The government on Thursday reported more than Rs2.2 trillion worth of tax evasion through ‘fake’ and ‘flying’ invoices over the past two fiscal years, highlighting the massive scale of loss of public monies due to weak enforcement. Testifying before the Senate Standing Committee on Finance and Revenue, Federal Board Of Revenue (FBR) Member Hamid Atique Sarwar said that more than Rs873bn in ‘fak
The annual security survey conducted by the Overseas Investors Chamber of Commerce and Industry (OICCI) for the period June 2024 to May 2025 has reported a measurable improvement in the overall security environment, particularly in the business hubs of Karachi, Lahore, and Islamabad. However, a fragile security situation in Balochistan continues to undermine investor confidence. The survey, bas
The European Central Bank held interest rates steady on Thursday as policymakers waited to see whether the eurozone would be hit by higher US tariffs threatened by President Donald Trump. The pause brought to an end a streak of consecutive cuts stretching back to September 2024 that has seen the ECB slash its benchmark deposit rate to 2 per cent. The swift reduction in borrowing costs for bu
Tobacco growers who failed to sign agreements with companies of their choice before cultivating the crop are now facing severe difficulties in selling their produce, officials from multinational and local firms, as well as concerned farmers, told Dawn on Thursday. As the curing and procurement process gains pace across the district, farmers are working round the clock but struggling to secure b
The rupee appreciated against the US dollar in both the interbank and open markets on Thursday, following a fresh crackdown on currency smuggling, according to currency dealers. Exchange companies reported a decline in dollar rates, reversing the earlier upward trend despite strong economic fundamentals. The greenback had been gaining despite record remittances during FY25, which ended on June