The Federal Board of Revenue (FBR) has detected a reputed company evading billions of rupees in sales tax through the use of illegal credit notes. On June 20, the Directorate of Intelligence and Investigation (Inland Revenue) in Lahore recovered sales tax amounting to Rs1.358 billion and a default surcharge of Rs26 million. An official announcement of the FBR released on Wednesday said that
With K-Electric’s payables to the national grid at Rs592 billion and rising at Rs16bn per month, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday decided to increase KE’s consumer tariff by Rs1.52 per unit for a year earlier blocked by the private utility for over three years through litigation. On top of this, the ECC led by Finance Minister Ishaq Dar also decided to injec
Payments company Mastercard on Wednesday launched a global project to recycle credit and debit cards as part of a plan to save the billions of cards in circulation across the industry from landfill. Initially partnering with British lender HSBC Holdings Plc in eight branches in Britain, Mastercard said banks across the world, some of which have launched local initiatives, would be able to join
The government is persuading Europe and China to route their gas supplies from Central Asian nations through Gwadar to ensure their energy security in a changed global environment in the wake of the Russia-Ukraine war. Minister of State for Petroleum Musadik Malik told journalists on Wednesday that Central Asian states — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — we
The financial sector saw Finance Minister Ishaq Dar’s meeting with US ambassador Donald Blome in Islamabad on Wednesday as a positive development while the currency markets indicated their satisfaction with a calm day for the exchange regime. The meeting has revived hopes for a breakthrough in negotiations with the International Monetary Fund for the release of $1.2 billion tranche. A statem