In what appears to be a major move, the Federal Board of Revenue (FBR) on Wednesday notified the imposition of a 40 per cent tax on windfall income, profit and gains earned by banks from foreign exchange transactions over the past two years. Banks are required to deposit the tax amount with the FBR by Nov 30. However, the deadline may be extended to Dec 15, if a valid justification is provided
Almost all the provinces and distribution companies as well as the power regulator have raised questions over the revised Rs510 billion investment plan for transmission system to be implemented by the National Transmission and Despatch Company (NTDC) over three years (2023-25). Similar objections were raised by provinces in January this year over insufficient allocations for evacuation of power
Imports of completely knockdown kits (CKD) by the local car assemblers plunged 58 per cent to $23 million in October from $54m in September. This is the lowest monthly CKD imports recorded by the country and is also lower than the average seen during Covid times. Car production may further reduce during the next couple of months, Muhammad Tahir of Sherman Securities claimed. Interestingly, a
In a strategic move to boost the country’s exports, the Ministry of Commerce has established two powerful export advisory councils to devise a strategy for the promotion of textile and non-textile products. The councils will be tasked with developing sector-specific strategies to increase export volumes, according to two notifications issued by the commerce ministry on Wednesday. These counc
Discretionary spending by parliamentarians under the Sustainable Development Goals Achievement Programme (SAP) accounted for more than a third of the total federal development expenditure in the first four months of the fiscal year, official data showed on Wednesday. The disproportionate funding towards parliamentarians’ schemes under SAP, whose discretionary funds are considered a tool to mu