By Staff Reporter
ISLAMABAD: Pakistan’s Federal Board of Revenue (FBR) has notified amendments in the Income Tax Law to increase the tax collection from vehicle registration, property transfer, and online payments to non-residents.
Economy
Pakistan secures local equity, Chinese partnership for Saudi refinery project
By Staff Reporter
ISLAMABAD: Pakistan has signed three memoranda of understanding (MOUs) with four state-owned enterprises to raise the local equity for a multibillion-dollar Saudi refinery project and inked an engineering, procurement, and construction (EPC) contract with a Chinese firm, a minister said on Thursday.
Ecnec approves eight development projects worth Rs10.6 trillion
By Staff Reporter
ISLAMABAD: Pakistan’s top economic body approved eight development projects worth around Rs10.6 trillion on Thursday, including a nuclear power plant, a storage dam, and a canal system.
Six banks face Rs350.8m penalty from SBP for rule violations
By Staff Reporter
KARACHI: Pakistan’s central bank said on Thursday it had fined six banks a total of Rs350.8 million for failing to comply with rules on anti-money laundering, customer due diligence and other areas.
China rolls over $2.4 billion loan to Pakistan for two years
By Staff Reporter
ISLAMABAD: China has agreed to defer principal payments on loans worth $2.4 billion to Pakistan for two years, Finance Minister Ishaq Dar said on Thursday, a boost for the cash-strapped country as it tries to rebuild its foreign currency reserves.
Power consumers to pay more for June fuel cost adjustment
By Staff Reporter
ISLAMABAD: Pakistan’s power regulator on Wednesday approved additional charges of up to Rs2.31 per unit for electricity consumers to cover the fuel cost adjustment (FCA) for June, a day after announcing a steep hike in base tariffs, Dawn newspaper reported on Thursday.
IMF bailout helps Pakistan narrow fiscal deficit, boost growth
By Staff Reporter
ISLAMABAD: Pakistan’s fiscal deficit is expected to narrow to 5.5 percent of gross domestic product (GDP) in the fiscal year ending June 2024, from 7.9 percent a year earlier, as the government curbs non-interest spending and boosts revenue collection, the finance ministry said on Wednesday.
Pakistan gives more powers to interim government ahead of polls
By Staff Reporter
ISLAMABAD: Pakistan’s parliament passed a bill on Wednesday to amend the country’s election law, giving more powers to the caretaker government that will oversee the next general election due in November.
Opposition, allies thwart govt’s bid to empower caretaker setup
By Staff Reporter
ISLAMABAD: The coalition government postponed its plan to grant sweeping powers to the caretaker administration for the upcoming elections, after facing stiff resistance from opposition and allied parties in a joint session of parliament on Tuesday.
PASSCO to release 2.5 million tons of wheat from its reserves
By Staff Reporter
ISLAMABAD: Pakistan’s cabinet committee on economic affairs approved on Monday the allocation of 2.488 million metric tons of wheat from the state-run Pakistan Agricultural Storage and Services Corporation (PASSCO) to various agencies and provinces for the year 2023-24.