Claiming that the proposed federal budget 2024-25 practically cancelled the recently announced policy for setting up new and upgrading existing refineries, the oil industry has asked the government to revive the existing taxation regime, including continuing customs duty on diesel and sales tax laws on all petroleum products. In a representation to the federal ministers for finance and petroleu
The government’s borrowings in the first 11 months of the outgoing fiscal year have exceeded the combined figure of the two preceding fiscal years. This huge borrowing from banks was made when the interest rate was unprecedentedly high, at 22 per cent, indicating the size of debt servicing will enormously increase and exceed the budget estimates for the upcoming fiscal year. According to the
As the outcome of the caretakers’ wheat import scandal is still pending, traders are now urging the government to allow export of wheat and its related products. Cereal Association of Pakistan (CAP) Chairman Muzammil Chappal claimed that the country has a surplus of 3.9 million tonnes of wheat, and the association has asked Prime Minister Shehbaz Sharif to allow its export immediately. He sa
Despite being a shortened two-day trading week, the Pakistan Stock Exchange (PSX) scaled a fresh peak above 78,800 points over investor enthusiasm following no increase in taxes on capital gains and dividend incomes and over hopes of striking a new loan agreement with the International Monetary Fund (IMF). The bourse snapped gains of over 2,100 points during the week as many investors were also
Prime Minister Shehbaz Sharif recently praised the remarkable success story of Shenzhen, heralding its evolution into the city of the future. Once a modest fishing village, Shenzhen has emerged as a dynamic hub of modern technology, development, and innovation. With its GDP growing steadily, Shenzhen’s journey of transformation commenced in 1978 with a modest GDP of $40 million, soaring to an impr