Category: Business

LAHORE: The government’s sudden decision to rescind the presidential ordinance offering a deal to different industries to settle their unpaid Gas Infrastructure Development Cess (GIDC) liabilities worth Rs416 billion at 50 per cent discount in less than a week after its issuance has disappointed many. The withdrawal of the ordinance will mean continuation of the […]

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed Rs1.78 per unit increase in power tariff for all the power distribution companies, except K-Electric, on account of fuel price adjustment for electricity consumed in July. This decision was taken a monthly public hearing presided over by Nepra’s Chairman Tauseef H. Farooqi. The Central […]

ISLAMABAD: In a bid to attract portfolio investments, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday offered a simple tax regime to non-resident companies for making investments in the local debt market with a view to deepen the country’s capital markets. As per the new regime, government has simplified the processes for non-resident […]

ISLAMABAD: Prime Minister Imran Khan on Tuesday reiterated that his Pakistan Tehreek-i-Insaf government was striving hard to provide all possible facilities to businessmen in order to accelerate the economic activity in the country. “The government is giving top priority to ease of doing business as it is a must for accelerating economic activity,” the prime […]

ISLAMABAD: Amid growing criticism over a lucrative amnesty being extended to fertiliser plants, power plants and other businesses before audit, the federal cabinet on Tuesday directed the law ministry to examine how another amendment could be made to a recently introduced Gas Infrastructure Development Cess (GIDC) Amendment Ordinance, 2019. The government has come under pressure […]

ISLAMABAD: In order to avoid a severe crisis vis-à-vis availability of life-saving drugs in the local market, the government has lifted the ban on import of medicines and raw material from India. Statutory regulatory orders (SROs) issued by the Ministry of Commerce and Textile state that the ban on trade with India would remain effective; […]

KARACHI: Stocks endured another day of volatility on Wednesday and finally settled with a loss of 247.61 points (0.82 per cent) and closed at 29,809.68. The market opened positive and extended the earlier day’s gains to mark intraday high of 190 points before it succumbed to selling pressure and hit intraday low by 318 points. […]

ISLAMABAD: Pakistan and Saudi Arabia have formally agreed to exchange values of goods for imports and exports to control of under and over invoicing as part of Financial Action Task Force’s (FATF) recommendation. Saudi Arabia will become Pakistan’s 23rd major trading partner with whom the country will formally into an agreement to monitor and control […]

The pound plunged against the dollar and euro on Tuesday after British Prime Minister Boris Johnson threatened to call a snap election to push through Brexit, with analysts warning the currency could fall even further. Johnson’s warning that he will call a poll for October 14 if rebel lawmakers in his Conservative party vote to force another […]

ISLAMABAD: The government on Monday defended its decision to write off about Rs210 billion to big businesses out of their outstanding Rs420bn bills on account of Gas Infra­structure Development Cess (GIDC), saying it gave up ‘uncertain’ past bills to secure a lower but more certain future revenue stream. “It is not a free lunch to […]