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KARACHI: The temporary economic refinance facility, which lapsed in March, led directly to a Rs400 billion investment in plant and machinery and indirectly to an approximately Rs300 billion...
Business March 17, 2021 ISLAMABAD: Textile exports fell 3.1 percent year-on-year and 6.8 percent month-on-month to $1.2 billion in February, the official data showed on Tuesday, as less number of working days during the month compounded the negative impact of high yarn price. In February, exports of knitwear and bedwear fell 13 percent and 1.2 percent year-on-year, respectively, according to the Pakistan Bureau of Statistics (PBS). The decline was carried out from 10.3 and 7.3 percent contraction month-on-month. The downtrend was mainly due to downbeat value-added sector that is a key to dri...
Freight rates jump up to 700% The transportation cost of containerised cargo across the world, including Pakistan, has increased by up to 700% due to an abnormal growth in imports following the reopening of global economies from partial lockdown amid the Covid-19 pandemic. The surge in international freight charges for sea, rail and air routes has offset the positive impact of incentives provided by the government for some imports during the pandemic and may lead to imported inflation in the country. To control the situation, the government may ask international shipping companies to rational...
LAHORE: The business community has urged the government to review its decision to withdraw exemption on inter-corporate dividends, which will result in double taxation for the corporate sector, hinder corporatization and business diversification and impede growth of capital markets. The approval of the Income Tax (Section Amendment) Act 2021 to comply with IMF programme conditions, the businessmen argue, will reduce income tax exemptions for the corporate sector. The bill also proposes removal of a clause that exempts dividend income of the holding company from subsidiaries where the ownershi...
Freight rates jump up to 700% Rise comes on back of growth in imports due to reopening of global economies Number of top international shipping firms has gone down to 3-4 only as many companies have either been acquired by others or merged to survive during crisis. PHOTO: FILE KARACHI: The transportation cost of containerised cargo across the world, including Pakistan, has increased by up to 700% due to an abnormal growth in imports following the reopening of global economies from partial lockdown amid the Covid-19 pandemic. The surge in international freight charges for sea, rail and air ro...