Pakistan’s overseas workers’ remittances surpassed the country’s export earnings in the first half of fiscal year 2024-25, despite the Prime Minister’s emphasis on boosting exports. Official data reveals that remittances totaled $17.645 billion in this period, compared to $16.561 billion in exports, creating a $1.084 billion gap. In December 2024 …
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The Chairman of the Federal Board of Revenue (FBR), Rashid Mehmood Langrial, has acknowledged that Pakistan’s tax rates are flawed and need to be corrected. Speaking at the ThinkFest event held at Alhamra Hall in Lahore, Rashid Mehmood Langrial stated that Pakistan is a poor country where a significant portion …
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The local banks in Pakistan have reportedly been involved in a tax evasion scam by manipulating the Advance-to-Deposit Ratio (ADR). At present, a banking company’s income, profits, and gains are taxed at the standard rate of 39%. Additionally, banking companies are subject to a Super Tax at progressive rates ranging …
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The Board of Directors of Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest Exploration and Production (E&P) company, has reappointed Ahmed Hayat Lak as the Managing Director and Chief Executive Officer (CEO) for a term of three years. The listed E&P company informed the Pakistan Stock Exchange (PSX) of …
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The officials of the National Electric Power Regulatory Authority (NEPRA) have revealed that the imposition of fixed charges on consumers aims to cover capacity payments, which currently stand at an annual figure of Rs 2 trillion. In a meeting of the National Assembly’s Standing Committee on Power, chaired by Muhammad …
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The Pakistan Telecommunication Authority (PTA) investigation has revealed that internet slowdowns and disruptions in Pakistan have caused damage to the internet infrastructure and foreign exchange reserves. The PTA’s investigation into internet slowdowns and disruptions across the country has revealed several points. According to PTA briefing papers, during internet disruptions in …
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Finance Minister Muhammad Aurangzeb has announced that the government is moving towards reducing its expenditures. He stated that 60% of vacant positions in federal ministries and departments, which had not yet been filled, have been eliminated. This equates to approximately 150,000 positions that will no longer be filled. While addressing …
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Finance Minister Muhammad Aurangzeb has announced that no complaints have been received regarding the opening of Letters of Credit (LCs), and no foreign company has been hindered from repatriating its profits. He emphasized that these factors indicate there is no pressure on the currency. Speaking during a briefing to the …
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The National Assembly’s Standing Committee on Information Technology (IT), chaired by Syed Aminul Haque, has summoned the Minister of Interior and the Chairman of the Pakistan Software Houses Association (P@SHA) to address concerns related to internet disruptions and damages. Minister of State for IT, Shaza Fatima, questioned the accuracy of …
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Federal Minister for Power, Awais Leghari, announced that the privatization of the electricity distribution system is in progress, and by 2025, the government will no longer manage the buying and selling of electricity. Addressing a press conference in Islamabad, the minister highlighted that electricity trading between consumers and companies at …
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