A representative image showing cars lined up in an open area. — Reuters/File The trend appears temporary, says an automotive sector expert. November sales were down 25% month over month. The automotive sector is showing promising signs, according to an expert. Passenger car sales in the country increased by 62% on a year-on-year (YoY) basis … Read more
Electricity transmission towers are pictured in Karachi on July 26, 2022. — Reuters The project will include the installation of advanced metering infrastructure. At least 25 network stations are to be built and upgraded in Lesco. The voltage of four stations on the Sepco network will be increased to 132 kV. ISLAMABAD: The Asian Development … Read more
A currency changer counting $100 bills. — AFP/File Stable flows from the UAE “reflect” strict exchange controls. The SBP and the government expect remittances to reach a record high of $35 billion in FY25. During political unrest, remittances have demonstrated resilience. KARACHI: Data from the State Bank of Pakistan (SBP) on Monday revealed that remittances … Read more
Prime Minister Shehbaz Sharif chairs a federal cabinet meeting in Islamabad in this undated photo. — APPLICATION/File The government claims the move would save the national exchequer Rs238 billion. The Prime Minister said the government was taking all possible measures to reduce electricity tariffs. “A mechanism has been developed to enable the safe evacuation of … Read more
Jinnah International Airport in Karachi. — Facebook Jinnah International Airport/File ISLAMABAD: The Federal Board of Revenue (FBR) has withdrawn its previous notification proposing restrictions on passengers bringing more than one mobile phone from abroad. The decision follows directives from FBR Chairman Rashid Mahmood Langrial who ordered an immediate halt to the implementation of the amendments … Read more
Representative image showing a person using a calculator for tax purposes. — AFP/File Banks face higher taxes under the revised ADR formula. The end-of-year ADR could move to calculating the annual average. The exclusion of certain advances could increase the tax obligations of banks. Analysts said on Monday that the committee formed by Prime Minister … Read more
People gather to welcome arriving passengers at the international arrivals area of Islamabad International Airport, in Islamabad, Pakistan, February 3, 2020. — AFP The Federal Board of Revenue (FBR) on Monday imposed a complete ban on passengers carrying goods from other countries to Pakistan in “commercial quantity”. The tax collection authority has issued a notification … Read more
A general view of the Burj Khalifa and the skyline of downtown Dubai, United Arab Emirates, June 12, 2021. — Reuters DMTT is part of the OECD Global Minimum Corporate Tax Agreement. The United Arab Emirates is considering introducing corporate tax incentives. The incentive would provide a refundable tax credit of up to 50%. DUBAI: … Read more
In this file photo, migrant workers walk pushing bicycles down a street in Dubai’s Satwa district. — AFP/File ISLAMABAD: Overseas Employment Corporation (OEC), a department under the Ministry of Overseas Pakistanis and Human Resource Development (OP&HRD), is set to export skilled and unskilled manpower including healthcare professionals, to the Kingdom of Saudi Arabia and the … Read more
A liquefied natural gas (LNG) tanker is towed by boats. — Reuters/File SNGPL has requested LNG cargo due to the expected increase in demand. PPL is unable to decide due to variables in demand projections. The current landed cost of LNG cargoes is close to $10 per MMBTU. ISLAMABAD: The board of directors of Pakistan … Read more