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Pakistan enacts ambitious reforms to comply with FATF

Pakistan enacts ambitious reforms to comply with FATF

ISLAMABAD: Pakistan has committed to an ambitious 26-point action plan spanning a period of 15 months to avoid being blacklisted by the Financial Action Task Force. The plan envisages choking the financing of terrorist groups like Da’ish and the Haqqani network. The FATF Plenary – the global intergovernmental body working to …

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Last chance to legalise undeclared assets: FBR

Last chance to legalise undeclared assets: FBR

LAHORE: Federal Board of Revenue (FBR) Chairman Tariq Mahmood Pasha said that the tax amnesty scheme is the last chance to legalise undeclared assets, and it must therefore, be availed by the business community. While speaking at the Lahore Chamber of Commerce and Industry (LCCI), Pasha said the scheme would increase …

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Pakistan’s foreign borrowing surges to $10b in 11 months

Pakistan’s foreign borrowing surges to $10b in 11 months

ISLAMABAD: Pakistan has received nearly $10 billion in foreign loans in the past 11 months, and almost three-fourths have been utilised for budgetary support and meeting external financing requirements, underscoring that the amount cannot be returned without resorting to fresh borrowing. The total loan disbursement from July through May of fiscal …

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Market watch: Stocks continue their losing streak to end below 41,000

Market watch: Stocks continue their losing streak to end below 41,000

KARACHI: The stock market continued to extend its decline, closing below 41,000 points on Monday amid uncertainty over Financial Action Task Force’s (FATF) upcoming decision this week on placing Pakistan on grey list for alleged failure to curb terrorism financing. Global equities’ sell-off and a weak earnings outlook after the regulator …

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FBR throws spanner in tax amnesty scheme

FBR throws spanner in tax amnesty scheme

ISLAMABAD: Less than a week before its deadline, the Federal Board of Revenue (FBR) has illegally excluded income earned during this fiscal year from the scope of the tax amnesty scheme, and changed the formula for valuation of foreign assets, throwing a spanner in all the work done so far. The …

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CPPA proposes increase in electricity tariff by Rs1.32 per unit

CPPA proposes increase in electricity tariff by Rs1.32 per unit

KARACHI: The Central Power Purchasing Agency (CPPA-G) has recommended the power regulatory authority to increase electricity tariff by Rs1.32 per unit for consumers, aimed at recovering Rs78.66 billion from next month. The state-owned power purchasing agency made the recommendation to adjust fuel charges in the tariff for the power produced and …

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Govt to go after people hiding assets from September

Govt to go after people hiding assets from September

KARACHI: The amnesty scheme provides last chance to overseas and resident Pakistanis to declare their hidden assets by June 30, 2018 as the government will come into action against those who will try to keep their assets unknown from September 1, 2018. “Pakistan has signed a multilateral convention with 102 countries …

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