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MCCI announces key findings of its latest Intellectual Property Rights survey

MULTAN: The Multan Chamber of Commerce and Industry (MCCII) has announced key findings of its latest Intellectual Property Rights (IPR) survey. As per the findings of the survey, 37 percent of the respondents indicated that it takes 1 to 3 years to resolve a standard IPR dispute, and 22 percent stated that it takes more than 5 years. Respondents also ... Read More »

SBP digitizes refinance process of Export Finance Scheme to facilitate banks & exporters

KARACHI: In a major step towards ease of doing business, State Bank of Pakistan (SBP) has digitized the process of obtaining refinance from SBP by banks under the Export Finance Scheme (EFS) for both conventional and Shariah compliant versions. Digitization of the refinance process is envisioned to effectively use technology for enhancing operational efficiency. Now EFS related cases and other ... Read More »

Business community calls for deferring implementation of POS system

LAHORE: The business community has called upon the Federal Board of Revenue (FBR) to defer the implementation of point of sale (POS) system till addressing all of their reservations. A delegation of Brandreth Road Traders Association told the Lahore Chamber of Commerce and Industry (LCCI) office bearers that the business community has no knowledge about the POS system. The delegation ... Read More »

Gold imports up by 128pc to $10m in 1HFY22

ISLAMABAD: The gold imports increased by 128.27 percent during the first half of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The gold imports during July-December (2021-22) were recorded at $10.003 million as compared to the imports of $4.382 million during July-December (2020-21), according to the data. In terms ... Read More »

SHC bars customs officials from encashment of bank guarantee on petition filed by M/s Dada Dairies

KARACHI: A two-member bench of the Sindh High Court (SHC), headed by Justice Irfan Sadat Khan restrained customs officials from encashment of bank guarantee submitted by the petitioner on a constitutional petition filed by M/s Dada Dairies Private Limited On 19 January 2022, Imran Iqbal Khan advocate for petitioner and deputy attorney general of Pakistan appeared before the bench. Court ... Read More »

New taxes in Mmni-budget to increase people’s miseries & cause the economy to shrink and stagnate: RCCI

RAWALPINDI: A meeting of the Standing Committee on Tax Affairs was held at the Rawalpindi Chamber of Commerce and Industry (RCCI). The meeting expressed grave concern over the Finance Supplementary Act 2022 and the mini-budget. Chamber President Nadeem Rauf said that for the first time it has been seen that so many amendments have been made in the Supplementary Bill. ... Read More »

Debt, credit card machines mandatory for POS retailors: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has decided to tighten its grip on the retailers and warned that those integrated with the Point of Sale (POS) system must have credit and debit machines at their outlets. According to a notification, as defined in section 2(43A) of the Sales Tax Act, 1990, all Tier-I Retailers are expected to maintain the ... Read More »

Moody’s assigns ‘B3’ rating to sukuk bonds

ISLAMABAD: Moody’s Investor Service has given a “B3 backed senior unsecured rating” to Pakistan’s suggested sale of Sukuk trust certificates. In a statement, the global credit rating agency said that Pakistan’s rating is supported by its large economy and strong long-term growth potential. It added that the rating can improve if the country expands its revenue base and raises debt ... Read More »

SHC allows petition filed by M/s Gul Ahmed & others over Stamp Duty disputed issues

KARACHI: The Sindh High Court (SHC) allowed constitutional petitions with directions that “it being declared that EPOs generated prior to or during the subsistence of the 2006 Adaptation were not covered by the Charging Section so as to be chargeable with stamp duty. Needless to say, the Petitioners may approach the Respondents for refund/adjustment of any sums paid in that ... Read More »

Vietnamese Envoy for expediting PTA, raising awareness about trade, investment opportunities

KARACHI: The Ambassador of Vietnam Nguyen Tien Phong has underscored the need to expedite work on Preferential Trade Agreement (PTA) between Pakistan and Vietnam which continues to lie on the table. “Talks were also going on for having Free Trade Agreement (FTA) between the two countries but we need to have PTA first. Of course, relevant meetings of joint trade ... Read More »

Imam for making easy credit facility for growers

ISLAMABAD: Minister for National Food Security and Research Syed Fakhar Imam stressed the need for ensuring easy access to credit facility for growers in order to promote and develop agricultural sector in the country. The Minister chaired a meeting of the National Coordination Committee of Agriculture Transformation Plan to discuss the progress so far made under transformation programme. The meeting ... Read More »

NKATI appeals Razak Dawood to continue DLTL for saving business, domestic exports

KARACHI: Faisal Moiz Khan, President North Karachi Association of trade & industry (NKATI), while expressing deep concern over the lack of clear policy regarding drawback on local taxes and levies, and has been discontinued from 1st July 2022 and all the banks will not take any documents after 1st July 2022 in this regard. Under which all banks will not ... Read More »

PRA extends payment date of sales tax up to January 24

MULTAN: The Punjab Revenue Authority (PRA) has extended payment date of sales tax up to 24th January 2022. According to a notification, the PRA has decided to extend the due date of payment of sales tax and filing of sales tax returns/withholding statements for the tax period December 2021. All the registered persons including their agents are allowed to file ... Read More »

Pakistan thanks Qatar for timely LNG supplies despite shortage globally

ISLAMABAD: Pakistan thanked Qatar for ensuring timely supplies of the Liquefied Natural Gas (LNG) to it despite the commodity’s shortage in the international market. Minister for Energy Hammad Azhar expressed the gratitude during a virtual meeting with Qatar’s Minister/Chief Executive for Energy Saad Sherida al-Kaabi, a news release said. During the video conference, the two sides also discussed ways and ... Read More »

M/s Pakistan Agency Karachi moves SHC for restoration of license

KARACHI: A two-member bench of the Sindh High Court (SHC), headed by Justice Irfan Sadat Khan sought explanation from customs officials that why para wise comments have not been filed within the stipulated period on a constitutional petition filed by M/s Pakistan Agency Karachi On 18 January 2022, during the hearing, Syed Fauzia Murad Adeel advocate for petitioner, Javad Hussain ... Read More »

Roshan Digital Account inflows rise to $3.16b in December

KARACHI: The inflows under Roshan Digital Account rose to $3.16 billion by the end of December 2021 compared to $2.916 billion till end of November last year, according to a latest data released by the State Bank of Pakistan. The data shows that the inflows during the month of December were recorded at $244 million compared to $239 million in ... Read More »

SAPM Aon Abbas asks FBR to provide facilitation for startups, e-Commerce

ISLAMABAD: Special Assistant to the Prime Minister on E-Commerce, Senator Aon Abbas Buppi asked the Federal Board of Revenue (FBR) to offer facilitation for startups and e-Commerce cross border exporters in the country. The SAPM also stated that startups is a growing economy and this segment needs all the facilitation by the government to promote digital economy and promoting e- ... Read More »

Court directs customs officials to return Czech model Tereza Hluskova’s passport

LAHORE: A sessions court directed customs officials to return Czech model Tereza Hluskova’s passport and other belongings. The court ruled that the mobile phones, wallets and identity cards were not the case property and should be given back to Teresa. Customs officials seized Teresa’s belongings at the time of her arrest. The Model was arrested at the Lahore airport on ... Read More »

IMF Board to consider Pakistan’s case on January 28

ISLAMABAD: The International Monetary Fund (IMF) Board is scheduled to meet on January 28, to consider Pakistan’s sixth review under the ongoing Extended Fund Facility (EFF). Pakistan is already in the market to raise $1 billion through USD denominated sukuk bonds. The proposed bonds have been assigned a B3 backed senior unsecured rating by Moody’s. The IMF mentioned on its ... Read More »

Withholding tax on mobile recharge increased to 15pc

ISLAMABAD: Cellular Mobile Operators (CMOs) announced the implementation of revised withholding tax rates on mobile balance recharge. According to text messages sent by the CMOs to customers, withholding tax has been revised upward to 15 per cent or Rs13.04, from its earlier level of 10 per cent or Rs9.1 on every Rs100 worth of mobile balance recharge. Estimates suggest that ... Read More »