Business360

ISLAMABAD: The telecom industry has rubbished the imposition of Rs0.75 additional tax by the federal government on mobile phone calls longer than 5 minutes, ARY News reported on Saturday. The telecom industry has termed it ‘unworkable’ to impose the additional tax of Rs0.75 on mobile phone calls longer than five minutes as it will create difficulties for the prepaid consumers who are having bundle offers of different cellular companies. It expressed suspicions that the application of additional tax will pave the way for ending bundle offers by the companies, whereas, the callers can save themselves from being charged additional tax by ending their phone calls before five minutes, leaving nothing for the government. The industry clarified that the additional tax will not only complicate operations of the telecom operators but also create troubles for the nationals. On the other hand, sources within the telecom industry told ARY News that the application of the increased tax will be

MUSCAT: Investors and businessmen are contented with the Oman’s licence e-approval service as Invest Easy portal and SANAD have seen 24,664 submissions for automatic license approval since the launch of the service on 4th of April. According to a statement issued by the Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP), besides Oman, India, Iran, Pakistan, Yemen, Syria, Bangladesh, UAE, Egypt and Iraq are the top countries to utilise the service. The investors believed that the e-approval service would favour growth and diversification of the national economy. Said bin Nasser Al-Maeini, a local investor, was of the view that the service saves time and effort for investors and businessmen like him.  “It is an efficient service launched by MoCIIP, in cooperation with the other government entities concerned. It allows investors to obtain a unified licence in under 24 hours,” he said. Al-Maeini said that this service would facilitate local and foreign investment

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has Saturday concluded adjudication proceedings against B4U Group and its sponsors for raising illegal deposits from the public and operating pyramid schemes, in violation of the Companies Act, 2017, ARY News reported citing regulator statement. The B4U Group comprises 18 companies incorporated under the Act, as well as 05 unincorporated business setups. The company regulator said that after completing the due process of law it has disqualified the sponsors of B4U Group from becoming a director of any company for a period of 5 years. Additionally, it has also imposed a penalty of Rs100 million on each of its sponsors. SECP has granted sanction for winding up of all 18 companies of B4U Group and imposed a penalty of Rs200 million on each company. The aggregate penalties amounting to Rs4 billion have been imposed on B4U Group. Moreover, said SECP, the group sponsors shall not be allowed to incorporate any new co

In the wake of El Salvador’s dramatic move to make bitcoin a legal tender, a world first, the internet has been buzzing with rumors that another Latin American country may be set to follow in its footsteps: Paraguay. Those may be somewhat off the mark. Paraguayan lawmaker Carlos Rejala, who had inadvertently sparked the excitement with a tweet earlier in June, told Reuters on Friday he was pushing a bill to regulate cryptocurrencies, not make them legal tender. “It is a bill of digital assets and it differs from that of El Salvador because they are taking it as legal currency and in Paraguay it will be impossible to do something like that,” centrist legislator Rejala said. Earlier in June, linking to a story about a local entertainment firm planning to accept cryptocurrencies, Rejala had tweeted: “This is Paraguay. July we legislate! #Bitcoin”, which some media and twitter users had picked up on. The 36-year-old, who leads a small political party with a total of four seats in Cong

KARACHI: The Compressed Natural Gas (CNG) Association on Saturday demanded of the federal government to withdraw a hike in sales tax on gas. Ghayas Paracha, the chairman of the association, appealed to the government to withdraw the hike in sales tax rate recently announced in the federal budget for the fiscal year 2021-22 that begins on July 1. Also Read: FLOUR MILLS CALL OFF STRIKE AFTER ASSURANCE FROM FINANCE MINISTER “The government is giving relief and concessions to large industries,” he said, calling on it to provide relief to the CNG sector as well. He further demanded that the government allow private firms to import gas in order to keep the CNG sector alive. Earlier this week, the Sui Southern Gas Company (SSG) announced to suspend gas supply to CNG filling stations across Sindh for an unidentified period starting 22nd of June. Also Read: SINDH CNG STATIONS CLOSED FOR UNIDENTIFIED PERIOD According to a spokesperson of Sui Southern Gas Company (SSG), gas supply to CNG s

ISLAMABAD: The economic affairs division on Saturday shared that Pakistan has received a foreign loan of US$12.13 billion in the outgoing fiscal year, ARY NEWS reported. The monthly report of Foreign Economic Assistance released by the Economic Affairs Division shared that the country received over US$3 billion under multilateral and bilateral loans. The report highlighted that Asian Development Bank (ADB) provided the country with most of the financial assistance that amounted to US$1.28 billion. Rs417 million was received under the bilateral agreements, the EAD report said and added that US$3.6 billion loans were also given to the government by commercial banks. During the last month, the EAD in its report said that Pakistan received foreign loans amounting to US$10.19 billion during the first ten months of the outgoing fiscal year 2020-21. During the July-April period, Pakistan received US$3.1 billion under mutual agreements, it said in its monthly disbursement  report addin

Bitcoin dipped 8.51% to $31,699.83 at 22:04 GMT on Friday, losing $2,937.27 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is up 14.3% from the year’s low of $27,734 on Jan. 4. Also Read: TWO BROTHERS DISAPPEAR WITH 69,000 BITCOINS WORTH $3.6 BILLION Ether, the coin linked to the ethereum blockchain network, dropped 7.37 % to $1,843.07 on Friday, losing $146.56 from its previous close. The post Bitcoin falls 8.5% to $31,700 appeared first on ARY NEWS . from Business – ARY NEWS https://ift.tt/3jhATci