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Reduction in tax rate will boost government’s revenue: Zong CEO Pakistan

Advertisements KARACHI: Chief Executive Officer Zong Pakistan, Liu Dianfeng has said that government revenue will boost up if the tax rate reduces in the telecom sector resultantly increases the business volume as well. He said that this step will bring positive impact on the revenue of government collected through telecom …

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ADB approves US $ 6 billion for infrastructure projects in Pakistan

KARACHI: The Asian Development Bank has approved a US$6 billion loan to help build up infrastructure projects and power network. Funds will be allocated for projects related to health, education, highway construction including 660 MW coal-fired plant in southern Pakistan. Funds will also be used for several hydroelectric dams that …

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Commercial export starts in Gwadar port today

GWADAR: Gwadar port has started its long-awaited operations for containerised shipment services here on Monday as the first private container vessel berthed at the deep sea port. The MV ZI JING SONG container vessel has become the first one to berth here since the completion of port in 2007. With …

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Pakistan’s economy is improving: US Delegation  

BAKU: Pakistan’s economy is improving and has been recovered much in record time which has also been acknowledged by top world publications said by the US delegation in a meeting held in Baku on the sidelines of 48th meeting of the board of governors of Asian Development Bank (ADB). A …

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Bank of Punjab allowed to open branches abroad

LAHORE: The Bank of Punjab (BoP) has been allowed to open branches abroad said by the President of BoP Naeemuddin Khan to a domestic news channel. The President BoP Naeemuddin Khan has said that government has officially allowed the BoP to open its branches abroad. In a telephonic conversation, the …

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Pakistan’s Liquid Forex Reserves at $17,717.6 million

KARACHI: Pakistan’s total liquid foreign exchange (forex) reserves are at $17,717.6 million for the week ended on April 24,2015 as compared to $17,491 million of the previous week, ended at April 17, as reported by Domestic Markets & Monetary Management Department of the State Bank of Pakistan (SBP). During the week, the …

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SECP: National Assembly passes Securities Bill 2015

ISLAMABAD: The National Assembly has passed the Securities Bill, 2015 reported by Media and Corporate Communications Department of SECP. According to press release of the SECP, it was a long time requirement to replace the present Securities and Exchange Ordinance 1969 (SEO 1969) with a new and comprehensive legislation to …

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SBP approves amalgamation scheme of KASB Bank in Bank Islami Pakistan

KARACHI: State Bank of Pakistan has approved the amalgamation scheme of KASB Bank Limited with and into Bank Islami Pakistan Limited as per Section 47 of the Banking Companies Ordinance, 1962. The SBP scheme of amalgamation will result in the acquisition of KASB Bank, the smallest lender of the Pakistan, …

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Bima Mobile: SECP grants certificate of registration to Milvik Mobile

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted the certificate of registration to a foreign broker Milvik Mobile – which is the wholly owned subsidiary of the Milvik AB , Sweden – as Pakistan’s first mobile technology based insurance distributor. The company is working by the name …

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SBP to hold International Conference on Innovative Agricultural Financing

ISLAMABAD: The State Bank of Pakistan (SBP) in collaboration with Food and Agriculture Organization of the United Nations (FAO) is going to hold an International Conference on Innovative Agriculture Financing in Pakistan from April 28-29, 2015 at Islamabad. The aim of two day conference is to discuss the strategies and …

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Pakistan becomes fourth highest taxed telecom market worldwide

Pakistan comes at fourth slot among the biggest taxed telecom markets in the world. Taxes on telecom consumers account to up to 30% of the total cost of mobile ownership and this is exactly why ARPUs of Pakistani telecom market are cheapest in the world. The information provided by Aslam …

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Consultative Group of SECP agrees to introduce various structural reforms

ISLAMABAD: The Consultative Group, formed by Securities and Exchange Commission of Pakistan (SECP) has agreed on the need for introducing structural reforms for market infrastructure institutions, including attainment of central counterparty status by the clearing house and establishment of a settlement guarantee fund to ensure a robust and efficient risk …

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Bestway Cement takes control of Lafarge Pakistan Management by holding 87.93% shares

KARACHI: Bestway Cement, the subsidiary of the U.K based multinational group ‘Bestway’ has emerged as the largest cement manufacturer in Pakistan after taking the management control of Lafarge Pakistan Cement Ltd. by holding 87.93% shareholding in Lafarge. In July 2014, Bestway Cement had bid for 75.86% of Lafarge’s shares for …

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FBR plans income tax collection from retail traders through electricity bill

KARACHI: The Director General of Broadening of Tax Base (DG BTB) has proposed collection of income tax from retail traders through electricity bills. The proposal is still at planning stage. However, if the proposal get passed it will result in collection tax from tax avoider retailers and will also help …

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