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FBR advises central bank to pay sales tax refunds to exporters

ISLAMABAD: The Federal Board of Revenue (FBR) has issued an advice to the State Bank of Pakistan for making payment of sales tax refunds amounting to 8,741 million rupees to facilitate the exports. According to the FBR, the payment will benefit 739 claimants from five export-oriented zero-rated sectors which included textiles, carpets, leather, sports goods and surgical instruments. The refund has been paid against 4,117 payment orders issued up to November 8. It said those refund claimants who have not provided…

Govt not to collect sales, income tax from FATA

ISLAMABAD: The caretaker federal government has decided not to collect sales tax on electricity and manufacturing and income tax on profits in business from the FATA and PATA areas as part of implementation of tribal areas' merger with Khyber Pakhtunkhwa (KP). This was stated by caretaker Minister for Information and Broadcasting Syed Ali Zafari while briefing the media about decisions taken in the cabinet's meeting held in Islamabad on Wednesday with Prime Minister Nasirul Mulk in the chair. Syed Ali Zafar, who heads…

HTC’s June sales slump 68 percent, biggest drop in over two years

TAIPEI: Taiwanese smartphone maker HTC said its sales fell nearly 68 percent in June, its biggest slump in more than two years, as the struggling firm continues to lose customers amid intensifying competition with nimbler manufacturing rivals. Once a favorite with consumers and investors, HTC’s popularity has dwindled with the emergence of rivals such as Apple, Samsung Electronics Co Ltd, and more recently China’s Xiaomi Corp. HTC said its June sales fell to T$2.2 billion ($72 million), from T$6.9 billion a year ago…