ISLAMABAD: The Directorate General of International Taxes, Federal Board of Revenue, received Global Forum’s (OECD) Assessment Team at FBR Headquarters in Islamabad. The Assessment Team had conducted the on-site visit of Pakistan under Second Round of Peer Review on Exchange of Information scheduled from March 13th to March 16th, 2023. During the on-site visit, the...
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Category: Pakistan
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Steel industry: FBR asked to introduce interim tax relief measures
ISLAMABAD: The steel industry has asked the Federal Board of Revenue (FBR) to urgently introduce interim tax relief measures to ensure availability of steel scrap till issue of letters of credit (LCs) is resolved. In this connection, Afaque Ahmed Qureshi, Member Inland Revenue (Policy) FBR has been requested to temporarily reduce withholding tax to 0.25...
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Pak Suzuki posts staggering losses of Rs6.3b
KARACHI: Pak Suzuki Motor Company (PSMC) has reported a significant loss of Rs6.3 billion, with outstanding foreign liabilities of $184 million, for the year ended December 31, 2022. According to a notice sent to the Pakistan Stock Exchange (PSX) on Monday, “The company has outstanding foreign liabilities equivalent to $184 million at year end December...
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Agri-growth stagnant at 2.2 to 2.6% in 15 years
PHOTO: AGENCIES LAHORE: The State Bank of Pakistan (SBP)’s recently published Agriculture report 2023, launched by Pakistan Business Council (PBC) and Pakistan Agricultural Coalition (PAC), showed that agriculture growth during the last 15 years in Pakistan has been restricted within the range of 2.2 to 2.6% per annum as the industry and services have driven...
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CAD drops to $74m in Feb
Controlled imports improved CAD but slowed economic activities to a near halt, rendering millions of people jobless PHOTO: FILE KARACHI: Pakistan’s current account deficit (CAD) – the gap between the country’s higher foreign expenditures and low income – hit a two-year low at $74 million, missing the market’s expectation of turning the deficit into a...
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Current account deficit declines 68pc
KARACHI: Current account deficit declined by 68 per cent to $3.8 billion during the first eight months of the current fiscal year (FY23) from $12bn during the same period last year. February showed a healthy sign as the CAD fell to just $74 million against $519m last year, the lowest monthly deficit recorded since February...
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Up 10pc in Feb, FDI falls by 40pc in eight months
KARACHI: Despite odd situation on both economic and political fronts, the inflow of foreign direct investment in February increased by 10 per cent but the overall eight months’ inflows fell by over 40 per cent. The data released by State Bank of Pakistan on Monday shows that the FDI during February was $100.9 million compared...
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Centre looks to implement ‘discounted’ fuel regime
• Musadik announces Rs100 fuel discount for motorcyclists, owners of cars up to 800cc • Monthly quota for motorbikes will be 21 litres, cars to be allowed one full tank LAHORE: Just a day after the announcement of Rs50 subsidy on each litre of petrol for the ‘less privileged’, State Minister for Petroleum Dr Musadik...
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PM slams ‘disgusting smear campaign’ against COAS by PTI – Pakistan Observer
Prime Minister Shehbaz Sharif has condemned in the strongest words the disgusting ‘smear campaign’ launched against Army Chief General Asim Munir at the behest of Pakistan Tehreek-i-Insaf Chairman Imran Khan lamenting that the former premier stooped to the unprecedented lows in his desperation for power and going to the extent of damaging the country and...
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‘It was a trap to kill me’, Imran again claims – Pakistan Observer
Says ‘unknown men’ were stationed outside FJC PTI Chairman Imran Khan alleged on Monday that a “trap” had been laid out at the Federal Judicial Complex (FJC), where he arrived on Saturday to attend a hearing in the Toshakhana case, adding that “na maloom afraad” (unknown people) had been stationed outside to kill him. Hours-long...