The caretaker government has recently announced its decision to separate Pakistan Customs and Inland Revenue Services (IRS). This action has reignited the rivalry between these two tax groups, leading to a renewed exchange of rhetoric after a gap of 14 years. Back in 2009, a significant reform separated sales tax from customs, and its operation was handed over to the IRS. Despite facing opposit
Mari Petroleum Company Ltd has successfully drilled a third horizontal development well, which has been tested at the rate of around 17 million standard cubic feet per day (mmscfd) of gas. As opposed to a vertical well that’s drilled downwards, a horizontal one is drilled off a vertical borehole at an angle of at least 80 degrees. Mari-124H is located within Habib Rahi Limestone Reservoir of
The Asian Development Bank (ADB) on Monday announced that it has approved $155.5 million in financing for Pakistan that will support policy reforms enhancing women’s access to finance and providing credit to women-led micro, small, and medium-sized enterprises. In a statement, the Manila-based lending agency said the financing comprised a $100 million policy-based loan that supports legal and r
The Chinese government has agreed to consider a request to amend the existing Free Trade Agreement (FTA), supply trade finance in yuans and provide loans to assist industry relocation to Pakistan. The requests were made during Pakistan’s Interim Commerce Minister Gohar Ejaz’s visit to China, where he is leading a 20-member group. Pakistan and China have come to a mutual understanding to revise
Auto assemblers continued to face a highly disturbing situation as year-on-year car sales plunged 53 per cent, trucks 48pc, buses 45pc, light commercial vehicles, pickups and vans 37pc, and two/three-wheelers recorded a 13pc drop during the first five months of FY24. However, brisk agricultural indicators significantly boosted the sales of tractors (Massey Ferguson and Fiat) by 98.19pc to 20,80