The International Air Transport Association (IATA) on Tuesday urged Pakistan and Bangladesh to remove barriers to airlines repatriating ticket revenues after Nigeria released the vast majority of blocked funds. According to the world trade body, Pakistan and Bangladesh collectively owe $731 million out of a global total of $1.8 billion in blocked airline funds. Several countries have encount
The Federal Board of Revenue (FBR) has uncovered a network of tax fraudsters involved in issuing fake sales tax invoices, resulting in a loss of Rs21.69 billion to the national exchequer. The FBR’s Directorate of Intelligence and Investigation Karachi and Hyderabad filed FIRs against Rehman Enterprises for tax fraud of Rs10 billion and ZA Impex for Rs11.69 billion under the Sales Tax Act 1990.
The State Bank’s monetary policy meeting, scheduled for June 10, has received more attention from the stakeholders, as the policy would be announced without getting input from budgetary measures and talks with the IMF for another loan. The government seems willing to provide relief to the common people and some measures in this context could be inflationary. Therefore, some experts said the
Prime Minister Shehbaz Sharif arrived in Shenzhen on Tuesday as he kicked off a five-day visit to China. This is the premier’s first visit to China following the Feb 8 elections, and will likely see the inauguration of the second phase of the China-Pakistan Economic Corridor (CPEC) project and a number of agreements being signed between the two countries. In Shenzhen, which is a hub for in
Pakistan Stock Exchange on Monday came under significant selling pressure, triggered by pre-budget uncertainty and the terms of a new International Monetary Fund (IMF) loan package such as tax reforms, tariff hikes and rupee devaluation. In the morning, the KSE-100 index got off to a robust start, reaching its intra-day high of 76,209.96 points. However, the market quickly reversed course owing