By staff reporter
ISLAMABAD: State Bank of Pakistan (SBP) on Friday received a $2.3 billion Chinese loan, which analysts termed as godsend support, as the country’s foreign reserves were barely enough for 45 days of imports a day ago.
Economy
The Plot: PSX plummeted after the announcement of super tax. Screenshot from PSX data portal.
Super tax: A bridge too far?
By Staff Reporter
ISLAMABAD: The government scrambled to control damage Friday after the announcement of a 20 percent super tax sowed panic among the markets, causing the PSX to lose 2,055 points or 4.81 value in a mere 20 minutes before trading was closed to stem further damage.
Image courtesy PSX
PSX crashes on news of super tax
By Staff Reporter
KARACHI: Pakistan Stock Exchange (PSX) crashed on Friday after Prime Minister Shehbaz Sharif announced to impose a 10 percent super tax on large-scale industries.
The super-rich to pay super tax
By Staff Reporter
ISLAMABAD: Prime Minister Shehbaz Sharif Friday said the new budget will bring a 10 percent super tax on major industries and a progressive tax on the income of those earning more than PKR 150 million, with the proceeds being spent on poverty alleviation measures.
Default Level: SBP forex reserves hit 32-month low of $8.2bn
By Staff Reporter
KARACHI: State Bank of Pakistan’s (SBP) dollar stockpile hit a 32-month low of $8.2 billion from $8.99 billion last week, latest numbers revealed on Thursday, which leaves the country with an import cover for just 1.21 months, but a top-up of likely $2.3 billion from Chinese banks could lift them to a less critical level.
Salaried, business class brace for more taxation shocks
By Staff Reporter
ISLAMABAD: The government is brainstorming ways and means to wring more taxes out of salaried/business class, high earners and sectors like tobacco, beverages, steel, etc before closing the budget document for next fiscal.
ISLAMABAD: Prime Minister Mian Muhammad Shahbaz Sharif presides the meeting of Federal cabinet at PM Secretariat in Federal Capital. -File photo
Wealthy Targets: PM announces ‘Robin Hood’ tax
By Staff Reporter
ISLAMABAD: The government has finally decided to go after the wealthy to make them cough up higher taxes on top of rationalising the tax regime to ensure it’s equitable, Prime Minister Shehbaz Sharif said on Thursday.
WASHINGTON DC: Colin D’Silva, Vice President, Cargill, Inc., in meeting with Masood Khan, Pakistan’s Ambassador to the United States. Handout photo.
US farm conglomerate eyeing investment in Pakistan
By Staff Reporter
KARACHI: The global food conglomerate Cargill, Inc., plans to enhance and diversify its investments in Pakistan in the fields of agriculture and bio industry, reports coming from the Embassy of Pakistan, Washington DC say.
Rupee continues rally against greenback, gaining PKR 4
By Staff Reporter
KARACHI: The Pakistani rupee continued its rally against the US dollar overnight on Thursday after staging an initial recovery Wednesday on the back of multiple positive reports concerning the government’s macroeconomic options.
ECC: Re0.571/unit tariff rationalisation for KE approved
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday approved quarterly adjustments of 57 paise per unit in July, August and September bills of K=Electric consumers to adjust Rs90 billion outstanding cost of electricity consumed by the city residents five years back.