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If You Did Not File Tax Returns Last Year You Can’t Buy Cars Or Motorcycles

JUL 1, 2018 (BE2C2): From Monday onward, only people who file their taxes will be allowed to buy vehicles. The Federal Board of Revenue (FBR) has prohibited people who do not file their taxes, or are non-filers, from purchasing cars and motorcycles. Their requests to get their vehicles registered will not be entertained either. As part of this move, non-filers will also not be allowed to buy property worth more than Rs5 million. Last year, there were only 1.3 million tax return filers and of them 500,000 paid zero taxes.Read More


China Lends $1 Billion to Pakistan to Boost Dwindling Foreign Reserves

JUN 30, 2018: China has lent Pakistan $1 billion to boost the country’s plummeting foreign currency reserves, two sources in the finance ministry told Reuters, amid growing speculation of another International Monetary Fund bailout. The latest loan highlights Islamabad’s growing dependence on Chinese loans to buffer its foreign currency reserves, which plunged to $9.66 billion last week from $16.4 billion in May 2017. The lending is the outcome of negotiations for loans worth $1-$2 billion that was first reported by Reuters in late May, the two sources told Reuters. “Yes,Read More


Renowned Pak Economist Dr Shahid Hassan Honored With Special Russian Award

JUN 25, 2018: Russia has honored renowned Pakistani economist Dr Shahid Hassan with a special award in recognition of his contribution towards betterment of friendly relations between the two countries. Russian Foreign Minister Sergey Lavrov conferred the award on Dr Hassan on behalf of his government in a ceremony hosted by the Association of Pakistani Graduates from Russia & CIS in Islamabad on Sunday. Russian ambassador Alexey Yourivich Dedov was the chief guest while the National Security Advisor Nasser Khan Janjua was the guest of honor at the event. ARead More


Fourth Rupee Devaluation In One Year Shows Economic Risk Before July 25 Polls

The devaluation shows signs of vulnerability in Pakistan’s $300 billion economy; widening trade deficit, alarmingly low foreign exchange reserves, hike in oil prices, could further aggravate country’s macroeconomic fundamentals JUN 12, 2018 — Rupee slumped 3.8 percent against the dollar on Monday before slightly recovering in what appeared to be the fourth currency devaluation in one year by the central bank amid fears of a balance of payments crisis and speculations remittances from overseas Pakistanis may not meet the target. The State Bank of Pakistan said in a press release,Read More


Huge Cost Overruns On Mega Projects, As Though Being Built On Cost Plus

All Project Cost Overruns Discussed Below Are Public Entities: While Islamabad Airport and Neelum-Jhelum Projects Are Federal, Nandipur is Punjab Govt After 18th Amendment Was Passed in April 2010. (PKonweb Note) DR. FARRUKH SALEEM: Nandipur Power Project: In 2008, the Pakistan Electric Power Company (PEPCO) signed a Rs23 billion contract with Dong Fang Electric Corporation of China (EPC Contractor) to build the 525MW power project. Lo and behold, our government has already spent Rs84 billion on the project. In 2014, representatives of the National Transmission and Dispatch Company (NTDC) revealedRead More