Traders across major cities of Pakistan observed a shutter-down strike on Wednesday against the government’s much-touted tax reforms, including the Tajir Dost Scheme. In March, the Federal Board of Revenue (FBR) introduced the ‘Tajir Dost Scheme’ to bring traders and wholesalers into the formal tax structure as required by the International Monetary Fund (IMF). The move had led to concerns and
Global rating agency Moody’s on Wednesday upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. The international rating agency — one of the top three global rating firms — said its decision to upgrade was due to “Pakistan’s improving macroeconomic conditions and moderately better government liquidity and external positions, from very weak le
Due to the increased operating expenses and jump in the financing cost, the Pakistan Telecommunication Company Ltd (PTCL) suffered a massive loss of Rs3.4 billion during April-June 2024. The financial results presented to the Pakistan Stock Exchange (PSX) on Wednesday showed that the loss surged 61 per cent compared to Rs2.1bn in the same period last year. The increase in losses comes d
The repatriation of profits and dividends in July this year surged compared to the same month last year, reflecting a major policy shift by the State Bank of Pakistan (SBP), which had maintained stringent control over outflows during the previous fiscal year. According to the latest data released by the SBP on Wednesday, profit and dividend outflows reached $139.1 million this July, a sharp ris
Politicians belonging to the ruling coalition as well as the opposition reaffirmed unwavering support to the China-Pakistan Economic Corridor project on Wednesday, terming it a lifeline for the country’s economy. The speakers made this observation at a mutltiparty moot held at Pakistan-China Institute on Wednesday. Senator Mushahid Hussain Syed, chairman of the institute, termed ties with Ch