Business

ISLAMABAD: With the federal budget scheduled to be announced on June 11, top tax officials are still debating the fate of key revenue measures, a well-placed source in the Revenue Division familiar with the matter told Dawn on Wednesday. Contrary to the repeated claims of the government’s economic team that the upcoming budget would be tax-free, in reality the budget is expected …

ISLAMABAD: Giving approval to allocation of $1 billion for vaccine procurement on Tuesday, Planning Minister Asad Umar said the National Economic Council (NEC) of the cabinet had decided to frequently hold its meetings every year for evaluation of not only the federal Public Sector Development Programme (PSDP) but also the provincial Annual Development Plans (ADPs) to ensure effective utilisation of …

KARACHI: Borrowing from banks jumped by 70 per cent in the first 11 months of the current fiscal year, reflecting higher participation by the private sector to accelerate economic growth rate. The State Bank of Pakistan (SBP) latest data released on Tuesday showed that the private sector credit offtake increased to Rs489.5 billion during July-May 2020-21 against Rs288.8bn in the …

KARACHI: Amid a boom in the auto sector, rising production and massive booking of vehicles, a number of issues relating to late deliveries, soaring prices, vehicles’ recalls, booking stoppage and non-issuance of number plates etc continue to haunt consumers. After a possible brisk ending of the current fiscal year especially in cars and SUVs, the next first half of FY22 …

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Tuesday notified major amendments to the Real Estate Investment Trusts (REIT) regulations with the aim of allowing infrastructure development. A major change made in REIT regulations is the introduction of a new Public-Private Partnership (P3) model. The revised framework has made clear segregation between conventional and infrastructure categories. Non-P3 REIT …

ISLAMABAD: The government has finalised a string of proposals to facilitate small enterprises and introduce stringent penalties to improve enforcement against smuggling and under-invoicing in the upcoming budget. In a major move to launch a crackdown against smuggled goods, it has been proposed to introduce penalties which will be imposed on retailers who sell smuggled goods to consumers without documents …

ISLAMABAD: The government has approved hefty cuts including exemptions on raw materials under 600 tariff lines to boost import substitutions of consumer industries and promote exports from traditional and non-traditional sectors. The decision will be announced in the budget 2021-22. There are also several other tariff lines that will be considered for lower duty reduction. In the budget 2020-21, the …

ISLAMABAD: Amid dissent by Sindh Chief Minister Murad Ali Shah, the National Economic Council (NEC) on Monday set next year’s economic growth rate target at 4.8 per cent to be supported by Rs2.135 trillion consolidated development outlay — about 40pc higher than current year’s revised budget of Rs1.527tr. The meeting of the NEC — the highest economic decision-making body in …

KARACHI: The country’s domestic debt has increased by over Rs2 trillion during the current fiscal year (FY21). However, the amount was less than the amount borrowed in the same period of FY20. The latest data issued by the State Bank (SBP) on Monday showed that government’s borrowing has slightly decreased during FY21. Analysts attribute this development to higher foreign exchange …

ISLAMABAD: The real estate sector has warned of a serious setback to investments in Prime Minister Imran Khan’s priority construction sector due to planned inspections of offices of the property dealers, developers and investors by authorities of Designated Non-Financial Business and Professions (DNFBPs). Speaking at a news conference on Monday, Muhammad Ahsan Malik, Vice President, (Punjab) Federation of Realtors (FOR) …