ISLAMABAD: Philip Morris Pakistan Limited (PMPKL) underscored the urgency for immediate measures to tackle the escalating presence of low-priced non-tax-paid cigarettes, which has resulted in a loss of a level playing field and a significant decline in volumes within the legitimate tobacco sector. In a media briefing to address the profound challenges gripping the tax-paid […]
KARACHI: Pakistani currency on Wednesday hit a new four-week low at Rs278.40 against the US dollar in the inter-bank market, while gold surged to a fresh record high at Rs251,900 per tola (11.66 grams) in line with the global trend. According to State Bank of Pakistan’s (SBP) data, the rupee further dropped Rs0.11 on a […]
KARACHI: Pakistan’s central bank has once again found at least seven commercial banks, including leading ones, to have violated instructions on transactions in foreign currencies, imposing financial penalties totalling Rs775.54 million on as many as nine banks in the quarter ending March 31, 2024. The central bank has tightened its oversight of foreign exchange dealings […]
KARACHI: Pakistan Stock Exchange (PSX) on Wednesday continued its gradual movement towards south as investors opted for profit-booking after the market rose to its intra-day high above 70,700 points. As some investors were scared to invest at high levels, the market began the day on a negative note and the KSE-100 index dipped to the […]
LAHORE: The Pakistan Pharmaceutical Manufacturers Association (PPMA) has stressed the necessity of updating existing drug laws to align with global trends for the benefit of patients and the pharmaceutical industry. “Local industries are shutting down due to historically high input costs, the highest inflation, and bank markup rates in Asia. Multinationals are vanishing due to […]
WASHINGTON: Leading global financial organisations like the World Bank (WB), Asian Development Bank (ADB), and International Finance Corporation (IFC) have pledged their support for Pakistan’s economic stabilisation efforts through structural reforms, digital transformation, and privatisation. During sideline meetings at the International Monetary Fund (IMF) and World Bank-2024 Spring Meetings in Washington DC, Federal Minister for […]
ISLAMABAD: The government has drawn up a plan to provide affordable credit facilities to small and medium-sized businesses, which are considered a vital part of the economy and provide a large number of job opportunities. The matter was taken up in a recent meeting of the cabinet while discussing the acceptance of resignation submitted by […]
ISLAMABAD: As the country heads towards negotiating another International Monetary Fund (IMF) loan programme, textile millers have called on the government to formulate export-oriented policies by reducing energy tariffs and tax rates to make the industry competitive in the global market. In a letter to Finance Minister Muhammad Aurangzeb, the All Pakistan Textile Mills Association […]
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday said the government is committed to economic reform in an effort to ensure sustainable economic development in the country. The minister spoke at the JP Morgan Seminar on Pakistan’s Economic Policy Outlook. Read more: Waterways revolution: a green, blue future economy He outlined three important reform areas of taxation, […]
ISLAMABAD: Less than 50 retailers have so far voluntarily registered with the Federal Board of Revenue (FBR) and only two weeks remaining before the deadline expires, underscoring the challenges facing the government in registering all retailers in six major cities. Despite a mass campaign and Prime Minister Shehbaz Sharif’s focus on expanding the tax net […]
