Connect with us

Business

Over 88,000 tax cases pending in courts

Published

on



ISLAMABAD:

Around 88,317 cases, involving an amount of Rs2.611 trillion, had been pending in different courts by the end of October 2022, according to the Federal Board of Revenue (FBR) data.

Of those, 75,021 cases involving Rs2.382 trillion were related to the Inland Revenue Service whereas 13,296 cases involving Rs229.7 billion were related to the Customs department, according to the data breakdown.

Advertisement

The data came after the Senate Standing Committee on Finance, in its November 23 meeting, gave the FBR 15 days for submitting the details of cases awaiting adjudication in various courts.

Committee Chairman Senator Saleem Mandviwala expressed concern over the delay in settling tax cases, which was causing a huge revenue loss.

 

Published in The Express Tribune, November 25th, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Advertisement





Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Default fears keep rupee under pressure

Published

on



KARACHI:

The forthcoming repayment of $1 billion by Pakistan for a maturing Sukuk on December 5, 2022 has kept the rupee under pressure against the US dollar as the foreign exchange reserves continued to deplete over the past 11 months.

The domestic currency inched down by 0.05% (or Rs0.11) to a new six-week low at Rs223.92 against the greenback in the inter-bank market on Thursday.

Advertisement

A market expert pointed out that the forthcoming repayment of $1 billion had built pressure on the rupee. Earlier, the delay in International Monetary Fund’s (IMF) ninth review of its $6.5 billion loan programme led to the rupee’s depreciation for the second consecutive working day.

The delay in IMF’s review has blocked new loan inflows as most of the multilateral and bilateral creditors including the World Bank, Asian Infrastructure Investment Bank, China and Saudi Arabia are waiting for the clearance of the review.

These developments are not letting the rupee to sustain recent gains. It had been around 217 to a dollar in the first week of October.

Another expert stated that the IMF was waiting for clarity on the political scene before undertaking the review. If the political uncertainty worsens and the IMF continues to put the review on hold, then there are chances the rupee will face more pressure and may lose significant ground over a couple of months.

It is expected that the political scenario will be clear in the next couple of weeks. “If the situation worsens, the rupee may hit a new all-time low around 250 in the next few months,” he predicted.

Advertisement

Published in The Express Tribune, November 25th, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.





Source link

Advertisement
Continue Reading

Business

EU countries unhappy with 275-euro gas cap

Published

on



BRUSSELS:

European Union energy ministers locked horns on Thursday over a proposed gas price cap at 275-euros per megawatt hour (MWh), grappling over its effectiveness at that level and the impact on supplies and incentives to cut consumption.

The long-standing disagreements were holding up other policies to alleviate the acute energy crisis, such as the launch of joint EU gas purchases and a quicker permit process for renewables.

Advertisement

Diplomats said the 27 EU countries agreed on these two in principle but delayed formal approval until another meeting called for Dec 13, with proponents of a cap demanding a green light for all three proposals or none at all.

Polish Climate Minister Anna Moskwa called the 275-euro blueprint put forward by the European Commission “a joke”.

Belgium’s Energy Minister Tinne Van der Straeten also chimed in, telling reporters: “The text that is on the table is unsatisfactory (…) it doesn’t clearly say if it will have an effect on prices.”

Their Greek counterpart, Konstantinos Skrekas said a cap of 150-200 euros/MWh would be realistic.

“It could help us reduce gas prices and therefore reduce electricity prices, which is a major challenge in Europe this winter,” he said.

Advertisement

Malta was also unhappy with the proposed ceiling. Energy Minister Miriam Dalli said the strict conditions needed for the mechanism to kick in made it “next to impossible”.

As many as 15 EU states want a set limit to contain energy costs after gas prices soared to record highs last August, driven up by Russia cutting supplies to Europe in the wake of Western sanctions over Moscow’s war against Ukraine.

Published in The Express Tribune, November 25th, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.





Source link

Advertisement

Continue Reading

Business

Forex reserves fall by $134m to $7.8b

Published

on



KARACHI:

The foreign exchange reserves held by the central bank fell by 1.68% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On November 18, the foreign currency reserves held by the SBP were recorded at $7,825.7 million, down by $134 million compared with $7,959.5 million on November 11.

Advertisement

According to the central bank, the decrease in reserves came due to external debt repayment.

Overall, the liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $13,645 million. Net reserves held by banks amounted to $5,819.3 million.

In the week ended August 27, 2021, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received the general allocation of Special Drawing Rights (SDRs) worth $2.751 billion from the International Monetary Fund (IMF) on August 24.

Later, during the week ended on September 2, 2022, the SBP received a loan tranche of $1.166 billion from the IMF under the Extended Fund Facility (EFF).

Published in The Express Tribune, November 25th, 2022.

Advertisement

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.





Source link

Continue Reading

Trending

Copyright © 2017 ShayanXtreme