ADB providing $900mn to support Pakistan end energy crisis
Staff ReporterIslamabad—The Asian Development Bank (ADB) is providing a $900 million loan for a new supercritical coal power generation unit in Pakistan that will deliver reliable and cost effective electricity to hundreds of thousands of energy-starved households and businesses. The coal-fired generation unit, the first in the country to use supercritical boiler technology, will be built at an existing power plant in the town of Jamshoro in Sindh province, about 150 kilometres east of Karachi.
BOK Faisal town Lahore branch starts operations
Staff CorrespondentLahore—Mr. Imran Samad, Managing Director Bank of Khyber (BOK) said BOK is committed to cater the Banking requirements of masses at the best of our abilities both in conventional & Raast Islamic banking branch across the country in a befitting manner in order to encourage the economic developmental activities .This was stated during the formal inauguration of BOK branch at Faisal Town in Lahore. The prestigious ceremony was largely attended by a large number of dignitaries including the business community and senior executive of the Bank. While Manager of the branch Mr. Fakhar Zaman coordinate the event.
Policy for quarterly national accounts, rebasing of accounts approvedIslamabad—Pakistan Bureau of Statistics (PBS) governing council on Monday approved policy for preparation of quarterly national accounts and rebasing of accounts. The meeting of governing council of PBS was held here with Minister for Finance Senator Muhammad Ishaq Dar in chair. This is the first meeting, which was held after the PML-N Government assumed power.
Changes to income tax laws proposed
Staff ReporterIslamabad—Chief Collector of Customs Appraisement (South), Karachi has proposed major changes in the income tax laws for plugging in revenue leakage, taking place in collection of withholding tax on the import of goods under section 148 of the Income Tax Ordinance, 2001. Nasir Masroor Ahmed, Chief Collector of Customs Appraisement (South) Karachi, has made recommendations to the FBR for introducing changes in tax laws to improve monitoring and compliance at the import stage. In this regard, Chief Collector has analysed the entire withholding regime and made practical recommendations for improving withholding tax collection at the import stage.
Robots to work at Pak-Australia joint venture at National Industrial Park
Amanullah KhanKarachi—Pakistan-Australia joint venture at National Industrial Park is a unique of its kind, as robots will be working in some of the strategic shops of the project for the first time in Pakistan. Peter Heyward, Australian High Commissioner performed groundbreaking ceremony of the state-of-the-art manufacturing plant of Pierlite Pakistan Lighting Factory at Korangi Creek Industrial Park (KCIP), a flagship project of National Industrial Parks Development & Management Company (NIP).
Big Data: The power or peril of the finance profession?HOW (rather than ‘to what extent’) is the business world going to be impacted by big data?’ is the most relevant question accountants and finance professionals should ask themselves, claims a report released Monday by ACCA (the Association of Chartered Certified Accountants) and IMA® (the Institute of Management Accountants). Big data: its power and perils demonstrates the potential for business of all sizes, governments and regulators in harnessing this wealth of unstructured information but the potential legal and ethical pitfalls are clear.