By Staff Reporter
ISLAMABAD: The government delayed the income tax return filing deadline to Oct. 31, giving taxpayers extra time to comply after bank closures tied to the Shanghai Cooperation Organisation (SCO) summit hindered submissions.
Economy
Pakistan moves to calm IMF fears with tax hikes, asset sales
By Staff Reporter
ISLAMABAD: Pakistan will implement tax hikes, privatize state assets and overhaul its tax regime to address IMF concerns, as it seeks to plug a $110.5 billion financing gap through 2029, the International Monetary Fund (IMF) documents showed.
Saudi’s Manara Minerals to invest in Pakistan’s Reko Diq project
By Staff Reporter
ISLAMABAD: Saudi Arabia’s Manara Minerals will sign an agreement with Barrick Gold and Pakistani state-owned enterprises within weeks to acquire a stake in the Reko Diq copper-gold project, Saudi Investment Minister Khalid Bin Abdul Aziz Al Faleh said on Thursday.
Pakistan axes five power deals to stem Rs411 billion in losses
By Staff Reporter
ISLAMABAD: The cabinet approved the termination of five independent power producer (IPP) agreements on Thursday, scrapping “take-or-pay” contracts that would expected to save the country Rs411 billion
86pc of Pakistani companies evading taxes, govt says
By Staff Reporter
ISLAMABAD: Pakistan plans a nationwide crackdown on tax evasion on Thursday, after revealing that a staggering 86 percent of companies operating in the country are not registered for sales tax, resulting in an estimated Rs3.4 trillion in lost revenue annually.
Karachi attack kills Chinese engineers involved in energy debt restructuring
By Staff Reporter
ISLAMABAD: Finance Minister Muhammad Aurangzeb said on Tuesday that Chinese engineers killed in a bomb blast near Karachi’s airport were negotiating with the government to restructure billions of dollars in energy debt, a crucial step to ease the country’s power tariff burden.
Pakistan lands $2 billion Saudi investment pledge
By Staff Reporter
ISLAMABAD: – Pakistan expects to sign agreements worth around $2 billion with Saudi Arabia later this month, Prime Minister Shehbaz Sharif announced on Tuesday, as the country seeks to bolster its struggling economy.
Pakistan’s forex reserves rebound to 2-month import cover
By Staff Reporter
KARACHI: Pakistan’s foreign exchange reserves surged to $10 billion, sufficient to cover two months of imports, after receiving the first $1.03 billion tranche of the International Monetary Fund’s $7 billion Extended Fund Facility.
Trade gap widens to $5.4 billion on import surge
By Staff Reporter
ISLAMABAD: The trade deficit expanded 4.2 percent to $5.44 billion in the first quarter of the fiscal year 2024-25, driven by a 10 percent jump in imports, official data showed on Wednesday.
Sept inflation slows to 6.9pc y/y, lowest since Jan 2021
By Staff Reporter
ISLAMABAD: The consumer price inflation slowed to 6.9 percent in September from 9.6 percent in August, its lowest level since January 2021, as easing food and fuel rates helped tame price pressures, official data showed on Tuesday.