Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has asked the Federal Board of Revenue (FBR) to help strengthen the industry and exporters by timely releasing sales tax refunds, instead of sending them audit notices. In a statement, the association pointed out that more than 51% of tax revenue was being collected from the manufacturing sector, though its share in gr
Former Governor Punjab Chaudhry Muhammad Sarwar said that he had played an active role in getting the GSP-plus scheme from the European Union for Pakistan and is still working hard to get an extension of this scheme. Addressing the business community during his visit to the Islamabad Chamber of Commerce and Industry (ICCI), he said, “Pakistan will hopefully get the EU GSP-Plus facility for the
National Transmission & Despatch Company (NTDC)’s failure to lay transmission lines to evacuate electricity from Thar coal-based power plants has come under fire again, with concerns that this could burden consumers with a cost of up to Rs80 billion. Despite the reduction in electricity rates for February 2023, on account of fuel adjustment charges, consumers of power distribution companies (Di
Investors sold stocks on Wednesday to book profits, leading the representative index of the share market to close on the lower side. Topline Securities said buying interest was visible in selected blue-chip stocks during the early trading hours. But the news of the arrest warrant for PTI chairman Imran Khan dented the momentum. The news flow compelled the stock market to shed its early gains
China is working on a request by Pakistan to roll over a $2-billion loan that matured last week, a top finance ministry official told Reuters. The rollover is critical for the country as its foreign exchange reserves have dipped to just four weeks’ worth of imports at a time when it is locked in talks with the International Monetary Fund (IMF) to secure bailout funds. “It is a work in progre