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May 19, 2018 12:00 AM Tax relief to leave Rs5b negative impact on economy: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has assessed that different relief measures provided in the Finance Bill 2018 in shape of reduction in tax rate on fertilizer and others would have negative revenue impact of around Rs5 billion for next fiscal year 2018-19, The News has learnt. One top official of FBR told The News on Friday that the relief

May 17, 2018 12:00 AM Govt withdraws Rs10 health levy on tobacco

ISLAMABAD: The government withdrew health levy of Rs10 on a kilogram of tobacco in line with the senate’s demand and it is all set to present the amended finance bill 2018 before the national assembly for approval on Thursday (today). Officials said on Wednesday finance bill also proposed a 10 percent sales tax on rock phosphate imported by fertiliser

May 13, 2018 12:00 AM ICST believes US sanctions on Iran not to hurt Pakistan

Islamabad: the Islamabad Chamber of Small Traders (ICST) on Saturday said US sanctions on Iran will not hurt Pakistan substantially due to a small volume of bilateral trade. However, it has raised questions about plans to import gas from Iran through a pipeline and boost bilateral trade to five billion dollars by 2012, it said. The decision was taken 1

May 9, 2018 12:00 AM Papco’s mogas pipeline to replace vehicular transportation

KARACHI: A multi-grading white oil pipeline spreading over 784-kilometre is expected to be ready next year to supply motor gasoline in the upcountry amid a double-digit growth in demand of retail fuels, industry officials said on Tuesday. The officials said the multi-grading of the 784km white oil pipeline from Port Qasim to Mehmood Kot in Punjab would 5

May 1, 2018 12:00 AM Atlas Honda unveils Rs1.7bln investment plan to expand production capacity

KARACHI: Motorcycle manufacturer Atlas Honda on Monday announced more than Rs1.7 billion in investment to expand its production capacity on growing demand of two-wheelers in the country. “Atlas Honda Limited, a joint venture of Atlas Group and Honda Motor Company, is pleased to announce an investment plan for the expansion of its motorcycle operations 10

April 28, 2018 12:00 AM Health tax slapped on tobacco, cell phones

ISLAMABAD: The government has slapped health levy on tobacco and mobile handset through the Finance Bill 2018. For imposition of health levy on tobacco, the Pakistan Tobacco Board or its contractors, at the time of collecting cess on tobacco, directly or indirectly, shall collect the Health Levy at the rate of ten rupees per kilogram of tobacco from every 9

April 19, 2018 12:00 AM KCCI seeks reduced taxes

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has urged the Federal Board of Revenue (FBR) to reduce taxes and duties on the import of motorcycle parts with a view to discourage smuggling and provide relief to the common man, a statement said on Wednesday. KCCI President Muafasdar Malik said that motorcycles are commonly used by the lower 9

April 8, 2018 12:00 AM TCS opens gateway facility in Lahore

LAHORE: TCS Holdings (Pvt) Ltd has inaugurated its international gateway facility in Lahore, a statement said. The new international gateway facility was inaugurated together by TCS and UPS leadership teams to further the two companies’ cooperation. The expanded Lahore facility will help TCS streamline import and export shipments in Punjab, the statement 6

March 29, 2018 12:00 AM Keeping economy, CPEC intact: Pakistan seeks friends’ help to avoid IMF bailout

ISLAMABAD: In order to keep its economy afloat and avoid the IMF bailout package to ensure smooth running of $60 billion China Pakistan Economic Corridor (CPEC) project, Pakistan has shared different proposals with friendly countries, especially Saudi Arabia and China. The friendly countries have been requested to provide Islamabad with $6 to $8 billion 7

March 28, 2018 12:00 AM Jang Economic Session: ‘Rupee devaluation to add to inflation’

LAHORE: Devaluation of rupee against the US dollar on the pressure of IMF is bad for the Pakistan’s economy and it will bring a new wave of inflation, increase the economic woes of commoners, and widen the trade deficit and foreign debt burden, besides pushing the cost of doing business and energy costs upwards. These views were expressed by the experts 3