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Police close crypto currency exchanges in Herat

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(Last Updated On: August 24, 2022)

Security forces have closed crypto currency exchanges in Afghanistan’s western Herat province after a ban on crypto trading was imposed about three months ago in the country.

At least 16 cryptocurrency exchanges have been closed in the past week in Herat.

“Da Afghanistan’s Bank (central bank) stated in a letter that digital currency trading has caused lots of problems and is scamming people, therefore they should be closed. We acted and arrested all the exchangers involved in the business and closed their shops,” said Sayed Shah Sa’adat, head of the counter-crime unit of Herat police.

Herat Money Exchangers’ Union also said that people were being scammed through digital currency trading.

“Digital currency accounts are outside the country and are purchased from the companies. Our people are not familiar with it, so it is better not to use it. This currency is new in the market and has high fluctuation [rates],” said Ghulam Mohammad Suhrabi, head of Herat Money Exchangers’ Union.

There is no specific data on how many people trade in forex or crypto currencies online, experts said.

“Digital currency is a new phenomenon which is not used in Afghanistan, therefore the process should be monitored by the government so that there will be no scamming and people can make better investments,” said Shahram, a resident in Herat.

“The government should monitor and prevent digital currency activities, otherwise assets leave Afghanistan. People also suffer losses because syndicates are involved and rates fluctuate daily,” said Mawla Alizada, a Herat resident.

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IEA’s Ministry of Finance: The recent report of SIGAR is far from the truth

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(Last Updated On: February 6, 2023)

The Ministry of Finance of the Islamic Emirate of Afghanistan (IEA) considered the recent report of “SIGAR” about companies and institutions in Afghanistan to be far from the truth and rejected it.

In the announcement that was published by this ministry on Sunday (5th January), it is stated: “The Office of the Special Inspector General of the United States of America for Afghanistan “SIGAR” has claimed in its quarterly report to the US Congress that the Islamic Emirate of Afghanistan, receives money from those organizations and institutions that work in the field of humanitarian aid; under the license fee, tax and administrative fees, which provide a large part of Afghanistan’s revenue The Ministry of Finance of the Islamic Emirate of Afghanistan considers the said report to be far from the truth and rejects it separately.”

“The Ministry of Finance has exempted those organizations and institutions that are active in the field of humanitarian aid, No money is received from them, and no administrative expenses are imposed on them.” Read the ministry statement.

The Ministry of Finance has also added that in all the country’s customs, the customs tariff of the goods imported by these organizations and institutions has reached zero, and the goods of the mentioned institutions enter the country without tax.

According to this ministry, only license fee is taken from foreign organizations and institutions, which is a small amount and has a legal framework and is balanced with other countries and has no effect on Afghanistan’s national income.

The Ministry of Finance has assured that the organs of the Islamic Emirate, including the Ministry of Finance, provide administrative, financial and security facilities for the organizations and institutions that operate in the field of humanitarian aid and are committed to all their promises in this field and in the distribution and sending of humanitarian aid they are partners with them.

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Flour mill opens in Herat province

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(Last Updated On: February 5, 2023)

The Ministry of Industry and Commerce says that a new flour mill has opened and is now operational in Herat province.

Afghan Industry and Commerce Minister Nooruddin Azizi, inaugurated the flour mill, which is privately owned, on Saturday in the presence of an accompanying delegation.

According to the ministry, Azizi thanked the business owner for investing in the mill, which was built in Phase 1 of Herat Industrial Park at a cost of $1.2 million.

The flour mill will be able to produce 180 tons of flour per day, and has provided employment for more than 700 people.

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Afghanistan, Pakistan sign draft convention to avoid double taxation

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(Last Updated On: February 4, 2023)

Afghanistan and Pakistan have signed a draft convention to avoid double taxation between the two countries.

The convention was signed after three-day talks concluded in Islamabad on Friday, Pakistan’s Federal Board of Revenue said in an announcement.

The Afghan delegation was headed by Revenue Legal Services Director Nida Muhammad Seddiqi while FBR’s International Tax Operations DG Sajidullah Siddiqui headed the Pakistani delegation.

The sides thoroughly deliberated over all the outstanding issues identified during the second round of negotiations held in Islamabad from 27th-30th December, 2021.

FBR Chairman Asim Ahmad thanked the Afghan delegation for visiting Pakistan and expressed optimism that the convention will further strengthen economic relations between the two countries.

Pakistan’s special envoy for Afghanistan welcomed the move as “another important step forward.”

“It took us some 12 years to cross this milestone. Investors, contractors and businesses on both sides will benefit significantly,” Mohammad Sadiq said on Twitter.

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