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FBR reopens KE’s sales tax claims worth Rs1.19bn

ISLAMABAD: The Federal Board of Revenue (FBR) informed the Public Accounts Committee (PAC) on Wednesday that it has reopened an input adjustment of sales tax claims worth Rs1.19 billion against K-Electric. The committee was informed that a reference of Rs1.19bn was sent to the FBR against KE. According to Rule …

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Incoming support: Leather industry confident of increasing exports

KARACHI: After a continuous fall for two years, the leather industry believes the country’s exports will first stabilise this year and show growth in the next after the announcement of the incentive package worth Rs180 billion. On Tuesday, the federal government announced incentives for a period of 18 months to …

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Power consumers to pay Rs9b more as surcharge extended for 18 months

ISLAMABAD: The federal government on Wednesday extended the electricity surcharge of 10 paisa per unit for one and a half year aimed at forcing consumers to cough up Rs9 billion more as cost of the highly mismanaged Neelum-Jhelum hydroelectric power project jumped to Rs500 billion. The Economic Coordination Committee (ECC) …

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Market watch: KSE-100 gains 505.81 points, ends at new record high

KARACHI: Stocks returned to winning ways, bouncing back after a minor correction on Tuesday with the benchmark-100 index climbing 505.81 points and surpassing the 49,000-point level with ease. Led by financial, cement and auto scrips, the index ended at a new record high on Wednesday. At close, the Pakistan Stock …

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World Bank revises Pakistan’s growth rate upward

World Bank has revised Pakistan’s growth rate upward to 5.2 per cent for fiscal year 2017 and 5.5 per cent for 2018. The bank previously estimated growth in Gross Domestic Product (GDP) of Pakistan 5 per cent and 5.4 per cent respectively, a private news channel reported. The report “Global …

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Govt withdraws cash subsidy on fertiliser sales

ISLAMABAD/KARACHI: The government has withdrawn the cash subsidy on fertiliser sales, which was offered to the industry in the budget for fiscal year 2016-17 to provide support to the manufacturers, farmers and the overall agricultural sector. However, it has not ended the General Sales Tax (GST) subsidy that amounts close …

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Incentive package to boost Pakistan’s competitive edge

KARACHI: Textile exporters have described the government’s Rs180-billion incentive package for export-oriented industries as very positive that will cushion the declining exports of the country. “The ball is now in our textile exporters court, the government has done what it should do,” said Ziad Bashir, Executive Director of Gul Ahmed …

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Profit-taking pares down early gains

KARACHI: The stock market on Monday carried investors on a seesaw ride that halted at about the same place where it began. The KSE-100 index edged up by just 1.18 points for the day to close at 49,039.41. It was a typical session where investors who threw caution to the …

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Fertiliser subsidy ends as Rs27bn fund utilised

ISLAMABAD: The government on Monday discontinued its fertiliser subsidy scheme for 2016-17, according to a notification issued by the Ministry of National Food Security and Research. The subsidy was being provided on urea, diammonium phosphate (DAP) and single superphosphate. Secretary National Food Security and Research Abid Javed told Dawn that …

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PM to announce export package worth Rs70bn today

ISLAMABAD: Prime Minister Nawaz Sharif will announce on Tuesday the much-awaited export package worth Rs70 billion aimed at arresting the trend of falling exports in the remaining months of the current fiscal year. The package is worked out in a way to minimise the impact of the 8 per cent …

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