Just a day after the announcement of Rs50 subsidy on each litre of petrol for the ‘less privileged’, State Minister for Petroleum Dr Musadik Malik on Monday announced the government will provide petrol at Rs100 less than the official rate for motorbikes and cars of up to 800cc. “The initial working was to provide petrol at Rs50 less than the Ogra-notified rate to the people having motorcycles a
The Federal Board of Revenue (FBR) has made changes in the procedure for automatically processing refunds for five sectors in what it says is a step taken to facilitate exporters. The FBR’s Sales Tax General Order No. 09 states that the changes will be applicable from of March 2023 and will facilitate the cash-flow requirements of exporters, especially those operating in the textile sector. T
The crisis in the automobile sector continues to metastasise, with local tyre manufacturing Ghandhara Tyre and Rubber Company Limited (GTR) announcing its second plant shutdown for 2023 and Pak Suzuki Motor Company Limited (PSMCL) stating it has been hit adversely due to its inability to settle foreign currency liabilities. In a stock filing on Monday, GTR said it has decided to temporarily sus
US Ambassador Donald Blome has said that the US is Pakistan’s largest export market, and the US investment is seen coming to Pakistan more and more every year. He was speaking at the US-Pakistan Innovation Expo in Islamabad that showcased the success stories of US government-sponsored Pakistani startups. Ambassador Blome said that one of the top priorities of the US government was promoting
Despite odd situation on both economic and political fronts, the inflow of foreign direct investment in February increased by 10 per cent but the overall eight months’ inflows fell by over 40 per cent. The data released by State Bank of Pakistan on Monday shows that the FDI during February was $100.9 million compared to $90.8m during the same month of last year. The FDI has been declining since