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September 5, 2017 By Barkatullah Baloch (Courtesy : Zia Ul Islam Zuberi) The construction work on phase II of the New Gwadar Airport is likely to start by the end of this year. Gwadar port in Balochistan remains the focal point of China Pakistan Economic Corridor (CPEC). Pakistan’s biggest airport, …

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22,000 big taxpayers, 100,000 rich individuals slip under FBR radar

ISLAMABAD: The Federal Board of Revenue (FBR) has identified over 21,800 big taxpayers and 100,000 rich individuals who have disappeared from the tax net in the past one year. In the tax years 2014 and 2015, the big taxpayers – including 7,720 companies and 14,103 associations of persons (AoPs) – …

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BD man dies in clash over IPL bet

DHAKA : A Bangladeshi man has died after a clash over illegal betting on an Indian Premier League (IPL) match, police said on Saturday. Santosh Kumar, 33, died in a hospital on Friday night, two days after the incident in the northern Lalmonirhat district. “He bet taka 50 [62 US …

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Reserves losing half a billion dollars every month

KARACHI: Foreign exchange reserves have been dropping by a monthly average of half a billion dollars, making it difficult for the government to strike a balance between the outflow and inflow of greenbacks. Market sources said public-sector companies are not buying dollars from the interbank market. Instead, they are taking …

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Builders protest ‘high’ prices of steel, cement

KARACHI: Builders are agitating against high prices of steel, cement and ceramics, and have asked the government to protect interests of the general public instead of the industry. In a statement issued on Thursday, Association of Builders and Deve­lopers (ABAD) Chairman Mohsin Sheikhani said manufacturers were seeking a permanent anti-dumping …

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Customs valuation rate on import of 1,800cc vehicles increased

KARACHI: The Direc­torate of Customs Valuation has increased the customs valuation rate on import of 1,800cc and above vehicles ahead of federal budget 2017-18. All Pakistan Motor Dealers Association (APMDA) Chairman H.M. Shehzad said the decision would raise the duty of such vehicles by Rs200,000 to Rs1.5 million depending on …

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Efforts under way to boost Pak-Iran trade volume to $5bn

QUETTA: The Consul General of Iran in Quetta, Agha Mohammad Rafai, said on Thursday that efforts were under way to enhance trade volume between Iran and Pakistan up to $5 billion annually. Speaking to businessmen and traders at the office of the Pak-Iran Joint Chambers of Commerce here on Thursday, …

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Stocks retreat as investors take profits

KARACHI: Stocks dropped on Thursday as investors decided to book profit, partly to sell off overvalued stocks and in part due to futures rollover week. The benchmark KSE-100 index shed 346 points, or 0.69 per cent, to close at 49,481.70. While foreign investors sold shares worth $3.41 million, mutual funds …

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FBR barred from making unauthorised raids

ISLAMABAD: The Senate Standing Committee on Finance on Thursday directed the Federal Board of Revenue (FBR) not to conduct raids at any business entity without the authorisation of its chairman or member operations. “The committee will collect monthly details of raids from all chambers of commerce and industry in the …

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PPL earnings jump; Hubco profit slips

KARACHI: Pakistan Petroleum Ltd (PPL) on Thursday reported that its earnings per share (eps) for the third quarter (3QFY17) of this fiscal year recorded an increase of 87 per cent year-on-year (YoY) to Rs3.69 from Rs1.97. Pre-tax profit of the company rose by 79pc while lower effective tax rate led …

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