People work near the headquarters of the Pakistan Telecommunication Authority (PTA) in Islamabad, August 16, 2024. — AFP KARACHI: The Pakistan Telecommunication Authority (PTA), in its annual report for 2024, said that even with increasing broadband penetration, Pakistan will experience a difficult transition to 5G, News reported Thursday. There are concerns over the financial challenges … Read more
Finance Minister Muhammd Aurangzeb (L) attends a press conference alongside FBR Chairman Rashid Mahmood Langrial in Islamabad on December 26, 2024. — Screenshot via Geo News ISLAMABAD: Amid strenuous efforts of Prime Minister Shehbaz Sharif’s government to widen the tax net and increase revenue generation, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial has … Read more
An illustration shows U.S. $100 bank notes taken in Tokyo, August 2, 2011. — Reuters Improvement based on the stabilization of macroeconomic indicators. A healthier external account also plays a role in development. Miftah Ismail says “it’s great that the risk has reduced so much.” KARACHI: Pakistan’s perceived default risk has declined sharply, as evidenced … Read more
A representative image of containers stored at a facility. — AFP/file KARACHI: Pakistan’s exports to the European Union (EU) increased by 14 per cent to $4.8 billion in the first five months of the current fiscal year, compared to $4.2 billion in the same period last year, official trade data showed. In November alone, exports … Read more
Representative image of a Pakistani trader counting money in a store in Islamabad. — AFP/File A recently introduced bill may pose major challenges to meeting revenue goals. The government could achieve a “breakthrough” in ongoing negotiations with the banks within a few days. The government has so far ruled out the possibility of any mini-budget … Read more
The stock market was turbulent on Tuesday as investors remained cautious after recent volatility and optimism over improving macroeconomic indicators. The market started well thanks to political stability and supportive monetary policies, then oscillated with the appearance of profit-taking. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index initially rose 1,112.08 points, or 0.98 percent, to … Read more
A unit of the Kuwait Petroleum Corporation. — AFP/File KUFPEC will “recover its investments” by selling assets. The company’s decision has raised serious concerns among policymakers. PEL also confirms having made advance payments to KUFPEC. ISLAMABAD: Kuwait Foreign Petroleum Exploration Company (KUFPEC) has started the process of exiting Pakistan’s oil and gas sector by selling … Read more
A vendor displays different fruits to attract customers at his stall in Hyderabad on February 11, 2023. — APP FBR chief admits revenue leakage of Rs1.2tr in income tax sector. Langrial presented strict measures to improve tax compliance. The official admits that falling inflation has affected revenue collection. ISLAMABAD: Federal Board of Revenue (FBR) Chairman … Read more
Stock brokers monitor news on a television screen at a stall, during a trading session at the Pakistan Stock Exchange, in Karachi, July 3, 2023. — Reuters The Pakistan Stock Exchange (PSX) started the week on a high note, jumping more than 4,000 points as political calm returned after a period of increased unrest. The … Read more
View of a Pakistan International Airlines (PIA) passenger plane. — APPLICATION/File The IMF waives taxes and shifts debts to help sell PIA. The resumption of European flights strengthens the prospects of privatization. Privatization to restore PIA’s competitiveness and efficiency. ISLAMABAD: Pakistan International Airlines (PIA) is set to be privatized, freed from its existing obligations, in … Read more
Representative image of a trader reading a newspaper while selling betel leaves, cigarettes and sweets in Karachi. — Reuters/File The PM emphasizes the use of video analytics to improve revenue collection. Leads its rapid implementation in cement and tobacco industries. Premier calls for early completion of digitalization of FBR value chain. LAHORE: As the federal … Read more
A representative image of pylons and power lines. — Reuters/File The Ministry of Energy writes a letter to the Ministry of Finance in this regard. The FY25 budget includes Rs 1,229 billion in energy subsidies. The IMF recommends institutionalizing anti-theft procedures. ISLAMABAD: To avoid slippages due to the escalation of circular debt agreed with the … Read more