax Bar Association (PTBA), in a letter to FBR Chairman Tariq Mahmood Pasha, stressed the need for disposal of cases automatically selected for audit under Section 214D of the Income Tax Ordinance 2001 for tax years

  • FBR says ‘bulk of declarations’ under tax amnesty received from Dubai

    June 24, 2018 12:00 AM

    KARACHI: Dubai is the offshore destination of choice for Pakistanis to park untaxed money as bulk of funds against declaration of foreign assets under the amnesty scheme were received from the Emirates, a top tax official said on Saturday. “We will disclose more details regarding declarations of foreign assets on June 30,” Tariq Mahmood Pasha, chairman

  • Tax amnesty scheme: SBP unveils guidelines for investment in dollars-denominated bonds

    June 24, 2018 12:00 AM

    KARACHI: The central bank on Saturday unveiled the procedures for individuals who want to invest their undeclared liquid local or foreign assets into dollars-denominated bonds, as the deadline for the tax amnesty scheme is fast approaching. The State Bank of Pakistan (SBP) said it will open a subsidiary general ledger account of the taxpayer after receiving

  • PayPal to acquire Simility for $120mln

    June 23, 2018 12:00 AM

    SAN FRANCISCO: PayPal Holdings Inc has agreed to acquire fraud prevention technology company Simility for $120 million in cash, it said. Palo Alto, California-based Simility sells machine-learning-based technology to help online merchants spot fraudsters and improve risk management. PayPal plans to make Simility´s services available to its merchants

  • India to open Chabahar Port by 2019

    June 23, 2018 12:00 AM 1

    NEW DELHI: India is trying to make Chabahar Port in Iran operational by 2019, the government said in a statement on Friday, despite a threat of renewed U.S. sanctions against Tehran. The Indian-backed Chabahar port complex in Iran is being developed as part of a new transportation corridor for land-locked Afghanistan that could potentially open the way for millions

  • PSX holds briefing on tax amnesty

    June 23, 2018 12:00 AM 1

    KARACHI: Pakistan Stock Exchange Limited on Friday arranged a briefing on tax amnesty scheme for its trading right entitlement (TRE) certificate holders and market participants. Syed Muhammad Shabbar Zaidi, Senior Partner & Chairman AF Fergusons (PWC), presented in-depth and detailed analysis of the tax amnesty scheme under the Voluntary Declaration

  • PTCL gets ISO certifications

    June 22, 2018 12:00 AM 1

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) has become the country’s first telecom operator to achieve two ISO certifications in parallel for its cloud services, a statement said on Thursday. The International Standards Organisation (ISO) and International Electrotechnical Commission (IEC) are the authorities for these standards. The ISO 27017 is a cloud

  • UAE asks listed companies to declare exposure to Abraaj

    June 22, 2018 12:00 AM 1

    DUBAI: United Arab Emirates´ top securities regulator has asked UAE-listed companies to declare their exposure to Dubai-based private equity firm Abraaj, which filed for provisional liquidation last week. The Securities & Commodities Authority sent a letter earlier this week and companies had until Thursday to submit their responses, Obaid al Zaabi

  • Nepra slaps Rs5mln fine on power producer

    June 22, 2018 12:00 AM 1

    ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) slapped five million rupees in penalty on a state-owned electricity generation company for a one-day power breakdown in northern areas, a document showed on Thursday. Nepra fined Northern Power Generation Company Limited (Genco-III) on account of its negligence in maintenance of 220-kilovolt