Tax collection by the Federal Board of Revenue (FBR) fell short of the target by almost Rs1 billion in March, mainly due to a drop in domestic taxes and customs duty, provisional figures showed on Saturday. The revenue collection in March stood at Rs878bn against a projected target of Rs879bn. It increased by 32.62pc compared with Rs662bn in the corresponding month last year. These figures w
Despite the rupee’s impressive recovery against the dollar, which led to a declining trend in the landed cost of imported items, mainly petroleum products, over the last six months, consumers have not experienced any significant price relief. This situation indicates that the market players have deliberately not passed on the real impact of the global decline in commodity prices, thanks to the
Ahead of Eidul Fitr, the newly elected government on Sunday hiked the price of petrol by Rs9.66 per litre for the next fortnight. In an announcement before midnight, the Ministry of Finance said the new price of petrol would go into effect on April 1, as recommended by the Oil and Gas Regulatory Authority (Ogra). The new price of petrol is now Rs289.41 per litre from the previous Rs279.75
All causes, economic or political, need at least one champion to survive and thrive. Muhammad Ali Jinnah played that role in rallying support for a separate homeland for Indian Muslims, BR Ambedkar for the oppressed castes, Jawaharlal Nehru for the third world, Elon Musk for electric vehicles, and Kerry Packer for the commercialisation of cricket. Notwithstanding the need for robust institution
Pakistan has been facing a default-like situation and is nearly bankrupt, Defence Minister Khawaja Asif said on Sunday, attributing the crisis to widespread tax evasion by the big fish. The minister said major sectors like retailers and wholesalers were reluctant to fulfil their tax duties, which he added was a primary cause of the country’s economic woes. Talking to the media in his hometo