ECC waives off taxes on telecom

    By NewzTodays Editorial Team | October 28, 2020

    Aftab Ahmed The Economic Coordination Committee (ECC) on Wednesday approved in principle to waive off taxes on the telecom sector. However, ECC will give final approval, given the Federal Board of Revenue (FBR). Currently, the telecom sector is paying 12.5% advance income tax and 17% federal excise duty on telecom services. The IT ministry had…

    Jazz defaults to Rs 25 billion Tax

    By NewzTodays Editorial Team | October 28, 2020

    FBR warns CEO Jazz to face arrest for not clearing arrears Aftab Ahmed M/S Pakistan Mobile Communication Ltd (PMCL)–Jazz Pakistan–has defaulted Rs 25 billion tax. Moreover, the Federal Board of Revenue (FBR) has warned Chief Executive Officer (CEO) PMCL to face arrest in case of a payment default. Deputy Commissioner Inland Revenue FBR Large Taxpayer…

    FFBL records Rs 3.2 billion profit

    By NewzTodays Editorial Team | October 27, 2020

    The FFBL management has obtained board’s approval for divestment of company stake in FWE I & II Our Correspondent Fauji Fertilizer Bin Qasim Limited (FFBL) has made a record profit of Rs3.2 billion in 3QCY20. It had reported a loss of Rs1.3 billion in 3QCY19. Furthermore, in a material notice filed at PSX, FFBL also…

    NAB accepts Rs 1.39bn plea bargain in PSO Case

    By NewzTodays Editorial Team | October 24, 2020

    News Desk The National Accountability Bureau (NAB) has accepted a plea bargain of Rs 1.39 billion from an accused involved in Rs 23 billion alleged corruption in the state-owned Pakistan State Oil (PSO). In a report submitted in an accountability court, NAB had informed that state-owned company PSO had suffered a loss of Rs 23…

    ODGCL’s items of Rs 1.8bn turn into scrap

    By NewzTodays Editorial Team | October 23, 2020

    Aftab Ahmed It is alarming that Oil and Gas Development Company Limited (Ogdcl) has procured store items worth Rs 1.8 billion without any consumption turning into scrap. The over procurement appears to benefit the contractors as they were procured, which were not required and were not used by the OGDCL. The procurement in Oil and…

    HPL challenges suspension of KP marketing license

    By NewzTodays Editorial Team | October 22, 2020

    Our Correspondent M/s Hascol Petroleum Limited (HPL) has filed an application before the Oil and Gas Regulatory Authority (OGRA) to review the decision to suspend the company’s marketing license for Khyber Pakhtunkhwa and the imposition of a penalty of Rs 10 million. In a decision issued on Wednesday, the regulatory-Oil and Gas Regulatory Authority (OGRA)…

    Women quota increased to 50% in IT

    By NewzTodays Editorial Team | October 21, 2020

    Our Correspondent Pakistan has decided to increase the quota of women from 20 percent to 50 percent in all the programs of the Ministry of IT. Federal Minister for IT Syed Amin Ul Haque informed this during a meeting with US Charge d Affaires Ms. Angela Aggeler who called on him here on Wednesday. Federal…

    OGRA suspends Hascol KP Marketing License

    By NewzTodays Editorial Team | October 21, 2020

    News Desk Hascol Marketing License of Khyber Pakhtunkhwa has been suspended with immediate effect and the penalty of Rs.10 million has been imposed. Hascol Petroleum Limited (HPL) was found operating illegal/unauthorized storage and selling of petroleum products (petrol & diesel) at Amangarh Depot. Based on the investigation and the documents, provided by HPL, it was…

    EPCL increases PVC prices to produce pipes

    By NewzTodays Editorial Team | October 18, 2020

    Aftab Ahmed Engro Polymer Company Limited (EPCL) has increased its prices for polyvinyl chloride (PVC) ethylene, the chemical used to produce PVC pipes and other plastic products 20,000 per ton. The EPCL increased prices due to a supply shortfall in the global market effective from October 15, 2020. The prices of PVC had witnessed a…