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President Arif Alvi has directed Federal Board of Revenue (FBR) Chairman Asim Ahmad that the Fact-Finding Inquiry Committees, dealing with 130 Suo Moto refund cases, should expedite the process against the accused officers/officials involved in the issuance of bogus refunds. In a letter to Chairman FBR, President’s Secretariat informed that 29 representations have been filed by the Federal Board of Revenue assailing the orders of the Federal Tax Ombudsman passed in Own Motion cases in which bogus sales tax refunds were reimbursed fully/partially by the delinquent officers/officials of the FBR to the fake claimants. All the representations, being identical in…

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Fair Finance Pakistan and the Rawalpindi Chamber of Commerce & Industry urged the State Bank of Pakistan to introduce compliance on green banking guidelines for public and private commercial banks to promote a green revolution in the country. In a move to strengthen multi-stakeholder dialogue and action on sustainable finance in Pakistan, Fair Finance Pakistan organized its first roundtable meeting with Rawalpindi Chamber of Commerce & Industries on responsible banking in the country. ALSO READ SBP to Launch Mobile App to Incentivize Remittance Transactions A joint communique was presented at the meeting which puts forward recommendations to the Prime Minister…

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MCB Bank reported a profit of Rs. 14.74 billion during the six-month period ended June 30, 2021, with an increase of 12 percent year-on-year, translating into Earnings per Share (EPS) of Rs. 12.44 against an EPS of Rs. 11.15 reported in the corresponding period last year. ALSO READ MCB Bank Launches Internet Gateway Payment Services Net Interest income reported at Rs. 31.55 billion with a drop of 12 percent on account of decreased earning margins due to the expansionary monetary policy regime adopted by the State Bank of Pakistan to combat the downside risks emanating from the COVID-19 outbreak. Low…

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To check the misuse of Afghan transit trade, the bonded carriers of Afghan non-commercial cargo would now be required to file exemption certificates from Afghanistan with goods declaration (GD) before clearance of non-commercial transit goods from Pakistan. The Federal Board of Revenue (FBR) has issued an SRO 1013(I)/202 on Wednesday in this regard. ALSO READ FBR Increases Minimum Price of Steel Products The foreign traders would be required to obtain “User ID” of customs computerized system for transit of goods via Pakistan. The user-ID means a unique user identifier which may be allocated to a foreign trader intending to transit…

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Samsung Electronics Co., Ltd. today opened the next chapter in foldable innovation with two new smartphones, the Galaxy Z Fold3 5G and Galaxy Z Flip3 5G. Both devices are premium foldable smartphones built with the craftsmanship and flagship innovations Samsung users have come to love and expect. The third generation of these category-defining devices incorporates key improvements that Samsung foldable users have asked for—making them more durable with more optimized foldable experiences than ever before. From iconic design to immersive entertainment, Z Flip3 and Z Fold3 offer users unique new ways to work, watch, and play. For those who need…

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The Pakistan Automotive Manufacturer’s Association (PAMA) has revealed the data for July 2021, as per which, the car industry of Pakistan has observed a massive increase in sales figures. According to the data released by PAMA, Pak Suzuki Motor Company (PSMC), Toyota Indus Motor Company (IMC), Honda Atlas Cars Limited (HACL), and Hyundai Nishat Motors have sold a total of 24,918 vehicles in July 2021. This has resulted in a Month on Month (MoM) increase of 81 percent and a Year on Year (YoY) increase of 114 percent in sales. ALSO READ Commercial Vehicles Fitted With Gas Cylinders Banned From…

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Pakistan’s government has written a detailed letter to the UK government, exposing the latter’s claim that the decision to retain the former on the red list was based on facts and data. Earlier this week, the British government had revealed that Pakistan was kept on the red list due to what it claimed was a deteriorating Coronavirus situation coupled with low testing capacity and limited genomic surveillance. ALSO READ Cybersecurity and Data Privacy are a Challenge for Pakistan’s Digital Journey: Report Reply from Dr Faisal Sultan to UK Health Secretary in response to UK govt’s “explanation” (C thread) on why…

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A cash van driver employed by a private security company drove off with over Rs. 200 million in cash while on duty in Karachi earlier this week. The incident occurred when two cashiers of a private bank on Tariq Road were out to deliver an amount of bank money to its destination on Monday. ALSO READ Cybersecurity and Data Privacy are a Challenge for Pakistan’s Digital Journey: Report The cashiers had gotten out of the van on I. I. Chundrigar Road with some of the money in hand. Following this, the driver had fled with the remaining cash in the…

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