Federal govt to implement seven new tax measures with IMF approval
The federal government of Pakistan has reached an agreement with the International Monetary Fund (IMF) to implement seven new taxation measures during the fiscal year 2024-25 if revenue collection falls short of the projected target by 1 per cent in the current fiscal year. According to the IMF’s “Extended Arrangement
Economy shows signs of recovery amid govt-military collaboration
Pakistan’s economy is showing significant signs of recovery due to the coordinated efforts of the federal government and military leadership, dispelling widespread rumors of a possible default. Moreover, positive economic developments in recent days have signaled a brighter future of growth and prosperity for the country. The State Bank of
Pakistan tractor industry on verge of collapse amid new sales tax
Pakistan’s tractor industry is on the brink of collapse following the imposition of a 10 percent sales tax, which has thrown the sector into an unprecedented crisis, according to industry sources. The potential shutdown threatens the livelihoods of 500,000 families and directly impacts around 200,000 workers employed within the industry.
Government increases subsidy at utility stores
The Economic Coordination Committee (ECC) of the Cabinet approved a higher monthly subsidy disbursement to the Utility Stores Corporation (USC) on Thursday. Furthermore, the ECC set a turnover tax of 1.25 percent on the USC. In a meeting chaired by Finance Minister Muhammad Aurangzeb, the ECC also approved a request
Fitch upgrades Pakistan’s credit Rating to CCC+ following IMF deal
WEB DESK: Global credit rating agency Fitch has upgraded Pakistan’s long-term foreign-currency issuer default rating (IDR) to CCC+ from CCC, a significant improvement driven by the country’s recent deal with the International Monetary Fund (IMF). The upgrade, confirmed on Monday, reflects greater certainty over the continued availability of external funding
Electricity prices reach all-time high under PML-N government
In Prime Minister Shehbaz Sharif’s first month in office, the average electricity cost per unit in Pakistan surged to a record Rs42.59. According to Power Division documents, March 2024 saw the highest electricity rates ever paid by citizens in the country. The National Electric Power Regulatory Authority (NEPRA) received a
Here’s how much mobile phone prices have increased after 18% GST
After the federal budget for 2024-25 introduced an 18% GST, mobile phone prices have reached unprecedented levels, causing widespread concern among consumers. The most significant price hike is seen in phones costing Rs 200,000, which are now Rs 36,000 more expensive. Phones priced at Rs 150,000 have increased by Rs
IMF recommends Pakistan to increase GST to 18 pc
WEB DESK: The International Monetary Fund (IMF) has proposed that Pakistan elevate its general sales tax (GST) to 18 per cent, as disclosed in recent discussions between the IMF delegation and Pakistani authorities regarding a potential new loan arrangement. During four extensive rounds of talks, the IMF mission expressed concerns
Massive relief: petrol price reduced by Rs15 per litre
WEB DESK: The cost of petrol in Pakistan has undergone a significant reduction, plummeting by Rs15 per litre to reach Rs273.1 per litre. Simultaneously, diesel prices have also seen a decrease of Rs7 per litre, now standing at Rs274.8 per litre. These adjustments are slated to be enforced starting from
Petrol, diesel prices likely to fall next month due to global oil price dip
Government adjustments to petroleum product prices every 15 days respond to fluctuations in global oil prices.
