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  • OICCI proposes steps to increase tax revenue

    September 18, 2018 12:00 AM 3

    KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has proposed certain measures to broaden the tax base and increase revenue collection. In a letter dated September 10, 2018 to Federal Board of Revenue (FBR) Chairman Jahanzaib Khan, the OICCI suggested that the board reviews 2016 Tax Reforms Commission (TRC) recommendations and implement

  • As its trading debut looms, China’s Meituan locked in battle of super-apps

    September 18, 2018 12:00 AM 4

    BEIJING/SHANGHAI: Meituan Dianping, which raised $4.2 billion in its Hong Kong IPO, is one of China’s super-apps, with 340 million users ordering groceries, paying bills, renting bikes and booking hotels - but it is far from alone. The delivery-to-ticketing platform, backed by internet giant Tencent Holdings Ltd, is squaring off with Alibaba Group Holding

  • Wapda awards Mangla refurbishment contract

    September 18, 2018 12:00 AM 2

    LAHORE: Water and Power Development Authority (Wapda) on Monday awarded a contract worth Rs1.68 billion for Mangla refurbishment project to a Chinese company. Wapda signed the contract with China CMAC Engineering Company for Package-9 of Mangla refurbishment project, which includes up-gradation of switchyard. Liang Xiaofang, business manager of China

  • VW in talks on car standards

    September 16, 2018 12:00 AM 4

    HAMBURG/PARIS: Germany’s Volkswagen is in talks with other carmakers to set common standards for self-driving vehicle technology, Automotive News reported. The Volkswagen Group is discussing the initiative with more than 15 potential partners, according to the report, which cited an anonymous company executive. It did not identify any of the other companies

  • Coca-Cola, WWF conduct activity

    September 16, 2018 12:00 AM 4

    KARACHI: Coca-Cola Pakistan in partnership with WWF-Pakistan and the National Volunteer Programme conducted a beach clean-up activity at the Sea View Beach on Saturday to commemorate the International Coastal Clean-up Day, a statement said. The day is observed throughout the world, and seeks to draw public attention to the urgent need for everyone to work towards

  • Revenue authority waives time limit for re-audit

    September 16, 2018 12:00 AM 4

    KARACHI: Tax authorities are empowered to re-audit individual or company even if the taxpayer has faced inquiry into the financials during the past three years, sources said on Saturday. The sources, clarifying a latest tax law, said commissioners Inland Revenue (IR) have power to select an individual or a company for audit anytime even if examination

  • Advance payments for life saving drugs’ import allowed

    September 16, 2018 12:00 AM 4

    KARACHI: The State Bank of Pakistan (SBP) has decided to allow imports on open account basis and advance payment up to $50,000 or equivalent per invoice for import of life saving medicines and devices, a circular said the other day. However, the limit for imports against advance payment or on open account basis for essential medicines and devices would

  • Weekly inflation up 0.20 percent

    September 15, 2018 12:00 AM 5

    ISLAMABAD: Inflation for the week ended September 13 for the combined income group registered nominal increase of 0.20 percent as compared to the previous week, data released by the Pakistan Bureau of Statistics revealed on Friday.The sensitive price indicator (SPI) for the week under review in the abovementioned group was recorded at 228.02 points against

  • Turkey bans rent in foreign currency

    September 14, 2018 12:00 AM 3

    Ankara: President Recep Tayyip Erdogan on Thursday ordered by decree that property agreements must be made in Turkish lira, in a new bid to prop up the beleaguered currency. In the decision published in the official gazette, Erdogan ruled contracts for the sale, rent and leasing of property in or indexed to foreign currencies would not be allowed

  • Deutsche Bank weighs overhaul

    September 14, 2018 12:00 AM 3

    FRANKFURT: Deutsche Bank is considering an overhaul to loosen the bond between its retail and investment banks, according to three people with knowledge of the matter, a move that could make it easier to merge some or all of the group with rivals. The German lender is examining creating a holding company structure, a step that would give it more flexibility