Category: Business

ISLAMABAD: The Auditor General of Pakistan (AGP) has highlighted financial irregularities and unlawful permissions by the telecommunication sector operators, including non-deposit of Rs6.69 billion in the federal consolidated fund by the Pakistan Telecommunication Authority (PTA). The audit report has raised objection to non-implementation of network roll-out obligations by 11 long distance international (LDI) operators for […]

Pakistan has given the go-ahead to five consortiums, including Exxon Mobil, Royal Dutch Shell and Mitsubishi, to progress with their liquefied natural gas (LNG) terminal plans, a minister told Reuters on Friday. The move comes on the heels of the arrests of two Pakistan business executives involved in building the country’s previous LNG terminals, cooling sentiment in […]

The Indian government on Friday announced a slew of concessions aimed at boosting the economy that will reduce most corporate taxes for local companies to about 25 per cent from 30pc. Finance Minister Nirmala Sitharaman said the lower tax rates will retroactively apply from April 1, the beginning of India’s fiscal year. Share prices surged, […]

KARACHI: The International Monetary Fund’s (IMF) Director Middle East and Central Asia Department Jihad Azour on Thursday suggested the government to increase length of the State Bank of Pakistan governor’s tenure from the existing three years. In a long and detailed interaction with media, the director said that in order for it to be in […]

KARACHI: Indus Motors Company (IMC), the maker of Toyota vehicles, has decided to shut down all production for the remaining days of September, bringing the total number of “non-production days” (NPDs) to 15 in the month due to continuing fall in demand. An IMC official, who asked not be named, said the company had already […]

The current account deficit (CAD) shrank by a massive 55 per cent in the first two months of the current fiscal year as compared to the corresponding period last year, reported the State Bank of Pakistan (SBP) on Thursday. The CAD — for the two month period — reduced by $1.56bn to $1.29 billion from […]

The country’s total liquid foreign reserves stood at $15.898 billion on September 13, a press release issued by the State Bank of Pakistan on Thursday said. The central bank’s reserves witnessed an increase of $138 million to reach $8.6bn during the week ending September 13, the handout added. According to a breakup of the foreign […]

KARACHI: Remittances sent by overseas Pakistanis fell 8.38 per cent in the first two months of current fiscal year compared to 15.3pc growth noted in the same period last year. The State Bank of Pakistan (SBP) said the decline reflected the usual one-off post Eidul Azha effect. Overseas Pakistanis remit $1.69 billion in August as […]

ISLAMABAD: A meeting to review the progress on China-Pakistan Economic Corridor (CPEC) projects on Friday discussed the challenges impeding the development work and decided to counter them on a fast-track basis to ensure timely completion of the projects. Planning and Develop­ment Minister Makhdum Khusro Bakhtiar, who chaired the meeting, emphasised the need for gearing up […]

KARACHI: Economic experts say higher tax collection can only be achieved with a growing economy and similarly devaluation of the rupee alone cannot help increase exports without broadening the industrial base. Speaking at the inaugural session of three-day international workshop on best global practices of VAT/GST, organised by International Bureau of Fiscal Documentation (IBFD), Netherlands […]