February 8, 2019 (MLN): Pakistan LNG Limited has invited tenders to import 6 cargoes of LNG to be delivered in May to June period.
According to sources, companies interested could submit their bids by March 11, 2019.
Company importing LNG shall meet the expected shortfall of electricity in summer.
The expected demand to be fulfilled would be around 4000 MW of electricity.
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April 19, 2019: Financial markets in Australia, Hong Kong, India, Indonesia, New Zealand, the Philippines and Singapore are closed on Friday for a public holiday.
(APP)
ISLAMABAD, April 18: Federal Board of Revenue (FBR) Thursday informed the World Bank (WB) that it had launched e-payment of taxes through alternate delivery channels which has been in effect since March 2018.
The WB team on tax reforms, while holding a meeting with FBR, was apprised about the reforms introduced for medium and small sized companies on ease of doing business.
It was informed that through alternative delivery channels, the taxpayers can now pay their taxes through automated teller machine, internet banking or mobile banking which has saved taxpayers time and resources.
The FBR apprised on the reduction of income tax rate from 25 percent in tax year 2018 to 24 percent in tax year 2019 for the small companies.
Income tax rate will keep on reducing by 1 percent every year till 2023 when it will be 20 percent, it added.
On the subject of audit selection of cases, the World Bank team was informed that the FBR has carried out parametric selection of cases using new business intelligence tools.
The process has significantly reduced the number of cases selected for audit, it said.
In Audit Policy 2017, the FBR selected 7.5 percent cases for audit out of the total filers. However, in Audit Policy 2018, FBR has selected 2.3 percent of income tax cases and 2.5 percent of sales tax cases for audit out of the total filers.
The FBR officers also clarified the sales tax law relating to capital asset purchase and adjustment of input tax under section 8B of Sales Tax Act 1990.
(APP)
Washington, April 18: American consumers resumed spending in March, snapping up autos ahead of the summer driving season and pushing the US retail sector to its biggest gains in 18 months, government data showed Thursday.
The unexpectedly strong month for the key retail sector helped recover losses after December's worrisome slump, according to the Commerce Department.
The sector's performance pointed to resilience in consumption by ordinary members of the public -- a main driver of the world's largest economy -- and should support GDP growth in the first quarter, which is nevertheless expected to be weaker than the final quarter of 2018.
Total retail sales rose 1.6 percent to $514.1 billion, well above the 0.9 percent economists had been expecting.
The result put the retail sector 3.6 percent above March of last year.
Auto sales zoomed 3.1 percent higher, also the strongest showing in a year and a half, after a 0.1 percent dip.
(AFP/APP)
ISLAMABAD, Apr 18: With the appointment of Dr Abdul Hafeez Sheikh as Advisor on Finance and Senator Azam Swati as Minister for Parliamentary Affairs, besides re-allocation of some ministers’ portfolios, the government on Thursday announced a major reshuffle in the federal cabinet.
According to the details issued by the PM Office here, after the re-allocation of portfolios, Chaudhry Fawad Hussain has been made the Federal Minister for Science and Technology followed by Ghulam Sarwar (Federal Minister for Aviation); Ijaz Ahmed Shah (Federal Minister for Interior); and Shehryar Afridi (Minister of State for States and Frontier Regions).
Federal Minister for Privatization Mohammad Mian Soomro would cease to hold additional portfolio of Aviation Division.
Those who have been appointed as Special Assistants to the Prime Minister include:-
(APP)
April 18, 2019 (MLN): Pakistan’s forex reserves decreased by US$ 1,032.40 million as the total liquid foreign reserves held by the country stood at US$16,195.90 million on April 12, 2019.
According to data published by the State Bank of Pakistan, its reserves decreased by US$1,028 million to US$9,243.7 million, due to payments on account of external debt servicing, including principal repayment of US$1,000 million against Pakistan Sovereign Bond.
| Foreign reserves held by | Apr 12, 2019 | Apr 05, 2019 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 9,243.70 | 10,271.90 | -1028.20 | -10.01% |
| Net Foreign Reserves Held by Banks | 6,952.20 | 6,956.40 | -4.20 | -0.06% |
| Total Liquid Foreign Reserves | 16,195.90 | 17,228.30 | -1032.40 | -5.99% |
Amount in USD Million
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