02082016Mon
Last update: Mon, 08 Feb 2016 11am

Business & Economy

Pakistan - Business & Economy

PAC censure FBR for not providing record to Audit  ISLAMABAD: The Public Accounts Committee on Wednesday censured Federal Board of Revenue (FBR) officials who were reportedly not providing record to auditors for verification of tax collection and expenditures occurred in the past few years. The committee met here under the chairmanship of Nadeem Afzal Gondal. Members of the committee Ms. Asiya Nasir, Yasmeen Rehman, Zahid Hamid, Engr. Khurram Dastgir Khan, Syed Ghulam Mustafa Shah and Ch. Saeed Iqbal were also present in the meeting. The committee also sought action against the FBR officials who were showing neglence in recovery of taxes from tax payers and directed that the officials should be fixed who did not show performance during the last seven years so that they could not get promotion in next grade. The committee directed FBR to provide record to the Audit within a month time and also sought reason of those special cases which record could not be presented to the ...

Pakistan - Business & Economy

Cooperation among business community, public will be helpful for economic progress ISLAMABAD: Cooperation between the government, business community, labour class and public would be highly helpful in bringing about economic development and progress in the country.   This was stated by renowned Economist, Dr. Shahida Wazarat who is also the Head of Economics Department at the Institute of Business Management while talking to a Private News channel here Wednesday.   She said due to our dependence on foreign assistance we had been lagged behind and no development in core economic ...

Pakistan - Business & Economy

Govt releases Rs360mn funds for Darawat dam project  RECORDER REPORT LAHORE: The federal government released Rs 360 million funds for the under-construction Darawat Dam Project, located in Thatta and Jamshoro districts. Following release of the much-needed funds, the construction work at site will gain a new momentum leading towards timely completion of the project. The funds have been released on the special instructions issued by Prime Minister Raja Pervez Ashraf, and because of the efforts made by Federal Water and Power Minister Chaudhry Ahmad Mukhtar ...

Pakistan - Business & Economy

Kacchi Canal’s cost surges 100pc, Senate body told  RECORDER REPORT ISLAMABAD: Planning Commission has said that cost of Kacchi Canal phase-1 project has been increased by around 100 percent to Rs 57 billion from Rs 31 billion.   Officials of Planning Commission stated this here on Tuesday during briefing to the Senate sub-committee on Finance that total cost of Kacchi Canal project was estimated at Rs 31 billion in 2006 which has now been revised to Rs 57 billion for the Phase-I. The members of the ...

Pakistan - Business & Economy

Gilgit–Baltistan jurisdiction: FBR suggests amnesty scheme for legalisation of 800 vehicles  RECORDER REPORT ISLAMABAD: The Federal Board of Revenue has proposed to the Ministry of Finance an amnesty scheme for legalization of around 800 non-duty paid smuggled vehicles in Gilgit-Baltistan. Sources told Business Recorder here on Tuesday that the FBR’s proposed amnesty scheme would be area specific applicable on vehicles used within the territorial jurisdiction of Gilgit–Baltistan and not in the rest of the country. The local excise and taxation department of Gilgit-Baltistan has allocated local numbers to these ...

Pakistan - Business & Economy

Rs600mn approved for two uplift projects  CHISTIAN: DCO Bahawalnagar Muhammad Asim Nagar said on Tuesday that Punjab government has approved Rs 600 million for a road project and a sewerage scheme. Talking to a delegation of notables in his office, he said that after the completion of these projects more than 200,000 people would get benefit. A road project is already in progress from Bahawalnagar to Hasilpur via Chishtian and would soon be completed on the directions of the government, he said. Assistant Commisioner ...

Pakistan - Business & Economy

Police arrest 19 accused in last 24 hours  KARACHI: The Karachi police in their on-going drive against criminals, arrested 19 accused during the past 24 hours. A police statement on Tuesday said that there were five encounters of the police with the alleged criminals and two gangs of alleged criminals were busted during the period. A policeman also sustained injuries. In all, 12 pistols, two hand grenades, one rifle and two daggers recovered from the possession of the accused, the police statement further pointed out.  The ...