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March 7, 2025

The Pakistan Daily

Ethiopia, Pakistan Agree to Enhance Defence Cooperation

ISLAMABAD: The Federal Democratic Republic of Ethiopia (FDRE) and the Islamic Republic of Pakistan have agreed to enhance bilateral, regional and multilateral cooperation especially in the areas of defence, technology and aviation sectors. The crucial discussion to this end was held during a meeting between H.E. Dr. Jemal Beker, Special Envoy, Ambassador Extraordinary and Plenipotentiary of FDR Ethiopia to Pakistan, and H.E. Khawaja Muhammad Asif, Federal Minister for Defence and Aviation. During the meeting, both sides reviewed the existing level of cooperation between the two brotherly countries and explored various avenues for further collaboration in various areas. Ambassador Dr. Jemal

October 23, 2024

News Desk

Pakistan and Saudi Arabia pledge to promote investment in key sectors

Finance Minister Muhammad Aurangzeb and Saudi Arabia’s Finance Minister Mohammed Aljadaan meet on the sidelines of the World Bank-IMF Annual Meetings in Washington on October 23, 2024. — Ministry of Finance FinMins appreciate the historical, brotherly ties between 2 countries. Both sides agreed to promote cooperation in many fields. Aurangzeb to Washington to attend the annual meetings of the PT-IMF. Appreciating the historic and brotherly ties between Pakistan and Saudi Arabia, both sides expressed determination to further deepen mutually beneficial economic ties, enhance bilateral trade and facilitate investment in key sectors. The commitment was renewed at a meeting between Finance

October 10, 2024

News Desk

Sales tax evasion of Rs 3.4 trillion detected in various sectors: FinMin

Finance Minister Senator Muhammad Aurangzeb (left) and FBR Chairman Rashid Mahmood Langrial hold a press conference to brief the FBR study on sales tax evasion in Islamabad on October 10, 2024. — PID Most entities claiming additional input tax, says Aurangzeb. It shares FBR’s findings of massive malpractices in 5 areas. Finance czar warns tax evaders of arrests, jail, fines. Federal Finance and Revenue Minister Senator Muhammad Aurangzeb said on Thursday that there was about Rs3.4 trillion in sales tax evasion out of a total of Rs7 trillion in tax evasion across various sectors of the economy. Aurangzeb attended a

June 28, 2024

News Desk

The oil and banking sectors continue to fuel the rally

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday continued its upward momentum as it extended gains from the previous session, mainly on higher valuations in the oil and banking sectors. The session started on a higher note as the KSE-100 hit an intraday high of 78,978.60. The index continued its positive mood with small ups and downs towards the close of trading. The rally was also fueled by the results of a bill auction, which hinted at a rate cut at the next monetary policy statement, as well as expectations of a smooth passage of the federal budget. News of

June 21, 2024

News Desk

World Bank approves $535 million loan for social protection, aquaculture and livestock sectors in Pakistan

Islamabad: On Friday, the World Bank’s (WB) Executive Board approved $535 million in financing for Pakistan to support two key projects, Crisis-Resilient Social Protection (CRISP) and Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA). The additional funding for the CRISP program aims to strengthen the country’s social protection system and build shock resilience among poor and vulnerable households. The LIVAQUA project, on the other hand, will promote climate-smart and competitive small and medium producers in the livestock and aquaculture sectors in Sindh, according to a press release. “The devastating floods that hit Pakistan in 2022 were a tragic reminder of the

June 12, 2024

News Desk

IT sectors are soaring with the China-Pakistan Digital Corridor

KARACHI: The Pakistan Economic Survey 2024 has highlighted significant growth prospects in the IT and telecommunications sectors, driven by the China-Pakistan Digital Corridor. The Joint Information Technology (IT) Working Group under the China-Pakistan Economic Corridor (CPEC) is dedicated to improving and developing the information and communication technology infrastructure of China and Pakistan. This group aims to build a China-Pakistan digital corridor, strengthen investment cooperation in the digital economy, and support the development and implementation of new digital technologies and applications. SI Global Solutions CEO Noman Said shared his views with The Express Tribune, stating, “This initiative, part of CPEC, aims

May 26, 2024

News Desk

55% of the capacity of the large sectors could not be identified

Islamabad: In a startling revelation, the Federal Board of Revenue (FBR) had no idea about 55% of production lines in four industries that were prone to tax evasion at the time of awarding a multi-billion rupee contract three years ago, according to a survey it conducted the contractor after winning the contract. The government had awarded a Rs25 billion contract to Authentix Inc to monitor the production of about 290 lines of cement, fertilizers, sugar and tobacco. After winning the contract, the company found that there were about 649 production lines, according to people who conducted the survey and saw

May 22, 2024

News Desk

Tax sectors with highest share of GDP: OICCI

LAHORE: Major foreign investors, in their tax proposals for the upcoming budget for the financial year 2024-25, have asked the federal government to consider taxing untapped sectors that have high potential and a huge share in the gross domestic product (GDP). These sectors include real estate, undocumented unincorporated businesses, transportation and construction businesses, which enjoy the advantage of not being properly taxed. The Overseas Investors Chamber of Commerce and Industry (OICCI) clarified that broadly there were two types of real estate – agricultural and non-agricultural property. First, the details of both types of properties should be obtained from the Federal

May 13, 2024

News Desk

80% of hospital units paralyze key sectors

KARACHI: The number of over 80% of patient units has significantly affected all key sectors nationally. The staggered closure of these units has left millions of skilled and semi-skilled workers, along with professionals, jobless due to the high cost of doing business, including steep gas and electricity bills. The proliferation of sick units has delayed industrial growth and eroded the quality of life of workers, particularly in Karachi, a vital economic hub. This situation has contributed to an increase in street crimes and a deterioration of law and order, exacerbating unemployment, particularly among Karachiites. Public agencies are failing to initiate

November 9, 2023

News Desk

IMF wants Pakistan to tax agriculture, real estate and retail sectors

Image showing the exterior of the International Monetary Fund building. — Reuters Joint tax collection plan with global lender team. Both sides identified potential areas to bridge funding gaps. The IMF is looking for a timetable to bring the agricultural sector into the tax net. ISLAMABAD: The International Monetary Fund (IMF) has urged Pakistani authorities to bring the agriculture, real estate and retail sectors into the tax net during an ongoing review of the $3 billion stand-by arrangement (SBA). Geo News he learned on Thursday. According to Federal Board of Revenue (FBR) sources, the tax collection plan has been shared

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