Business

CAIRO: (Web Desk) World Bank has warned the poor countries that their debt situation can be worsened due to unstable commodity prices and higher interest rates. According to the World Bank President David Malpass, the poor countries will have to gradually consolidate their fiscal position to maintain investor confidence. No Sales Tax on Fruits Import From Kabul Malpass said the …

ISLAMABAD: (Web Desk) The Federal Board of Revenue (FBR) has good news for traders that there will be no sales tax on the import of fresh fruit from Afghanistan. The FBR decision is being hailed by traders from both Afghanistan and Pakistan as it will definitely promote trade between the two neighboring countries. FBR chairman Ashfaq Ahmad during his visit …

KARACHI: (Web Desk) Taking the construction cost further up, the steel rebar prices have risen again mainly due to rupee depreciation and an increase in energy tariffs. After the recent hike of Rs6,000, the steel rebar prices are hovering around Rs179,000-Rs180,000 a ton as compared to Rs115,000-Rs120,000 per ton in September 2020. Reacting to the situation, the Pakistan Association of …

ISLAMABAD: (Web Desk) South Korean technology giant Samsung Electronics is going to establish its TV lineup plant in collaboration with a local partner R&R Industries Pvt Ltd. The plant is expected to become functional in the fourth quarter of 2021 and will produce nearly 50,000 units per annum. The local partner company believes the project will create more than 700 …

KARACHI: (Web Desk) Federal Finance Minister Shaukat Tarin says out of a total of 2.9 million tax return filers, one million filers are those that show zero taxable income. The finance minister said this during a meeting with the Karachi Chamber of Commerce and Industry (KCCI) officials. Former KCCI president Zubair Motiwala, on this occasion, expressed serious concerns over the …

ISLAMABAD: (Web Desk) World’s biggest carmaker Toyota will invest over US$100 million for the local production of Hybrid Electric Vehicle (HEV) in Pakistan. The announced investment shall be spent on localization of components, plant expansion, and production preparation for the first Hybrid Electric Vehicle to be manufactured at the Indus Motor Company Limited (IMC) plant in Karachi. TOYOTA To Cut …

NAGOYA: (Web Desk) Toyota, the world’s largest carmaker, that earlier planned to make nearly 900,000 cars next month, has now reduced that to 540,000 vehicles. According to details, Volkswagen, the world’s second-biggest car producer, has warned to also cut its output further due to the micro-chip shortage. The chips these days are not as easily available as before because the …

ISLAMABAD: (Web Desk) The Federal Board of Revenue (FBR) has categorically stated that the return filing date will not be extended after September 30. An official statement said that the FBR saw an overwhelming response from taxpayers after the decision of non-extension in the due date for filing of return last year. Pakistan To Launch 5G In 2023 FBR has …

ISLAMABAD: (Web Desk) Pakistan aims to launch 5G in 2023 as the telecom industry’s market size has grown to $16.9 billion during the last year. The Minister of Information technology, in a recent presentation to Prime Minister Imran Khan, highlighted the future requirements of digitalization across the country and the launch of future technological needs such as 5G. During the …

ISLAMABAD: (Web Desk) The Commerce Ministry, in order to give a boost to the industrial growth, on Friday announced the latest round of tariff rationalization. According to the ministry, the focus of tariff rationalization would be on iron & steel, auto, packaging material, agriculture, and plastic sectors. The ministry of commerce has formally requested the relevant industrial sectors to send …