The government on Wednesday reduced profit rates on all national savings schemes — except the regular savings account — including Sharia-compliant instruments, in line with a broader easing of interest rates. The savings account remains the only instrument with an unchanged profit rate of 9.5pc. The revised rates follow a decline in cut-off yields on government papers (such as T-bills) and
The Competition Appellate Tribunal has dismissed an appeal filed by Reckitt Benckiser in the Strepsils case due to non-prosecution, as the company’s counsel failed to appear, citing travel abroad — the same reason presented at the previous hearing. The tribunal rejected the adjournment request and noted that a fine of Rs50,000 had earlier been imposed on the counsel for failing to appear. W
Sales tax collection through the Point-of-Sale (PoS) system surged by 40 per cent in FY25, reaching Rs414 billion compared to Rs295bn in the previous year, reflecting a significant improvement in the documentation of retail sales. The Federal Board of Revenue (FBR) stated that the PoS system is helping to bring luxury retail items and affluent consumers into the tax net by targeting Tier-1 reta
In a remarkable fiscal performance, Karachi has emerged as the leading city in revenue collection for 2024-25, registering unprecedented growth in both federal and provincial tax receipts despite economic challenges. Federal tax collection in Karachi rose by 29 per cent year-on-year, while the Sindh Revenue Board (SRB) recorded a 29.5pc increase in sales tax on services. The city retained its s
As the National Electric Power Regulatory Authority (Nepra) decided on Tuesday to reduce the national average power tariff by Rs1.14 per unit, the move was criticised by industrialists and businesspersons from Karachi as being “too minuscule”. The decision to reduce the tariff was taken at a public hearing presided over by Nepra members Maqsood Anwar and Rafique Shaikh. The government team,