Tech and Telecom

Public Accounts Committee (PAC) has referred two mega tax fraud scams involving over Rs. 6 billion to the National Accountability Bureau (NAB) for investigation of tax evasion and illegal exemptions/concessions availed by two companies. On Thursday, Rana Tanveer Hussain, Chairman of the PAC, decided after declaring the Federal Board of Revenue’s (FBR) response as unsatisfactory in the matter of the Chahat Food Industries Limited. ALSO READ Pakistan’s Economy is Growing But Boom-Bust Cycles Must be Avoided: SBP Governor The team of the Auditor General of Pakistan (AGP) visited the head office and factory’s premises in Lahore and Vehari for verification…

JS Bank and NayaPay have signed an agreement to collaborate on enhancing digital payments in Pakistan. As a result, JS Bank and NayaPay’s mutual customers can link their JS Bank account or JCash wallet to their NayaPay wallet for convenient money transfers between accounts and for merchants to offload funds to their designated JS Bank account. In addition, consumers and businesses can use their linked accounts to pay verified merchants on the NayaPay app. Customers may also load their NayaPay wallets by simply using the JSBL internet banking portal and mobile banking app or by visiting any JSBL branch for…

Pakistan will receive $2.77 billion from the International Monetary Fund (IMF) on August 23 in the organization’s bid to sustain global financial liquidity amidst the COVID-19 pandemic. This development was shared by Finance Minister Shaukat Tarin here on Thursday while addressing a press conference. He also mentioned that the allocated funds will be directly sent to the State Bank of Pakistan (SBP) which will further boost the country’s forex reserves and stabilize the economy. The funds are an “unconditional” allocation from the global lender, said Tarin, further suggesting that these funds will be used in a productive and efficient way…

To ensure the safety and well-being of its workforce, Jazz has completed the vaccination of all its eligible employees. This comprises the company’s staff who have received at least their first dose of the COVID-19 vaccine. During the internal Independence Day celebrations, Jazz CEO Aamir Ibrahim congratulated the employees on achieving a 100 percent vaccination status, adding, “Jazz remains fully committed to the safety of its people. Our internal vaccination campaign aimed to safeguard the health of not only our employees but those around them as well.  This achievement is another contribution to our #JazzCares initiative and this Independence Day, there…

Meezan Bank’s profit after tax increased to Rs. 12.6 billion compared to Rs. 11.7 billion in the corresponding period last year, reflecting a growth of 8 percent. The EPS of the Bank, on enhanced share capital, increased to Rs. 8.91 per share from Rs. 8.25 per share in June 2020. According to the financial results, the board approved the second interim cash dividend of Rs. 1.50 per share (15 percent). Further, the board has also approved a 15 percent bonus share issue. This brings the total cash dividend payout for the half-year to Rs. 3.00 (30 percent) per share, along…

The Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting with the representatives of ‘Daraz’, one of the prominent digital marketplaces in Pakistan. Daraz was represented by Mr. Bjarke Mikkelsen, CEO Daraz Group, Mr. Ehsan Saya, MD Daraz Pakistan, Ms. Kiran Faruqi, CFO Daraz Group, and Mr. Ahmad Hassan, CFO Daraz Pakistan. ALSO READ FBR Increases Customs Duties of Chinese Mobile Accessories The Finance Minister welcomed the digital market-place operator and said that the current government is supportive of the idea of promoting the E-Commerce industry as a catalyst to economic growth and source of future foreign direct…

Federal Minister for Energy (Petroleum Division), Hammad Azhar, has said that Pakistan recorded the highest generation of electricity in the country’s history on Wednesday. Taking to Twitter, the minister said that the WAPDA generated and transmitted 24,467 megawatts on Wednesday. This is the highest since the country recorded production of 24,284 MW last month. ALSO READ Waqar Zaka Gifts Rs. 1 Million to Olympian Arshad Nadeem Pakistan’s power generation capacity has never crossed the 24,000 MW mark in the past. According to the minister, the highest load registered was 23,370 MW in 2020 and 20,811 MW in 2018. Record highest…

Directorate General of Customs Valuation Karachi has raised customs values of the accessories of the Chinese-origin mobile phone brands for accurate assessment of duties and taxes at the import stage. The directorate has issued a valuation ruling number 1580 of 2021 to supersede the earlier ruling 1448 of 2020. ALSO READ FBR Now Demands Carriers To File Exemption Certificate For Clearance Of Non-Commercial Afghan Cargo The Federal Board of Revenue (FBR) will charge custom values in US dollars on the import of different types of mobile phone accessories, ranging between $0.06 and $7. The minimum customs values have been fixed…

The Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a section of the press. The news item, inter alia, mentions that FBR field formations have issued thousands of exemption certificates without fulfilling the requirements envisaged in law. FBR has clarified that the news has been reported without understanding the relevant provisions of SRO 717(I)/2014 and the context of FBRs’ correspondence with field formations. The law stipulates an inherent mechanism for examining the propriety and correctness of the exemption certificates issued during a certain period and such…

Another spell of torrential rainfall and subsequent flash floods, urban floods, and landslides in urban areas is expected all over the country from 12-15 August. According to Pakistan Meteorological Department (PMD), flash flooding could occur in nullahs of Shangla, Buner, Batgram, Mansehra, Balakot, Abbottabad, Swat, Kohistan, Kashmir, Islamabad, Rawalpindi, Sialkot, and Narowal. ALSO READ How McDonald’s ‘Podina Le Aun’ Message Became a Cringeworthy Marketing Trend Urban flooding is expected in Rawalpindi, Gujranwala, Lahore, Faisalabad, and Peshawar while landslides are anticipated in vulnerable areas of Kashmir, Gilgit Baltistan, and upper parts of Khyber Pakhtunkhwa during the forecast period In this regard,…