Finance Minister Shamshad Akhtar has directed the Federal Board of Revenue (FBR) to prepare a proposal for revamping the tax system and increasing the tax-to-GDP ratio, which has remained stagnant for years, Dawn has learnt from official sources. The FBR officials, however, have expressed reservations about the feasibility and impact of the proposed restructuring plan and have suggested that po
The crackdown against illegal currency dealers has proven highly fruitful, as the dollar rate in the open market fell below the price at the interbank market on Monday. Currency dealers have reported that the open market is now flush with dollars and will sell more than $100 million to the banks this week, while they sold $20m in the last two days of the previous week. The State Bank of Paki
Despite strong opposition from Karachi-based industrial and political leaders and serious concerns from members of the National Electric Power Regulatory Authority (Nepra) over the detrimental economic impact of rising energy prices, the Power Division on Monday sought staggered application of about Rs10 per unit increase in K-Electric’s applicable tariff. At a public hearing presided over by N
The caretaker government’s crackdown across Pakistan against illegal foreign currency transactions, electricity, and gas pilferage and hoarding of sugar — all at the same time — has delivered some initial results. The rupee has regained some of its lost value against the US dollar, sugar prices that skyrocketed in recent weeks have started to fall, and the speed with which power from utilities
Campaign finance inequality in Pakistan is expected to worsen during the upcoming election cycle. An amendment to the Election Act 2017 has created a loophole, allowing wealthy candidates and those backed by special interests to exceed campaign spending limits without fear of legal consequences. It is an incontestable fact that money in politics can tilt the playing field, erecting formidable b