ISLAMABAD: Federal Board of Revenue Chairman Zubair Tiwana drew flak for an increase in taxes and punitive measures for non-filers, as the Senate Standing Committee on Finance deliberated on the Finance Bill 2024 on Thursday. In addition to a proposed raise in taxes on imported electric vehicles, reservations about hikes in other sectors, such as cement, telecom and beverages, were also discussed, and senators observed that abrupt …
BEIJING: China is the world’s largest cherry market, and Pakistan has reached a significant milestone by exporting its first shipment of fresh cherries to China. Utilizing a reefer container, Pakistan aims to export 260 tonnes of fresh cherries to China in reefer containers by the end of June. This achievement is a result of a phytosanitary agreement signed between China …
BEIJING: China on Thursday denounced the U.S.’s new sanctions on over 300 entities and individuals, including dozens of Chinese enterprises, which the U.S. side claimed helped Russia sustain military production to combat Ukraine. “China firmly opposes any illegal unilateral sanctions and long-arm jurisdiction. The normal economic and trade exchanges between China and Russia should not be interfered with, nor should …
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday presented his first federal budget with a total outlay of Rs18.9 trillion, which analysts say is broadly “in line with IMF guidelines”. Pakistan’s budget for the upcoming year aims for a modest 3.6 per cent GDP growth, and sets an ambitious Rs13tr tax collection target, raising taxes on salaried classes and removing tax …
ISLAMABAD: Pakistan’s economy failed to meet most of its targets set in the previous budget due to challenging conditions, but the agriculture sector achieved unprecedented growth, Finance Minister Muhammad Aurangzeb announced on Tuesday while unveiling the Pakistan Economic Survey (PES) 2023-24. The strong 6.25pc expansion in the agriculture sector — said by the report to be the highest in 19 years — drove Pakistan’s …
ISLAMABAD: In a return to previous practice, the National Economic Council (NEC) decided on Monday to continue funding constituency-based schemes and ongoing provincial projects, while approving an indicative national development plan worth Rs3.792 trillion for the next fiscal year to increase the economic growth rate to 3.6 per cent from the current 2.4pc. The expansionary public investment stance is likely to come under tight …
KARACHI: The State Bank of Pakistan (SBP) announced on Monday that it had decided to cut the interest rate by 150 basis points (bps) to 20.5 per cent. The decision to cut the key rate to 20.5pc comes ahead of the annual budget and a week after data showed inflation slowed to a 30-month low of 11.8pc in May. In a statement, …
ISLAMABAD: President Asif Ali Zardari on Friday approved the constitution of the 13-member National Economic Council (NEC) — a constitutional body responsible for reviewing the country’s overall economic condition and formulating plans while ensuring balanced development and regional equity — under Article 156 of the Constitution. According to a notification from the Cabinet Division, the council includes Prime Minister Shehbaz …
ISLAMABAD: Pakistan has selected six companies qualified to bid to buy national carrier Pakistan International Airlines (PIA), the privatisation minister said on Monday. The announcement came a couple of weeks after Pakistan had extended the date for submitting expressions of interest. A total of eight companies and consortiums had expressed an interest. Air Blue, Arif Habib Corporation, Blue World City, Fly …
BEIJING: The National Bank of Pakistan (NBP) and China-Pakistan International Silk Road Industry Investment Management Company Ltd have signed an MoU to facilitate investment in key projects, promote industrial cooperation, support the establishment of special economic zones (SEZs) and boost bilateral trade. Economic Minister Aslam Chaudhary, Liu Jiang Hua from China-Pakistan International Silk Road Industry Investment Management Company Limited, representatives …