Business

ISLAMABAD: Allocation for subsidies has been increased by a staggering 225 per cent in the upcoming fiscal year with the bulk of it going to the energy sector, including Rs136 billion in terms of tariff differentials to independent power producers (IPPs). While there has not been any increase in the food subsidies, the power sector subsidies have been enhanced significantly. …

ISLAMABAD: The budget for the upcoming fiscal year has proposed new duties on the internet and the telecom usage, not only inviting a backlash on social media but also creating confusion as the government denied the increase. The finance bill has proposed that Re1 per call if the duration exceeds three minutes, Rs5 per GB for internet usage and 10 …

ISLAMABAD: The third budget of the PTI government, announced on Friday, aims to reduce the input cost of several industries. It also plans on tapping online transactions and bring these under the Sales Tax (ST) net. The Budget 2021-22 offers unprecedented relief measures in Customs Duty (CD), ST and Income Tax (IT) for the industrial sector amid a proposed plan …

KARACHI: Amid high food prices of various items, including wheat flour, sugar, ghee, cooking oil, loose milk, chicken, veal and mutton, vegetables, etc, the Economic Survey 2020-2021 says “the headline inflation measured by the Consumer Price Index (CPI) was recorded at 8.6 per cent during July-April FY2021 as against 11.2pc during the same period last year.” The survey said that …

ISLAMABAD: The tax exemptions cost continued its upward trend for the third consecutive year as it grew by 14.36 per cent in the outgoing fiscal year to Rs1.314 trillion from Rs1.149tr in the preceding year, showed the Pakistan Economic Survey 2020-21 released by Finance Minister Shaukat Tarin on Thursday. In the year 2017-18, the value of tax exemptions was reported …

All eyes will be on the National Assembly today (Friday) as the federal budget for the fiscal year 2021-22 will be presented in the lower house of parliament. Finance Minister Shaukat Tarin — who unveiled the Pakistan Economic Survey 2020-21 a day earlier — will present the PTI-led government’s budget. The session will begin at 4:00pm. According to Radio Pakistan, the federal cabinet …

ISLAMABAD: Countries in the region are far ahead of Pakistan in terms of health indicators and even Afghanistan is ahead of it, according to the Economic Survey of Pakistan. It said the Covid-19 pandemic had tested the country’s health infrastructure and identified needs for more investment in the sector, especially to improve diagnostic facilities, disease surveillance, prevention and spread, training …

ISLAMABAD: As unannounced power cuts continued for the third consecutive day almost across the country, the government on Wednesday confirmed supply shortfalls in the system due to technical reasons despite surplus generation capacity. The National Electric Power Regulatory Authority (Nepra) took serious notice of the excessive loadshedding and sought explanation from power distribution companies (Discos), including K-Electric. Minister for Energy …

ISLAMABAD: The Economic Coordination Commi­ttee (ECC) of the Cabinet on Thursday approved a Rs43 billion grant for Khyber Pakhtunkhwa to cover its cash shortfall, allowed signing of about $1bn worth of debt relief from G20 countries and agreed in principle for a $1.1bn requirement for procurement of vaccination. The meeting of the ECC presided over by Federal Minister for Finance …

KARACHI: The government raised Rs160.899 billion through auction of Pakistan Investment Bonds (PIBs) on Wednesday which was higher than the target of Rs125bn. The government raised higher amount but did not increase the return on the bonds. However, the bids were much higher than the amount raised reflecting the increased liquidity in the financial sector. Total bids received were Rs376.4bn. …