Business & Industry

1st Ever Export of Mango under TIR Convention

The Pakistan Customs has processed the first fresh mango (White Chaunsa) consignment for export to Moscow, Russia under the TIR Convention. According to the statement, this was one of the first endeavors to introduce Pakistani fresh fruits and indigenous goods to Russia. It will help the Pakistani traders to capture markets not only in Russia …

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SBP Introduces SME Asaan Finance Scheme (SAAF) That Does Not Need Collateral

The State Bank has introduced an innovative initiative to improve access to finance for Small and Medium Enterprises (SMEs) in collaboration with the Government of Pakistan, with the express aim of enabling businesses who cannot offer security/collateral to access bank finance. This initiative has been brand named ‘SME Asaan Finance’ or SAAF to emphasize the …

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Govt Imposes Additional 7.5% WHT on Electricity Bills Over Rs. 25,000 for Non-Filers

Non-filer consumers who use more than Rs. 25,000 worth of electricity per month will now have to pay an additional 7.5 percent tax on electricity bills. Lahore Electric Supply Company (LESCO) announced through its website that the government had implemented a new withholding tax (WHT), effective from July 1, 2021. The statement on LESCO’s website …

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FBR Relaxes Conditions For Import/Export Customs Clearance

The Federal Board of Revenue (FBR) has decided to relax conditions for importers for obtaining ‘unique user identifiers’ under the Customs Computerized System used for clearances of imports and exports. The FBR has issued S.R.O936(I)/2021 to amend Customs Rules, 2001 here on Monday. Under the proposed rules, the Federal Board of Revenue (FBR) will not …

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Govt Gives 10-year Tax Exemption To Zone Developers and Enterprises

The federal government has given a 10-year tax exemption to Zone developers and enterprises through passing the Special Technology Zone Authority Act, 2021, from the National Assembly. Documents state that the government has given all kinds of income tax exemption under the income tax ordinance, including the tax on profits and gains, income tax, turnover …

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