Hub Power (Hubco), the country’s largest independent power producer, said on Wednesday it was seeking an extension to $51 million in bank guarantees to protect its coal-fired power plants, a crucial source of stable power amid Pakistan’s rising use of solar. The guarantees, previously short-term, would now stay in place until 2034 to cover future loan repayments and potential penalties, the com
A meeting of the committee formed by the prime minister to oversee the closure and privatisation of the Utility Stores Corporation (USC) was held at the Finance Division on Wednesday. Chaired by Finance Minister Muhammad Aurangzeb, the meeting was attended by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, secretaries of the Establishment, Finance, and I
The Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to extend the deadline for filing sales tax returns for June, citing frequent portal downtimes and persistent login failures on the IRIS system. In a letter addressed to the FBR chairman, the KTBA highlighted operational hurdles faced by taxpayers, consultants, and corporate entities under the current authen
The Punjab Assembly’s Standing Committee on Excise has approved a bill amending the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958) for introducing a reward mechanism for individuals, both citizens and excise officials, who report cases of tax evasion. The proposed legislation likely to sail through the House says that any person who provides credible information leading to the detect
The Pakistan Stock Exchange (PSX) came under pressure on Tuesday, with the benchmark KSE-100 index snapping its upward streak as investors opted for profit-taking amid mounting concerns over sweeping taxation measures and a nationwide strike call by trade and industry on July 19. The session opened on a positive note, driven by continued bullish sentiment from the previous day, as heavyweight