KARACHI: The State Bank of Pakistan (SBP) announced on Monday that it had decided to cut the key interest rate by 100 basis points (bps) to 19.5 per cent from the previous rate of 20.5pc. The Monetary Policy Committee (MPC) statement issued by the central bank said that it had decided to cut the policy rate by 100bps to 19.5pc, …
ISLAMABAD: Finance Minister Muhammad Aurangzeb announced on Sunday that the government has returned approximately Rs68 billion in income tax refunds since the process began on July 1. Addressing a press conference in Islamabad, the finance minister said that if the government wants to expand the tax net and take it to 13 percent, then it also has to focus on …
ISLAMABAD: Finance Minister Muhammad Aurangzeb arrived in Beijing on Thursday for talks on power sector debt relief alongside structural reforms suggested by the International Monetary Fund, two government sources said. He held a meeting with his Chinese counterpart, they said, and is leading a delegation, along with Power Minister Awais Leghari, that will discuss several proposals, including reprofiling nearly $15 …
ISLAMABAD: Federal Finance Minister Mohammad Aurangzeb is set to embark on a three-day visit to China today, aiming to discuss the rescheduling of a $15 billion energy loan. According to sources from the Ministry of Finance, a joint working group may be established between Pakistan and China to facilitate the loan rescheduling. The discussions will also address issues related to …
ISLAMABAD: Prime Minister Shehbaz Sharif has set an ambitious goal to boost Pakistan’s annual exports to $60 billion within three years, directing the Ministry of Commerce and relevant agencies to implement practical measures to achieve this target. Chairing the National Export Development Board meeting in Islamabad, the premier stated, “Alhamdulillah, our exports exceeded $30 billion last fiscal year, and IT …
ISLAMABAD: The coalition government led by Prime Minister Shehbaz Sharif is exploring a multi-billion dollar agreement with Russia for the construction of a liquefied natural gas (LNG) pipeline, according to media reports. This strategic move follows a recent offer by Russian President Vladimir Putin during his meeting with PM Shehbaz on the sidelines of the Shanghai Cooperation Organisation (SCO) summit. …
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Thursday stated that the military’s pension structure is unique, requiring a complete overhaul of its service structure, and announced one year for implementing new pension regulations. He stated that their unique structure necessitates a comprehensive change in their service system, with a one-year timeframe to adopt new pension laws. He said this at the …
ISLAMABAD: Local and international firms have announced an investment of $5 billion during the next three years in Pakistan’s oil & gas exploration and production (E&P) sector. The announcement was made in a meeting presided over by Prime Minister Shehbaz Sharif at PM House on Saturday. A delegation of companies from the oil and gas exploration and production sector informed …
LAHORE: A petition has been filed in the Lahore High Court challenging the exemption from income tax on property sales granted to retired and serving army personnel and bureaucrats in the budget for fiscal year 2024-25. The petition filed by citizen Mashkoor Hussain through Advocate Nadeem Sarwar pleaded that the tax exemption given to the bureaucrats and military personnel was in violation …
ISLAMABAD: Finance Minister Muhammad Aurangzeb has reiterated his commitment to strengthen the Federal Board of Revenue (FBR) and its supporting initiatives to enhance revenue collection, digitisation and economic development. The minister expressed these views while chairing a meeting at the FBR headquarters on Monday to review the performance of the tax machinery. Chairman Zubair Tiwana and members of the board …