Business

Progress seen in resumption of PIA flights in UK: sources

Published

2 years ago

Farwa

Five-member CAA delegation to meet European Commission, IASA.
European authorities to conduct technical meeting with delegation.
Commission, IASA will visit Pakistan in 2023 to review measures.

KARACHI: Pakistan International Airlines (PIA) will be resuming its flights in the United Kingdom after a two-year ban, sources told Geo News on Monday.

A five-member delegation of the Civil Aviation Authority has left for Brussels to meet officials of the European Commission and International Aviation Safety Assessment (IASA) on October 25, said the sources.

The sources further said that the European authorities had summoned CAA to conduct a technical meeting. The delegation will brief the authorities on licensing, access and registration.

The European Commission and IASA will visit Pakistan in 2023 to review the measures being taken by the airline. The operations will be resumed if the commission and IASA are satisfied.

The visit to Pakistan is a condition set for the PIA to resume their flights in European countries.

PIA has lost Rs150 billion due to a ban in European countries since July 2020.

The UK Civil Aviation Authority suspended PIA flight operations over concerns that Pakistan is “not capable to certify and oversee its airline operators”.

The decision came after the grounding of 262 Pakistani pilots whose licences former aviation minister Ghulam Sarwar Khan termed “dubious”.

Business

PEL Ships Transformers to Start US Exports

Published

18 hours ago

Bilal

Through stable and efficient trade regulations, the Special Investment Facilitation Council has helped promote Pakistani industrial exports internationally.

With the first shipment of transformers departing Pakistan for the United States on March 13, 2025, Pak Electron Limited formally started exporting its goods to the United States.

PEL wants to increase its worldwide visibility and investigate new overseas prospects. Under its power and appliances segment, the company produces high-quality goods like transformers and home appliances.

Additionally, PEL has alliances with major global corporations including General Electric, Mitsubishi, and Hitachi.

Business

The FBR has extended the deadline for sales tax returns until March 27.

Published

18 hours ago

Bilal

The Federal Board of Revenue (FBR) extended the deadline for submitting Sales Tax and Federal Excise reports to March 27, 2025, to assist taxpayers.

The FBR has issued an official notification concerning the prolongation, as per reports.

The initial deadline for submitting Sales Tax and Federal Excise reports for the February 2025 tax period, originally set for March 18, 2025, has been extended to March 27, 2025.

The determination has been rendered pursuant to Section 74 of the Sales Tax Act 1990 and Section 43 of the Federal Excise Act 2005.

FBR officials indicated that the extension is intended to alleviate challenges encountered by taxpayers, permitting them to complete their returns within the specified timeframe without inconvenience.

Taxpayers are encouraged to utilize the extended deadline and submit their returns punctually to evade any possible fines.

The FBR regularly extends tax return deadlines to assist the corporate sector and facilitate seamless tax compliance.

Business

Stocks fall as PSX is under selling pressure.

Published

2 days ago

Bilal

The benchmark KSE-100 Index dropped more than 600 points during Monday’s opening trading hours, sending the Pakistan Stock Exchange (PSX) plunging.

The benchmark index had dropped 635 points and was now trading at 117,806.25.

The PSX’s decline was attributed primarily to selling pressure.

Important industries include fertilizer, auto assemblers, refineries, OMCs, and oil and gas exploration firms. Due to widespread selling, index-heavy stocks such as EFERT, INDU, MARI, OGDC, PPL, and PSO saw negative trading.

Remember that throughout the past week, the PSX has been in a bullish trend, reaching historical highs.

This prolonged increase was fueled by hope for a possible staff-level deal for the International Monetary Fund’s (IMF) $1 billion second EFF tranche.