Business & Industry

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Transportation Cost of Container Cargo Increases by 700% in Pakistan

The transportation cost of containerized cargo across the globe has increased by up to 700 percent, Express Tribune reported. The same has taken place in Pakistan as well. This is being attributed to abnormal growth in imports as the global economies reopen following COVID-19 pandemic-related lockdowns. The increase in international freight charges for the sea, rail, […]

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Govt’s Tax Incentives for Telecom Industry and Users to Come into Effect from July

The government has announced massive tax incentives packages for the telecom sector.   However, while addressing a press conference here on Thursday, the Federal Minister for Information Technology and Telecommunication, Syed Aminul Haque, said that all the incentives will be implemented from 1 July 2021. He said that the federal Cabinet has unanimously approved the

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Punjab Approves Business Centre

The government of Punjab has approved the establishment of a multi-purpose business centre at the Quaid-e-Azam Business Park under the management of Punjab Industrial Estates Development and Management Company (PIEDMC). Talking to a delegation of industrialists, PIEDMC Chairman Syed Nabil Hashmi said that the centre would cover an area of 300,000 square feet and its groundbreaking ceremony

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International Payment

Tax Refunds to be Paid Through Automated System of CITRO

In line with the vision of the Prime Minister to provide maximum facilitation to the taxpayers and under the guidance of Chairman FBR, a Centralized Income Tax Refund Office (CITRO) has been established at FBR in order to facilitate taxpayers by releasing income tax refund payments directly into their bank accounts in an expeditious and

Tax Refunds to be Paid Through Automated System of CITRO Read More »

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Govt Allows 6 Sectors to Avail 100% Tax Credit

The government has decided to allow six sectors to avail 100 percent tax credit after withdrawal of income exemptions from IT services and IT enabled services; coal mining; green field industries; renewable energy and ship building projects. Highly-placed government officials told Propakistani that the Income Tax (Second Amendment) Bill, 2021 has proposed replacement of income

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FBR Issues Clarification on Tax Exemption from Income of Exported IT Services

The Federal Board of Revenue (FBR) has issued a clarification regarding the news about a proposal to withdraw exemption available to income from exports of computer software or IT services or IT enabled services. FBR has clarified that under the current legal dispensation, the exports of computer software, IT Services or IT enabled services are exempt from

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Govt to Withdraw Income Tax Exemption on IT and IT-Enabled Services

The government has decided to withdraw income tax exemption available to IT services and IT-enabled services through the Income Tax Amendment Bill, 2021. Under the draft bill, the IT services and IT-enabled services will be allowed to avail 100 percent tax credit at the time of filing of income tax returns. The withdrawal of income

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Pakistan Can Increase Its Annual Gemstone Exports to $32 Billion: FPCCI

Pakistan has the potential to increase its gemstone exports to $32 billion every year, claimed Chairman Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Qurban Ali. He said gemstone exporters must go for innovation and adopt modern technology to improve the value of precious and semi-precious stones to enhance competitiveness in the international market.

Pakistan Can Increase Its Annual Gemstone Exports to $32 Billion: FPCCI Read More »

SECP

Reforms by SECP Led to 39% Growth in Registration of New Companies

A host of reforms by the Securities and Exchange Commission of Pakistan (SECP) for the ease of doing business led to a corporate growth of 39 percent in February as compared to the same month last year. The Corporate Registrar had incorporated 2,257 new companies and startups in February, of which 99 percent were incorporated

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PITB Partners with 1LINK to Launch ‘Payzen’ for Enhancement of Payments Landscape

Punjab Information Technology Board (PITB) and 1LINK (Pvt.) Limited have entered into an agreement to launch ‘Payzen’- bill aggregator. ‘Payzen’ follows e-Pay Punjab as the next logical step to promote fintech for the digitization of the economy. In this regard, a ceremony was held at PITB and the agreement was signed by DG PITB Faisal

PITB Partners with 1LINK to Launch ‘Payzen’ for Enhancement of Payments Landscape Read More »

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