The definition of sales tax fraud has been proposed to be changed to check the smuggling and local trading of goods on which sales tax has not been paid during the supply chain of business. The FBR through C No 1(12) TR/IR-Ops (IR-Code)/2021-114506-R dated July 1, 2023, has issued a draft of the proposed amendment to be made in the …

SHANGHAI: China’s index of export container transport fell in the week ending on July 28, according to the Shanghai Shipping Exchange. The average China Containerized Freight Index (CCFI) went down 0.3 percent from the previous week to 863.37, the shipping exchange said. The sub-reading for the Korea service fell by 7.1 percent from a week earlier. Bucking the trend, the …

Finance Minister Ishaq Dar said on Thursday that China has rolled over a $2.4 billion loan to Islamabad for a period of two years, a boost to the country’s economy as it tries to build its foreign reserves after clinching a deal with the International Monetary Fund (IMF). “Chinese Exim bank rolled over principal amounts totalling $2.4bn which are due …

To encourage people to file taxes, the Federal Board of Revenue (FBR) has increased the withholding tax rate for non-activate tax filers or those not on the Active Taxpayers List (ATL). According to a Wednesday circular, non-ATL filers will be taxed Rs303 for a bank withdrawal of Rs50,500. Those withdrawing between Rs55,000-Rs75,000 will be taxed Rs450. However, Pakistan’s government agencies …

Honda Atlas Cars Pakistan Ltd. (HCAR) has announced its financial results for the first quarter that ended June 30, 2023. In a notification to the Pakistan Stock Exchange, the company reported a profit after tax of Rs. 144.9 million during Q2 2023, down 78 percent Year-on-Year (YoY) from the same period of the previous financial year when it reported a profit …

The construction industry in Pakistan is facing an uphill battle as the price of steel, the primary raw material for construction, surges to an all-time high level. Leading steel rebars producers on Monday announced an increase of Rs 5,000 per metric ton, citing a shortage of raw materials and a significant hike in the basic power tariff. The decision to …

TIANJIN: China, long famed as the “kingdom of bicycles,” has now raced ahead of the field with smart technology, wooing global bicycle lovers with smart bikes and high-end models at favorable prices. Golden Wheel Group, a leading Chinese bicycle enterprise, exports various e-bikes that incorporate its patented technology. The company’s latest smart model, equipped with a removable, multi-application module battery, …

KARACHI: A baby monkey caused chaos in a Pakistan court after escaping from a troop presented as evidence in a case of wildlife smuggling, officials said. Two men were intercepted outside Karachi Thursday trying to smuggle 14 baby monkeys in crates usually used to transport mangos. But when they were brought to court on Friday, one of the monkeys escaped – causing …

Finance Minister Ishaq Dar on Thursday assured that the coalition government which has taken tough measures, increasing the burden on the public has no plans to impose new taxes on the agriculture and real estate sectors. “I want to be clear, that no new taxes be imposed on agriculture or real estate. We have suffered a lot to meet IMF …

BEIJING: China’s forex regulator said Friday that overseas investors continued to increase their holdings in China’s onshore bonds over the past two months. Overseas investors’ net purchase of yuan-denominated bonds traded on China’s interbank market stood at 79 billion U.S. dollars for the first half of the year, reversing the offloading experienced last year, Wang Chunying, deputy head of the …

BEIJING: The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 10 pips to 7.1456 against the U.S. dollar Friday, according to the China Foreign Exchange Trade System. In China’s spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate …

Habib Bank Limited (HBL), one of the country’s largest banks, said that it intends to establish a subsidiary to promote Pakistan’s agriculture sector. The development was shared by HBL in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We would like to clarify that the bank (HBL) intends to set up a subsidiary, to promote the agriculture sector …

Atlas Honda Limited (ATLH), manufacturer of motorcycles in Pakistan, expects its exports to hit nearly $25 million in MY24 (its fiscal year runs from April 1 to March 31). This was shared during a corporate briefing session attended by brokerage house Ismail Iqbal Securities (IISL) that posted a note on Wednesday. “The company has received an export order which will …

The State Bank of Pakistan (SBP) on Wednesday announced the designation of Domestic Systemically Important Banks (D-SIBs) for the year 2023 under the Framework for D-SIBs notified in April 2018. In line with the D-SIBs framework, the SBP carried out the annual assessment based on banks’ financials as of December 31, 2022, the central bank said. As per the assessment, …

In a significant stride towards bolstering financial stability and economic growth, Pakistan’s major political parties, including the Pakistan Muslim League – Nawaz (PML-N), Pakistan Peoples Party (PPP), and Pakistan Tehreek-e-Insaf (PTI), have joined forces by giving lender written assurance to support the smooth implementation of a critical $3 billion bailout. The lending institution expressed its satisfaction after receiving these significant …

The Federal Government has reduced the period of sales tax exemption for imported Saudi Mission vehicles after receiving $2 billion from Saudi Arabia. Prior to this, there was a provision for tax exemption on the sale of a vehicle after three years. But now, the imported Saudi Mission vehicles will be exempt from tax after only two years. The Saudi …

The United Kingdom will provide £41.5 million in bilateral Official Development Assistance (ODA) to Pakistan for the year 2023-24, with a focus on accelerated family planning, girls’ education, and revenue mobilisation, investment and trade, a statement from the British High Commission in Islamabad said. According to the statement issued on Tuesday, the new Pakistan Country Development Partnership Summary (CDPS), published …

Summit Bank Limited announced on Tuesday that it had received the State Bank of Pakistan’s approval to change its name to Bank Makramah Limited (BML). The change, which follows the recent acquisition of a controlling stake in Summit Bank by prominent Emirati investor Nasser Abdulla Hussain Lootah, will become effective subject to other regulatory and corporate approvals. Lootah’s vision for …

MOSCOW: The Kremlin said Monday that the Ukraine grain deal had “de facto ended” hours before it was due to expire, and that Moscow would return to the landmark agreement if its conditions were met. The crucial deal, brokered by the UN and Turkey, is officially due to run out at the end of Monday. It allows Ukraine to export …

NEW DELHI: Coal India Ltd, a government-owned port, and a state waterways body, are together considering investing up to 120 billion rupees ($1.46 billion) to establish an industrial water transport corridor in the country’s east, two government sources said. The corridor, which could potentially carry 12 to 15 million tonnes of cargo by 2030, would connect two ports in the …

BEIJING: China’s gross domestic product (GDP) grew 5.5 percent year on year in the first half (H1) of 2023, data from the National Bureau of Statistics (NBS) showed Monday. China’s GDP reached 59.3 trillion yuan (about 8.3 trillion U.S. dollars) in the first half, NBS data showed. In the second quarter, the country’s GDP expanded 6.3 percent year on year, …

BEIJING: China’s automobile exports soared 75.7 percent year on year in the first half of this year (H1), sustaining the trend of robust expansion, data from the China Association of Automobile Manufacturers showed. During the period, the country exported 2.14 million automobiles. Among the total, new-energy vehicle exports stood at 534,000 units, surging 160 percent from the same period last …

TIANJIN: To achieve carbon reduction and improve energy efficiency, Tianjin has pushed forward the comprehensive transformation of its iron and steel industry chain in recent years. Iron and steel producers are encouraged to reform their energy mix, upgrade technology and develop hydrogen-fuelled transportation. The iron and steel enterprises still in operation in Tianjin have all completed the ultra-low emission transformation. …

The International Monetary Fund (IMF) has called for additional measures to be implemented in Pakistan in order to increase the tax net and achieve the revenue target of Rs 9,415 billion for the fiscal year 2023-2024. One of the proposals put forward is to bring new sectors, such as construction and agriculture, into the tax net. The inclusion of these …

Pakistan LNG Ltd (PLL) received a bid from commodities trader Trafigura at $23.47 per million British thermal units (mmBtu) for an LNG import tender to be delivered on January 3-4 and at $22.47/mmBtu for delivery February 23-24, a source with knowledge of the matter said on Friday. In June, Pakistan issued two tenders seeking spot liquefied natural gas (LNG) cargoes …

Pakistan will draw $5.6 billion in financing, Bloomberg News reported on Friday, an amount that includes inflows from Saudi Arabia and the UAE that have been deposited in the country’s central bank. Inflows from the International Monetary Fund (IMF) are not part of this financing. The funding “includes $3.7 billion of commitments from bilateral partners including Saudi Arabia and the …

In today’s worldwide society, the media industry is crucial for shaping public opinion and disseminating information. But when a country like Pakistan faces a foreign exchange shortage, media businesses face significant difficulties. This opinion piece will look at these issues and potential solutions for Pakistani media companies that operate with limited access to foreign currency. For Pakistani media enterprises to …

BEIJING: Chinese stocks closed higher on Thursday, with the benchmark Shanghai Composite Index up 1.26 percent to 3,236.48 points. The Shenzhen Component Index closed 1.61 percent higher at 11,095.44 points. The combined turnover of stocks covered by the two indices stood at 920.8 billion yuan (about 128.73 billion U.S. dollars), up from 911.9 billion yuan on the previous trading day. …

Finance Minister Ishaq Dar announced on Wednesday that Pakistan had received $1 billion from the United Arab Emirates, saying that the funds would boost the declining foreign exchange reserves held by the central bank. “We received the confirmation some time ago that our brother country, our friend, the UAE has deposited $1bn to the State Bank’s account. The Federal Reserves …

Back-to-school spending is expected to fall for the first time in nine years as shoppers across all income levels pull back on non-essential purchases and prioritize necessities amid sticky inflation, according to a Deloitte report on Wednesday. Consumers are expected to spend 10% less this year, with average spend per child falling to $597, while the overall back-to-school market is …

The United States welcomed a nine-month Stand-By Arrangement (SBA) agreement between Pakistan and the International Monetary Fund (IMF), saying that it will continue to stand by Islamabad during difficult times. US State Department spokesperson Matthew Miller was asked about reports claiming that the US played a key role in helping Pakistan to secure $3-billion package with the IMF. “What I …

Saudi Arabia has deposited $2 billion in the State Bank of Pakistan’s (SBP) account, announced Finance Minister Ishaq Dar on Tuesday. This development comes on the heels of the recently secured $3 billion stand-by arrangement with the International Monetary Fund (IMF), marking yet another sigh of relief for Pakistan’s financial stability. The announcement was made during a televised address, where …

Promising advancements have taken place in Pakistan’s efforts to establish an oil refinery as an agreement between Pakistan and Saudi Arabia is on track to be signed during the first week of August. The signing of this crucial agreement is anticipated to take place during the upcoming World Mineral Conference. Pakistan is set to host a two-day international mineral conference …

The International Monetary Fund has approved Pakistan’s external financing plan. For the release of its bailout package, the IMF had asked Pakistan to provide it the external financing plan. Then the Ministry of Finance sent the $8 billion financing plan from the friendly countries to the IMF as per its requirement. The meeting of the IMF Executive Board will be …

Global rating agency Fitch on Monday upgraded Pakistan’s long-term foreign currency issuer default rating (IDR) to ‘CCC’ from ‘CCC-’, citing the country’s improved external liquidity and funding conditions following the staff-level agreement with the International Monetary Fund (IMF) on a nine-month Stand-by Arrangement (SBA) in June. Pakistan had secured the badly-needed $3bn short-term financial package from the IMF last month, …

The Federal Board of Revenue (FBR) has identified a mega-scandal of clearing imported goods without the required documents. The goods, worth $80 million (over Rs220 billion), were cleared by forgery and deception. FBR has formed a three-member team to probe into the scam. The team will get to the bottom of how the goods were cleared without the required documents …

KARACHI: The State Bank of Pakistan (SBP) has said the government needs to take appropriate policy measures to improve productivity, export competitiveness and debt sustainability to revive economic activities. According to the Financial Stability Review (FSR) for CY22, issued by SBP, in the latest wave of Systemic Risk Survey (SRS), market participants have identified political uncertainty as one of the …

Among these products, the price of milk, wheat flour, sugar, long cloth has increased; Vegetable ghee fell, while electricity and firewood prices remained unchanged. The price of a 20 kg wheat flour bag now stands at Rs 2,746.36, up from Rs 2,639.51 per bag in the week before Eid. PBS did not release data for the week ending June 29, …

GUIYANG: Southwest China’s Guizhou Province has seen a robust expansion in the new-energy sector amid efforts to ramp up energy production and storage and promote green development, an industry report showed. In the first quarter of this year, the industrial output of Guizhou’s new-energy battery and material sector was about 20.38 billion yuan (about 2.83 billion U.S. dollars), according to …

The International Monetary Fund (IMF) was “in the process” of meeting representatives of major political parties in Pakistan, including the opposition PTI, to “seek assurances of their support for key objectives and policies” under the new $3 billion Standby Agreement, the lender’s resident representative for Pakistan confirmed on Friday. “IMF staff are in the process of meeting with representatives of …