The Ministry of Industries and Production (MoIP) has reportedly not renewed the manufacturing certificates of automobile assemblers who have failed to meet export targets. Under the Auto Policy 2021-26, the manufacturers shall export 10 per cent of their import value by June 2026. To achieve this target, nearly 2pc addition in export is mandated so that total export shall be 10pc in five years
Enforcement actions in the July-September quarter against four banks by the State Bank of Pakistan (SBP) resulted in penalties worth Rs83 million, down 76.3 per cent from the fines of Rs350.8m imposed in the preceding three-month period. The central bank takes “supervisory enforcement actions” when banking entities become non-compliant with regulations. It usually imposes penalties but may als
Oil prices rose about one per cent on Wednesday on worries about the conflict in the Middle East escalating. Limiting gains, the United States reported increased crude stockpiles as demand worries stemming from gloomy economic prospects in Europe weigh. Brent futures rose $1.07, or 1.21pc, to $89.14 a barrel at 1:16 p.m. (1716 GMT). US West Texas Intermediate (WTI) crude rose 69 cents to $
A staggering 15 million individuals, including agricultural income earners, are currently not paying any tax, the Federal Board of Revenue chairman disclosed on Wednesday. “This figure represents a significant portion of the population that remains outside the tax net,” Zubair Tiwana told a meeting of the Senate Standing Committee on Finance. It was chaired by Senator Saleem Mandviwalla.
The escalating war in the Middle East has changed forex market sentiments as investment inflows dried up creating dollar shortages in banks resultantly the greenback started to appreciate amid strong demand, especially from importers. Bankers dealing in the currency market said the importers were unable to find dollars even at a rate higher than quoted in the banking market. “Banks have