KARACHI: Cham Wings Airlines, a Damascus-based airline, has started flying in Pakistan, with its maiden aircraft landing at Karachi’s Jinnah International Airport today. In Pakistan, Cham Wings Airlines has officially begun operations. Cham Wings Airlines’ inaugural flight from Damascus will arrive at Karachi airport at 2:15 pm today. More than 150 passengers will arrive in […]
Finance
New monetary policy to be announced by SBP today
KARACHI: On Tuesday, the State Bank of Pakistan (SBP) will announce its new monetary policy (today). The central bank’s Monetary Policy Committee (MPC) will convene today to discuss economic indicators and make a decision on key policy rates. The SBP is set to raise its policy rate by 125 basis points to handle inflation and […]
From December 16, the government may lower the price of petrol by Rs11 per litre, according to reports
From December 16, the government may lower the price of petrol by Rs11 a litre, according to reports. According to industry insiders, the price of diesel is projected to drop by Rs9 per litre, and the government will finalise petroleum product prices after either hiking or lowering tax rates. The price of crude oil has […]
In five months, remittances increase by 10% to $12.9 billion
KARACHI: Workers’ remittances increased by about 10% to $12.9 billion in the first five months of this fiscal year compared to the same period last year, according to figures issued by the State Bank of Pakistan (SBP). In November 2021, inflows totalled $2.4 billion, continuing “their good trend of remaining above $2 billion since June […]
After years of deficits, Saudi Arabia projects a budget surplus
Saudi Arabia approved its budget for 2022 on Sunday, anticipating a surplus for the first time since the 2014 oil price crash. The world’s largest oil exporter’s fiscal condition has improved, according to King Salman, “after the Kingdom of Saudi Arabia has weathered the economic implications and exceptional stages of the coronavirus pandemic.” Cited by […]
FBR holds off on property valuation till January 16
ISLAMABAD: The Federal Board of Revenue (FBR) has put a hold on new property valuations until January 16, 2022, in order to investigate inconsistencies that have been highlighted by key stakeholders. The news was issued on the country’s official Twitter account by the country’s supreme tax collection body. The FBR has taken notice of a […]
In a mini project, FBR proposes phasing out Rs350 billion tax exemptions: Sources
ISLAMABAD: According to reports, the Federal Board of Revenue (FBR) has delivered a draft of the updated finance bill to the Ministry of Law for the presentation of the mini-budget. The financial bill would be brought to Cabinet after the law ministry approves it, according to sources. According to reports, the updated financial bill includes […]
Tax collection surged by 35% in November: Farrukh
Minister of State for Information and Broadcasting Farrukh Habib said on Wednesday that tax collection in November 2021 stood at Rs470 billion and witnessed an increase of 35 per cent as compared to the previous year. In his tweet, he said this meant that despite coronavirus economic activity in Pakistan was booming and businesses flourishing.
IMF looking for reforms to boost personal income and corporate taxation: FBR chairman
ISLAMABAD: The Fund is requiring reforms to increase personal and corporate income taxes, remove GST inefficiencies, and provide sustainable revenue collection mechanisms, according to Federal Board of Revenue (FBR) Chairman Dr Ashfaque Ahmed, underscoring the necessity for the IMF programme. Addressing the Pakistan Prosperity Forum 2021 here on Wednesday, Ashfaque Ahmed said, “The reforms in […]
For the continuation of the loan facility, the IMF demands five essential actions: Shaukat Tarin
ISLAMABAD: The IMF offered Pakistan a list of five significant previous steps for the reinstatement of its $6 billion Extended Fund Facility, Adviser to the Prime Minister on Finance Shaukat Tarin. Talking to reporters after addressing the Corporate Philanthropy Awards 2019-20, Shaukat Tarin said the five prior actions going to be implemented by Pakistan include […]