06262016Sun
Last update: Sun, 26 Jun 2016 10pm

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Economic Co-ordination Committee (ECC) of the Cabinet is expected to approve two months' salaries (February-March 2016) for the employees of Pakistan Steel Mills (PSM) within a couple of days. The future of Pakistan Steel Mills is still undecided as Sindh government has not shown interest in acquiring the entity due to financial constraints. The federal government's deadline expired recently. Privatisation Commission will submit update to the ECC.

K-Electric has submitted a Multi Year Tariff (MYT) petition with Nepra seeking an increase in tariff by 66 paisa per unit in the name of Operation and Maintenance (O&M) component for ten years commencing from July 1, 2016 to June 30, 2026. The total financial burden on consumers has been calculated at Rs 70 billion. The power utility has also sought a change in claw-back formula threshold from 12 per cent, 15 per cent, 18 per cent to 15 per cent, 18 percent and 20 percent.
All is set to give K-Electric under the control of Shanghai Powers, Aaj News reported on Saturday. K-Electric will see another change of owner as Shanghai Powers is said to have decided to buy it.
The senior tax officials of the Federal Board of Revenue (FBR) have reached Switzerland to re-negotiate the convention on avoidance of double taxation between Pakistan and Switzerland with particular focus on exchange of information related to clauses of the existing convention. Sources told Business Recorder here on Saturday that FBR Chief Income Tax officers Malik Amjad Zubair Tiwana and Muhammad Iqbal Chief (International Taxes) FBR are representing the Pakistani side.
Commercial banks in Pakistan will remain closed from July 1 to 10 excluding Monday July 4. All banks will remain closed on July 1 on account of their annual holiday. They will remain closed on Saturday and Sunday as per weekly holidays. Since government has recommended four days Eid holidays from Tuesday July 5 to Friday July 8, the banks will also remain closed on these four days and then again they will prolong closures for two more days on Saturday and Sunday.
A high-powered committee, tasked to investigate how the Hyderabad Fund Case was taken up with a British law firm by a former High Commissioner without authorisation of the government of Pakistan, has submitted its report to Prime Minister Nawaz Sharif and an action is under way in light of the body's findings, it was learnt.
Pakistan Telecommunication Authority (PTA) is formulating a system - Device Identification, Registration and Blocking System (DIRBS) - to block the illegal and counterfeit mobile handsets in use across the country aimed at ensuring public safety and avoid tax revenue loss.