The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved major changes to the federal government’s pension system, set to be notified on July 1 after formal endorsement of the federal cabinet. The ECC, presided over by Finance Minister Muhammad Aurangzeb, also sanctioned nearly Rs500 billion in technical and supplementary grants just two days before the close of the fiscal
The Pakistan Stock Exchange (PSX) on Wednesday gained 335 points to close at 78,275 points, with analysts attributing the gain to expectations that the proposed budget would eventually be passed, which would then pave way for striking a deal with the International Monetary Fund (IMF). Last week, the PSX crossed 80,000 points during intraday trade before closing at a sustained record high. Th
The International Monetary Fund (IMF) has not only objected to Prime Minister Shehbaz Sharif’s Rs200 billion package aimed at reducing power tariff for industrial consumers by Rs10.69 per unit but also did not endorse the proposal of imposing wealth tax on all types of assets, including bank balances. The sources said that in lieu of reducing tax burden of some sectors, the government proposed
Despite severe economic challenges, the government may abolish up to a 15% additional income tax on the profits that banks make by extending loans to the cash-strapped finance ministry. This move could provide approximately Rs60 billion in benefits to a sector that earned Rs960 billion in profits last year. Senior government officials and banking industry sources informed The Express Tribune th
Petrol and high-speed diesel (HSD) prices in Pakistan are expected to rise from July 1 after four consecutive price cuts. Petrol is projected to increase by Rs7 per litre and HSD by Rs8 per litre due to higher international market rates. According to media report that international prices for petrol and HSD have risen by $4.4 and $5.5 per barrel, respectively, in the last fortnight. This cou