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 …
ISLAMABAD: The PML-N-led coalition government began the new fiscal year (2024-25) with an increase in petrol and high-speed diesel prices by Rs7.45 and Rs9.56 per litre, respectively, for the next fortnight. In a late-night announcement, the Ministry of Finance said prices of petroleum products have seen an increasing trend in the international market during the last fortnight. The Oil and Gas Regulatory …
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Sunday expressed confidence that Pakistan would secure an extended loan programme with the International Monetary Fund (IMF), adding that agreements with the Fund can contribute to macroeconomic stability. Addressing a press conference in Islamabad at the end of the fiscal year 2023-24, the finance minister stressed his and Prime Minister Shehbaz Sharif’s hopes that …
ISLAMABAD: President Asif Ali Zardari on Sunday gave assent to the government’s tax-heavy Finance Bill 2024 for the new fiscal year. The government had presented the budget two weeks ago, drawing sharp criticism from opposition parties, especially the PTI, as well as coalition ally PPP. Finance Minister Muhammad Aurangzeb had moved the finance bill in parliament, which had been opened to seek …
ISLAMABAD: The National Assembly on Friday passed the government’s tax-heavy finance bill for the coming fiscal year ahead of more talks on a new International Monetary Fund (IMF) bailout as it seeks to avert a debt default for an economy growing at the slowest pace in South Asia. The government presented the tax-loaded budget two weeks ago, drawing sharp criticism from opposition parties, especially the PTI, as well as coalition …
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 …