Senators from both sides of the aisle took exception to some proposals of the recently tabled supplementary finance bill when the house standing committee on finance discussed its measures and listened to industry representatives on Thursday. Most members of the Senate Standing Committee on Finance and Revenue agreed that the adverse effects of some measures on certain sectors should be mitigat
Minister of State for Petroleum Musadik Malik claimed on Thursday the latest gas price increase will mainly affect the rich as the poor remain protected from the tariff revision. Speaking to the press on the sidelines of a business summit, the minister said the prevailing gas prices are a symbol of elite capture, a term for the use of public resources for the benefit of a select few with superi
The Supreme Court on Thursday ordered the large-scale manufacturing industries to pay a 4 per cent super tax. A three-member bench comprising Chief Justice Umar Ata Bandial, Justice Ayesha A. Malik and Justice Athar Minallah heard the federal government and the Federal Board of Revenue (FBR) appeals regarding the recovery of super tax. It should be noted that various industries had challenge
Stocks closed higher on Wednesday as investors welcomed the recovery in the rupee’s value against the dollar likely because of the expected tranche from the International Monetary Fund (IMF). Arif Habib Corporation analyst Ahsan Mehanti said there was some midsession pressure on stocks owing to a downgrade by international ratings agency Fitch. In addition, uncertainty over the outcome of the F
THE inevitable came to pass yesterday when Finance Minister Ishaq Dar introduced additional tax measures in order to generate Rs170bn over the remainder of the current fiscal, ahead of the resumption of bailout talks with the IMF. The revenue to be generated, once parliament approves the bill, is supposed to help ‘balance’ this year’s budget by holding down the deficit to targeted levels and to