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Articles for tag: Cars, ex, FBR, International Monetary Fund, Latest, Proposal, rejects, sales, sales tax, Tax

March 5, 2024

News Desk

FBR rejects proposal for 18% sales tax on cars

Sources within the FBR suggest that the extent of the fraud could be even higher than the reported Rs 53 billion, a matter that can be ascertained during a comprehensive investigation. photo: AFP Islamabad: The Federal Board of Revenue (FBR) has rejected a proposal by the Industries Ministry that sought to impose a general sales tax (GST) of 18% on locally made cars, saying it will also lead to a reduction in tax collection. as a loss of revenue. The Directorate of Industries and Production has been asked to provide its opinion on streamlining the criterion for imposing 25% sales

March 3, 2024

News Desk

The government will divert 10 billion rupees from provincial projects

Islamabad: The federal government has decided to divert funds amounting to Rs 10 billion from provincial projects to be injected into the Digital Information Infrastructure Initiative. The decision was taken as the Planning Commission opposed the diversion of funds from developmental to non-developmental projects. In a recent meeting of the Economic Coordination Committee (ECC), the Planning Commission maintained that the National Economic Council (NEC), in its meeting on June 6, 2023, approved guidelines that restricted the diversion of development funds to non-development expenditure in the current fiscal year . The Commission was of the view that the demand for Rs

March 2, 2024

News Desk

E&P companies prefer third parties

Islamabad: As public gas utilities have long been mired in cyclical debt, hydrocarbon exploration companies are reluctant to grant them gas and prefer third parties for better returns and timely payment of fees. The situation arose at a recent meeting of the Economic Coordination Committee (ECC) of the Cabinet, where state-owned exploration company Pakistan Petroleum Limited (PPL) withdrew plans to share gas supply with Sui Southern Gas Company (SSGC) and sought permission to supply gas to fertilizer producer Fauji Fertilizer Bin Qasim Limited (FFBL). The Council of Common Interests (CCI) recently increased the share of gas allocation for exploration companies

February 22, 2024

News Desk

The government is restructuring the priority of natural gas for industrial development

Islamabad: The caretaker government has decided to change the order of gas priority by placing the processing industry at the top along with domestic consumers. It also changed the order of priority of the fertilizer sector by placing it in the second category along with the power sector. Earlier, the fertilizer industry was placed in the third category. The export sector was placed in the second category in the old policy. However, the caretaker government has removed it from the second category and placed it in the fertilizer sector. In the first category, the government had added domestic and commercial

February 20, 2024

News Desk

Work on the IP pipeline will begin in Pakistan

design: Ibrahim Yahya Islamabad: Islamabad has roped in Tehran by pledging to complete the first phase of the 80km Iran-Pakistan (IP) natural gas pipeline project inside Pakistani territory to avoid an impending $18 billion penalty. Iran has reportedly extended the IP gas pipeline project deadline by 180 days to September 2024. Tehran granted this extension in an attempt to avoid going to an international court. Experts suggest that Pakistan and Iran may face strained diplomatic relations if Iran files a case against Pakistan in an international court. Iran could take legal action to secure its rights over the pipeline project.

February 20, 2024

News Desk

Work on the IP pipeline will begin in Pakistan

design: Ibrahim Yahya Islamabad: Islamabad has roped in Tehran by pledging to complete the first phase of the 80km Iran-Pakistan (IP) natural gas pipeline project inside Pakistani territory to avoid an impending $18 billion penalty. Iran has reportedly extended the IP gas pipeline project deadline by 180 days to September 2024. Tehran granted this extension in an attempt to avoid going to an international court. Experts suggest that Pakistan and Iran may face strained diplomatic relations if Iran files a case against Pakistan in an international court. Iran could take legal action to secure its rights over the pipeline project.

February 16, 2024

News Desk

Traders are calling on the government to withdraw the gas price hike

KARACHI: Hyderabad Chamber of Small Traders and Small Industries (HCSTSI) President Muhammad Farooq Shaikhani has hit out at the Economic Coordination Commission (ECC) for its decision to make a massive 65% hike in gas tariffs. He appealed to all political leaders and rulers of the country to immediately withdraw the increase in the price of natural gas to restore the confidence of the business community and encourage collective efforts to stabilize the national economy. He urged them to reconsider the decision, pointing out that in developed countries utilities are not exploited for financial gain. He argued that the government’s focus

February 16, 2024

News Desk

Stocks fall due to changing political scenario

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday fell nearly 2 percent to around 61,000 points as the race between different political parties intensified to form a new government, sparking concerns among investors who refrained from building new positions. In the morning, the session started on a dull note as selling pressure weighed on investor sentiment due to post-election political uncertainty. The stock market remained lower throughout the day, touching an intraday low of 60,926.85 about an hour before the close of trading. Moreover, fears of the Economic Coordination Committee’s (ECC) decision to further hike gas prices kept investors at

February 14, 2024

News Desk

ECC shared the gas price increase by 69%.

Islamabad: Federal cabinet members remained divided on Tuesday over a proposed hike of up to 69 percent in gas prices, amid warnings that any delay beyond Thursday could cost Pakistan $1.2 billion, the latest loan tranche from the International Monetary Fund. The Cabinet’s Economic Coordination Committee (ECC) had to delay approval after alleged cabinet members of the pro-IMF program also spoke out against the new price hike, according to meeting participants. Industries Minister Dr Gohar Ejaz, representing the textile industry, opposed the hike in gas prices for industrialists’ domestic power plants that are powered by cheaper gas. Two other members

February 11, 2024

News Desk

The government is considering increasing the price of urea

The Finance Department has reiterated its stand that no additional subsidy will be provided for supply of urea once the proposed basket price mechanism is implemented. photo: file Islamabad: The government is considering allowing fertilizer makers to raise urea prices by up to Rs 358 per bag, shifting the entire import burden of over Rs 30 billion to farmers. As part of the scheme, manufacturers were granted the basket price of imported and locally produced urea to pass on the full burden of Rs 220,000 worth of imported urea to farmers. Agritech, a prominent player in the industry, has proposed

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