THERE is a debate in Pakistan on the foreign trade strategy we should pursue: export promotion, or import substitution? In much of the world, especially Southeast Asia, the debate has been won by export promotion to spectacular effect. We, however, are still confused, trying to carry out the best of both strategies and ending up with the worst of both. Import substitution is a strategy that see
Oil prices tanked more than two per cent on Wednesday as Opec+ producers unexpectedly delayed a meeting on production cuts, raising questions about global crude supplies. Brent futures fell $2.02, or 2.5pc, to $80.43 a barrel by 12:35 p.m. (1735 GMT), after falling as low as $78.41. US West Texas Intermediate crude was down $2.04, or 2.6pc, at $75.73, after hitting a session low of $73.79. O
Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed on Wednesday formally launched the new pension system for the civil servants of Khyber Pakhtunkhwa (KP). Speaking at a ceremony to mark the implementation of the Voluntary Pension System (VPS) in Peshawar, Mr Saeed said that it was a significant step towards efficient management of the fiscal space for any government.
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