The Federal Board of Revenue has frozen Pakistan International Airlines’ bank accounts over non-payment of taxes, a PIA spokesman said on Wednesday. The airline’s management was in contact with the FBR, the spokesman, Abdullah Hafeez Khan, said and hoped that the accounts would be unblocked soon. He insisted that flight operations and other activities of PIA were continuing as usual despite
A day after notifying a massive increase in basic electricity prices, the power regulator on Wednesday allowed K-Electric and other distribution companies (Discos) to charge an additional Rs29 billion from their consumers at the rate of Rs2.31 and Rs1.81 per unit, respectively, as monthly fuel cost adjustment (FCA). The consumers would be charged this extra amount in their August bills for the
The Federal Board of Revenue (FBR) has notified revised tax rates for non-active taxpayers to increase collection from those who are not willing to be part of tax rolls. The FBR has announced that there will be no tax deduction on cash withdrawals below Rs50,000 per day. In the last budget, the government introduced a 0.6 per cent tax deduction on cash withdrawals from non-filers, or not on the
While already paying close to Rs60 per unit inclusive of taxes, trade and industry leaders on Wednesday warned that the fresh hike of Rs7.5 per kWh will bring industrial and export activities to a standstill. Terming the tariff hike as anti-business, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh the country’s products have already become uncompeti
The share market continued its bull spell on Tuesday as the representative index of the stock market rose on better performance by energy and banking scrips. Arif Habib Corporation analyst Ahsan Mehanti said share prices closed on the higher side amid surging global crude oil prices and improving yields on treasury bills. Speculations ahead of major earnings announcements and institutional s