While local refineries and oil marketing companies complain about falling capacity utilisation and sales, around 10 million litres of Iranian petrol and diesel are smuggled into Pakistan every day through land and sea routes, causing a more than Rs227 billion annual revenue loss. It was revealed in a joint report by intelligence agencies to the Petroleum Division. Sources said the report entail
After an unsuccessful voluntary registration push for the Tajir Dost Scheme (TDS), the Federal Board of Revenue (FBR) has proposed increasing withholding tax on supplies to non-filer wholesalers and traders, official sources told Dawn on Wednesday. The FBR announced a sweeping registration drive under the TDS, offering incentives to traders and wholesalers to register voluntarily into the forma
Pakistan Stock Exchange (PSX) on Monday came under heavy selling pressure as the KSE-100 index slumped nearly 1,050 points amid uncertainty surrounding the State Bank of Pakistan (SBP)’s policy rate announcement ahead of new loan talks with the International Monetary Fund (IMF). Although trading began on a positive note, reflecting the sharp gains recorded in the previous session, market sentim
Pakistan’s Ambassador to Iran, Muhammad Mudassir Tipu, discussed the challenges and opportunities for enhancing bilateral trade between Pakistan and Iran. He stressed the need for the trade bodies of both countries to further strengthen bilateral relations, as per a press statement released on Monday. “We are working on institutionalising barter trade with both countries. Iran trades with other
The effective protection of intellectual property rights (IPR) is mandatory for attracting and retaining foreign direct investment (FDI) in the country as infringements have caused a loss of up to Rs800 billion to the public exchequer last year, according to an OICCI survey. “Companies also reported a total loss of 20% of their turnover due to these infringements,” Overseas Investors Chamber of