The Inland Revenue Service (IRS) has approached the Election Commission of Pakistan, urging the electoral body to prevent the interim government from what it deems an “illegal and unconstitutional” restructuring of the Federal Board of Revenue (FBR). The petition was filed during the inaugural meeting of a sub-committee of the federal cabinet, which remained inconclusive on Wednesday. A day ear
Despite easing import restrictions on opening letters of credit, Honda Atlas Cars Ltd (HACL) company’s profit plunged to Rs143m in October-December 2023 from Rs810m in the same period last year. In a stock filing on Wednesday, the auto assembler informed that its sales posted a steep drop to Rs12bn in the three months from Rs23bn in the same period ending December 2022. HACL did not declare
The Oil and Gas Regulatory Authority (Ogra) on Wednesday granted a 10-year licence for the sale of natural gas and regasified liquefied natural gas (RLNG) to a subsidiary of Sui Southern Gas Company Ltd (SSGCL) called SSGC-Alternate Energy (Pvt) Ltd. The SSGC established the subsidiary — SSGC-AE — about two years ago with the main objective of renewable energy business to diversify its existing
The government slashed treasury bill rates by up to 62 basis points in the auction held on Wednesday, but the amount raised fell short of the target. According to data released by the State Bank of Pakistan, the auction attracted Rs1.121 trillion from investors, but the government remained below the Rs225 billion target, raising only Rs184.6bn. A significant change occurred in the cut-off yi
In line with commitments with the multilateral lenders to contain ever-rising pension bill, the government has started inter-ministerial consultations for major pension reforms including reduced benefits in commutation and regular payments for existing pensioners and the beginning of a contributory pension scheme for current employees. A senior official at the Ministry of Finance told Dawn that