Amid mounting pressure from the business community over sweeping powers granted to tax officials under Sections 37A and 37B of the Sales Tax Act, the Federal Board of Revenue (FBR) has introduced a procedural framework to regulate arrests in tax fraud cases, providing safeguards to prevent misuse. The move follows a nationwide strike by traders on July 19 and unsuccessful talks with SAPM Haroon
The Competition Commission of Pakistan (CCP) has postponed hearings in the sugar cartelisation case involving 79 sugar mills and the Pakistan Sugar Mills Association (PSMA) after a request was made citing the unavailability of legal counsel due to the Supreme Court’s summer recess. The PSMA and its member mills sought rescheduling of the rehearing originally slated for Aug 4-7, arguing that the
Pakistan’s urea sales for July totalled 608,000 tonnes, a slight decrease of 1pc compared to 612,000 tonnes in the same month last year. The decline was attributed to weak farm economics and the impact of the monsoon season. Month-on-month, urea sales saw a sharp drop of 19pc, mainly due to the conclusion of the Rabi season. For the seven-month period from January to July (7MCY25), total urea
United States President Donald Trump said on Monday he will substantially raise tariffs on India over its purchases of Russian oil. Trump last week said he would impose a 25 per cent tariff on goods imported from India and added that the world’s fifth-largest economy would also face an unspecified penalty, but gave no details. Later, Trump mounted a sharp attack and said: “I don’t care what In
The Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase 100,000 tonnes of white refined sugar, European traders said on Monday. The quantity is double the earlier procurement target of 50,000 tonnes. The deadline for submission of price offers is August 11. The announcement is believed to indicate that Pakistan will make no purchase in its previous tender