Business
Sindh CS reviews high level warning on monsoon rains, wheat hoarding
China announced on Friday it was adding 14 European entities to an export control list in retaliation for the European Union penalizing 14 Chinese enterprises as part of its latest round of sanctions against Russia.
Chinese companies will not be allowed to export dual-use items, which can be used for both civilian and military purposes, to the 14 European organizations, China’s Commerce Ministry said in a statement.
Additionally, foreign companies are barred from providing to the 14 entities dual-use items made in China.
The European companies affected include Czech vehicle manufacturer Tatra Trucks, Italian electric motor maker Lafert SpA, German manufacturer Sindlhauser Materials GmbH and French drone manufacturer Cavok UAS.
A Chinese Commerce Ministry spokesperson said the measures were taken in retaliation for the E.U. on Thursday adding 14 mainland Chinese and Hong Kong enterprises to its latest list of sanctions against Russia over its war in Ukraine.
The measures are intended “to safeguard national security and interests, and to fulfill international obligations such as non-proliferation, in response to the E.U.’s egregious actions,” the spokesperson said.
The E.U. on Thursday adopted its 21st package of sanctions against Russia targeting banks, cryptocurrency companies and military equipment manufacturers among other categories. The sanctions included entities from other countries such as China, India and Turkey, believed to provide Russia with dual-use goods and technology.
Pakistan Stock Market began the third day of the business week by getting back the 180,000-point threshold, with the benchmark KSE-100 Index adding almost 1,000 points.
The stock market opened on a strong note with the KSE-100 Index gaining over 1,000 points to hit 180,863 points.
The development came a day after the benchmark index ended lower. The KSE-100 Index ended the previous trading session with a fall of 1,463 points to close at 179,846 points.
A Rs25,000 penalty has been proposed for traders who file their income tax returns after September 30 under the proposed easy tax scheme for traders.
According to sources, Prime Minister Shehbaz Sharif will introduce the easy tax scheme for traders and a new income tax return form for the current fiscal year on August 14.
Sources said a special facility has been proposed for traders who submit their income tax returns on time by September 30. Traders who file their returns within the deadline would be exempted from the registration fee for the easy tax scheme.
According to sources, a Rs25,000 registration fee and a Rs25,000 penalty have been proposed for traders who file their returns after September 30. Traders who submit their returns on time would also be provided with a registration plate worth Rs25,000.
Under the proposed scheme, separate income tax return forms are also proposed for business individuals and individual taxpayers.
Sources said the new form for income tax returns for the current fiscal year will be launched on August 14, with the aim of making the process of filing tax returns easier for traders.
It is pertinent to note that the details regarding the proposed penalties and incentives have been described as proposals from sources, while the final rules will take effect after the relevant government notification is issued.
Pakistan has announced new gasoline rates, in which petrol price has decreased by Rs 1.70 per litre while high speed diesel (HSD) price has increased by Rs 1.39 per litre.
The Petroleum Division said in a news release Tuesday that the new revised rates will come into effect from August 12, 2026. The amendments were introduced by the Oil and Gas Regulatory Authority (OGRA) under the revamped petroleum price structure of the federal government.
The price of motor spirit, widely known as petrol, has been decreased from Rs327.62 to Rs325.92 a litre, a reduction of Rs1.70.
In contrast, the high-speed diesel price has been hiked by Rs1.39 to Rs382.25 a litre from Rs380.86.
OGRA has amended the ex-depot prices of petroleum products in line with the revised pricing structure given by the federal government, the Petroleum Division said.
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