Business

ISLAMABAD: The government conceded on Thursday average inflation will surpass its budgetary target and remain at 29 per cent for 2022-23 owing to the unprecedented depreciation and rising global commodity prices. According to the Pakistan Economic Survey 2022-23 released on Thursday, the inflation target for the outgoing fiscal year was 11.5pc. Global inflationary pressures have intensified in recent years even …

KARACHI: Noted development economist Dr Kaiser Bengali has said attempts to mobilise revenue through income tax on agriculture won’t generate a substantial amount given the average farm size in the country. Speaking to journalists after holding a training workshop on budget reporting at the Karachi Press Club on Wednesday, Dr Bengali said a majority of growers work on small farms …

ISLAMABAD: The coalition government, led by PML-N, has partially approved recommendations of the Tariff Policy Board (TPB) to adjust solar sector duties in the upcoming budget, Dawn has learned from knowledgeable sources in the Finance Division. However, a proposal to further reduce duties on the steel sector has been rejected. The Federal Board of Revenue (FBR) strongly opposes proposals to eliminate additional …

LAHORE: While it works to increase revenue collection from all other sectors, the government is said to be considering a proposal seeking the continuation of tax concessions — granted by the PTI government — on the manufacture of hybrid electric vehicles in the upcoming federal budget. Sources privy to the development told Dawn that the government is considering keeping the policy, which …

Finance Minister Ishaq Dar is presenting the economic survey for the fiscal year 2023 at a press conference in Islamabad. Before presenting his government’s economic performance for the year, the minister went on a diatribe explaining the condition in which the Pakistan Democratic Movement (PDM) had inherited the economy. He claimed that he had left Pakistan in a strong economic …

KARACHI: The government is likely to resort to heavy taxation on the banking sector in the 2023-24 budget as Islamabad looks for easy sources of revenue in a fiscally challenged environment. “We believe the 2023-24 budget will likely carry more negative earnings implications for banks,” said Amreen Soorani, head of research at JS Global. There’s a likelihood of super tax …

KARACHI: The rupee turned in a mixed performance on Tuesday as it recovered to Rs303 in the open market, but suffered slight losses in the interbank market due to persisting confusion about the country’s economic direction. However, the dollar’s quoted price was lower than the available price. Currency dealers said the price was not lower than Rs306 per dollar while …

ISLAMABAD: Ministry of Comme­rce has announced a list of 57 products for barter trade with Afghanistan, Iran and Russia to save the country’s foreign exchange at a time when its foreign exchange reserves are running low. The commerce ministry through SRO642 on Tuesday notified a list of goods eligible for import and export under barter trade with Afghanistan. However, only …

KARACHI: Pakistan Stock Exchange (PSX) Chair­person Dr Shamshad Akhtar has said the country’s “extreme dependence” on fossil fuels to achieve gro­wth has ruined the environment at a high economic cost. Speaking at a seminar on the role of business in protecting the environment organised jointly by the Pakistan Institute of Corporate Governance (PICG), Overseas Investors Chamber of Commerce and Indus­try …

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday supported the idea of a fixed tax regime for the IT sector in the upcoming budget and also constituted a committee in this regard. Chairing a meeting, which was attended by Finance Minister Ishaq Dar and IT Minister Syed Amin-ul Haque, the prime minister also approved a $4.5 billion IT export target for …