Intelligence agencies have unearthed a racket involving 738 petrol filling stations, smugglers and officials, who collaborated to smuggle the Iranian petroleum products, inflicting an annual loss of Rs227 billion to the national exchequer. Some 533 petrol pumps, 100 corrupt officials and 105 Iranian oil smugglers are part of this racket, who have indulged in illegal trade of petroleum products.
Dr Shamshad Akhtar, a macroeconomist and the previous caretaker finance minister, said that no one believed a woman could stabilise the economy while recounting her “compressed” time in the finance ministry on Tuesday. While speaking as the chief guest at the Overseas Investors Chamber of Commerce and Industry (OICCI) women empowerment awards, Akhtar talked about her career in Pakistan and abro
With payables touching almost Rs550 billion ($1.98bn), the government is contemplating finalising a schedule of payments to Chinese Independent Power Producers (IPPs) before convening the 13th Joint Coordination Committee (JCC) of the China-Pakistan Economic Corridor. This will be followed by Prime Minister Shehbaz Sharif’s visit to Beijing, expected in the first week of June. Informed sources
The Federal Board of Revenue (FBR) has released a comprehensive list of 506,671 individuals who failed to file their tax returns for 2023. As a penalty, their mobile phone SIMs will be promptly blocked. The decision was issued in an Income Tax General Order (ITGO) no 01 of 2024, which said that the mobile SIMs for these individuals will stay blocked until restored by the FBR or the Commissioner
Oil and Gas Development Company Ltd (OGDCL) posted a 7.18 per cent increase in its profit after tax (PAT) to Rs171.104 billion (earnings per share at Rs39.78 ) in the first nine months ending March 31 of 2023-24. In a statement on Wednesday, the company said its net sales revenue was Rs348.164bn. The board announced an interim cash dividend of Rs2 per share or 20pc for the quarter ended March 3