Despite a surge in remittances and automobile sales, the stock market closed the week on a negative note due to uncertainty about the economic outlook amid growing political noise following the apex court’s landmark decision on reserve seats and new conditions imposed by the International Monetary Fund (IMF). Surprisingly, the IMF announced on Saturday morning that it had reached a Staff-Level
The PML-N led federal government has finally notified a phenomenal increase in power tariff for all consumers including those served by the K-Electric—a hike that is going to affect millions of power users across the country. The Power Division on Sunday issued the notification for the increase in the basic electricity tariff, raising the basic tariff for domestic consumers by up to Rs7.12 per
Pakistan has begun its new fiscal year by enforcing the Finance Act 2024 effective from July 1, 2024 onwards unless any retrospective implications have been specified otherwise. It has been noticed that the amendments earlier proposed by the Finance Bill 2024 and the amendments enacted have several differences. The most important question circulating these days is whether this Act is another do
Finally, the International Monetary Fund (IMF) deal has been clinched. After months of uncertainty about mistrust between Pakistan and the IMF with constant engagement, negotiations and conclusions, the authorities have reached an agreement. The lender is rightly perturbed to see the borrower being constantly unable to repay the previous debt and yet asking for more. But after observing the pol
Pakistan’s parliament passed the Finance Act 2024, which has come into force. Most of the media commentators, analysts and economists have criticised this year’s budget and called it tax laden. They are of the view that the government has burdened the existing formal sector and adopted new taxation measures, which would affect the masses to a great extent. The government has followed fiscal