Category: Business

ISLAMABAD: Amid confusing statements by some cabinet members, the government on Friday announced a reduction in prices of petroleum products by up to 5.8 per cent for the month of September owing to decline in prices in the international market. It all started when Special Assistant to the Prime Minister on Information Dr Firdous Ashiq […]

KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Friday said the International Monetary Fund (IMF) had set the GDP growth target at 2.4 per cent for Pakistan, but “we foresee a growth of 3.5pc for the fiscal year 2019-20”. He also said the State Bank stood prepared to meet any external shocks, […]

ISLAMABAD: Pakistan and China have agreed to fast-track the pace of industrial cooperation under the China-Pakistan Economic Corridor (CPEC) by utilising Chinese experience to ensure speedy development of special economic zones (SEZs) in the country. The decision was taken at a meeting of the Board of Investment which was jointly chaired by BoI Secretary Omer […]

WASHINGTON: President Donald Trump on Friday denied his trade wars were harming the US economy, instead lashing out the Federal Reserve and poorly run American companies. The Twitter outburst came just two days before Washington is due to start a wave of new tariffs on billions of dollars in Chinese imports after relations with Beijing […]

ISLAMABAD: With the introduction of new tax return forms for tax year 2019, the Federal Board of Revenue (FBR) has decided to launch ‘Income Tax Return App’ next week to help individuals and businesses file their tax returns. The new electronic form for individuals, salaried individuals and association of persons for tax year 2019 will […]

ISLAMABAD: Prime Minister Imran Khan on Friday directed his economic team that promotion of small and medium enterprises (SMEs) must be focused on to boost economic growth. The prime minister was chairing a meeting called to review the current economic situation and initiatives to improve the business climate, increase exports, reduce current account deficit and […]

ISLAMABAD: The Federal Board of Revenue (FBR) is claiming that it will now pay sales tax refunds through the newly installed Fully Automated Sales Tax e-Refund (FASTER) system to exporters of five sectors within 72 hours of submission of refund claims. FBR Sales Tax Chief Hamid Memon announced in a news briefing on Thursday that […]

ISLAMABAD: The Asian Development Bank (ADB) on Thursday promised a $7.5 billion assistance to Pakistan over the next three years (2020-24) under its next Country Assistance Strategy. This was the crux of a two-day visit of ADB’s high-level delegation to Islamabad led by its Vice President Shixin Chen. The delegation, including Adviser Ehsan Khan and […]

ISLAMABAD: Adviser to the Prime Minister on Finance Dr Abdul Hafeez Sheikh has said that blaming the current government for a phenomenal increase in public debt is unfair because it is also paying the loans obtained by the previous governments. Talking to the media after addressing a two-day “First Central Asia Regional Economic Cooperation (CAREC) […]

ISLAMABAD: The Standard & Poor’s rating agency on Thursday affirmed Pakistan’s ‘B-’ long-term and ‘B’ short-term sovereign rating while maintaining the long-term outlook at ‘stable’ rating. The New York-based rating agency also affirmed ‘B-’ long-term issue rating on Pakistan’s senior unsecured debt and sukuk trust certificates. It said Pakistan’s rating remained constrained by a narrow tax base […]