Business

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Asim Ahmad on Wednesday said that the IT industry should expect good news in the upcoming federal budget, scheduled to be announced on Friday. He was speaking at the contract signing of the development and implementation of the One Window Portal System by the Special Technology Zones Authority (STZA). He said that being …

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday sought cooperation from all the four chief ministers for early closure of markets in an effort to conserve energy and regularisation of unregistered consumers in high-loss areas to eliminate system losses and improve electricity supply services. This was stated by Power Minister Khurram Dastgir Khan at a news conference after a consultative session …

The rupee lost ground against the dollar in the interbank market on Wednesday afternoon after it registered a modest gain in the morning. According to the Forex Association of Pakistan (FAP), the greenback was trading at Rs202.50 around 12:30pm after gaining 50 paisa against the previous day’s close of Rs202. (The FAP’s closing rate from the previous session is lower …

Prime Minister Shehbaz Sharif on Wednesday directed authorities to abolish all taxes on raw materials used in the export industry and form task forces to attract investment in multiple sectors. The Shehbaz government has been trying to set up a long-term plan to revive the ailing economy, with the premier yesterday repeating his call to boost exports to ease the burgeoning cash crunch. …

ISLAMABAD: The K-Electric has sought about Rs4.86 per unit additional charges under monthly fuel cost adjustment (FCA) and Rs4.52 per unit under quarterly tariff adjustments (QTA) to mop up about Rs27 billion in additional revenues in next month’s billing. In its two separate petitions to the National Electric Power Regulatory Authority (Nepra), the Karachi-based power utility had sought Rs4.86 per …

WASHINGTON: The global economy risks falling into a harmful period of 1970s-style “stagflation,” sparked chiefly by Russia’s invasion of Ukraine, the World Bank warned on Tuesday as it slashed its annual growth forecast. The toxic combination of weak growth and rising prices could trigger widespread suffering in dozens of poorer countries still struggling to recover from the upheaval of the …

The World Bank has approved $258 million to strengthen primary health care systems and accelerate national efforts towards universal health coverage in Pakistan, a press release issued by the international financial institution said on Wednesday. The National Health Support Programme “complements ongoing investments in human capital and builds on health reforms that aim to improve quality and equitable access to …

ISLAMABAD: Even though 10 distribution companies (Discos) of ex-Wapda faced over 7,440MW of shortfall on Monday, the government claimed the shortage was about 4,000MW and promised to reduce the prevailing four-hour power outages by half an hour within 24 hours. Speaking at a joint news conference with ministers for information, power and petroleum, former prime minister Shahid Khaqan Abbasi said …

ISLAMABAD: The prevailing political uncertainty and the International Monetary Fund (IMF) programme-led economic stabilisation efforts are likely to slow down the country’s growth prospects and keep the inflation rate elevated next fiscal year (FY2022-23), as the federal and provincial governments adopt fiscal and monetary tightening policies. This is said to be the central theme of next year’s macroeconomic framework and …

• Proposals include ‘luxury tax’ on big houses, big vehicles • Tax on rental income under consideration • DC rates likely to be revised • Regulatory duty to be raised on items ISLAMABAD: The coalition government is mulling introducing a string of new tax measures in the upcoming budget to raise around Rs300 billion in additional revenue in 2022-23 (FY23) …