Prices of gold in the local market fell again following a day of gains, with the current slide also indicating a fall in worldwide bullion prices.

The price of 24-karat gold dropped Rs2,100 per tola to Rs450,936, according to the All Pakistan Sarafa Association.

10 grams of gold price down Rs1,800 to Rs386,604.

Meanwhile the silver price decreased by Rs60 per tola to Rs6,903.

Internationally, gold was down $21 an ounce at $4,284.

The Federal Board of Revenue (FBR) has devised a mechanism for electronic analysis of sales tax returns that would enable the automatic detection of legal errors, inconsistencies and other difficulties using its computerised system.

Under the new approach, the registered persons can avail online advise or advance notices through the IRIS site to give explanations, fix errors or take necessary corrective measures before any legal or punitive action is initiated.

The FBR has revised Sales Tax Rules, 2006 to provide for mechanism for the automated inspection, analysis and cross matching of sales tax returns and other accessible data through the computerised system.

The relevant Inland Revenue officer may also give a system-generated advance notice to the registered individual under the modified rules. The notice shall indicate a deadline for the submission of a response which shall be not less than seven days.

Where no response has been received within the period provided, a reminder shall be sent, giving the registered person a further term of at least seven days within which to respond.

The system will keep a record of any discrepancies or issues detected through automated checks, notices issued to registered persons and responses received. These documents will also be available to the proper officer of the Inland Revenue having power to assess tax.

The FBR said the information of the notices given to registered persons, their response and subsequent actions would be recorded in a system generated dashboard.

The automated scrutiny, analysis and cross matching of sales tax returns, and other available data and electronic communication with registered persons on issues identified by the system, shall be implemented through a Change Request Form (CRF) for smooth and effective operation of the computerised system.

The concerned officer of the Inland Revenue shall review the response supplied by the registered person and shall, as and when necessary, take action under the relevant provisions of the Sales Tax Act and the rules issued thereunder.

 The Small and Medium Enterprises Development Authority (SMEDA) and Daraz Pakistan are exploring new avenues of collaboration to help Pakistani small and medium-sized enterprises (SMEs) build digital capabilities, expand their access to e-commerce and unlock new opportunities for growth.

The discussion took place during a meeting between Nadia Jahangir Seth, Chief Executive Officer of SMEDA, and Ben Yi, Managing Director of Daraz Pakistan. The two organisations explored potential areas of cooperation, including e-commerce education, capacity building and initiatives aimed at supporting women-led businesses.

The proposed collaboration is aligned with SMEDA’s broader efforts under the strategic direction of the Ministry of Industries and Production (MoI&P) to strengthen the digital capabilities of SMEs. It also supports efforts to promote women’s entrepreneurship and inclusive SME development in Pakistan, in line with Prime Minister Shehbaz Sharif’s economic vision.

E-commerce programme

A key development discussed during the meeting was SMEDA’s upcoming e-commerce programme, which is designed to equip SMEs with practical knowledge and capabilities to participate more effectively in the digital economy.

SMEDA and Daraz also explored opportunities for the e-commerce platform to contribute its industry expertise to the development of a specialised curriculum. The proposed curriculum could help entrepreneurs understand and manage the complete online selling journey, from establishing a digital business to serving customers and fulfilling orders.

Potential areas of training include setting up and managing an online business, product listings and merchandising, digital marketing, customer engagement, payments and fulfilment, along with other essential aspects of operating a successful e-commerce business.

The programme is expected to focus on practical knowledge that can help entrepreneurs navigate the rapidly expanding digital marketplace and develop the skills required to establish and manage online businesses.

Women entrepreneurs

The proposed collaboration will also explore dedicated opportunities for women entrepreneurs, with an emphasis on helping more women-led businesses develop digital skills, improve market access and build the confidence needed to establish and expand their online presence.

Nadia Jahangir Seth said digital transformation presents a significant opportunity for Pakistan’s SMEs to improve competitiveness, reach new markets and build sustainable businesses.

“SMEDA is working to strengthen the capabilities of entrepreneurs through practical and accessible programmes, and e-commerce will be an important part of this journey,” she said.

She added that collaboration with industry leaders such as Daraz could help ensure entrepreneurs receive relevant, market-oriented skills. “We are particularly focused on creating greater opportunities for women entrepreneurs through targeted capacity building, digital inclusion and market access,” she said.

Industry expertise

Ben Yi said Pakistan’s SME sector has significant potential to benefit from the growth of e-commerce, but businesses need more than simply an online presence to build sustainable digital operations.

“Entrepreneurs need the right knowledge, tools and support to build sustainable digital businesses,” he said.

“Our discussion with SMEDA is an important step towards exploring how we can bring Daraz’s experience and capabilities to a broader community of entrepreneurs, particularly women-led businesses. We look forward to working together on practical initiatives that can help SMEs participate and succeed in the digital economy,” he added.

The meeting focused on strengthening Pakistan’s digital entrepreneurship ecosystem and enabling SMEs to make greater use of opportunities emerging from e-commerce.