The Federal Tax Ombudsman (FTO) has directed eleven power distribution companies (Discos) to collect 18 per cent sales tax on the gross value of electricity supplied and rejected the current practice of net metering deductions. In his order on the complaint of a K-Electric consumer, the ombudsman has directed the Federal Board of Revenue (FBR) to implement the decision of sales tax collection o
The government’s first attempt to privatise Pakistan International Airlines Corporation Ltd (PIAC) cost the national exchequer $4.3 million, the National Assembly Standing Committee on Privatisation was informed on Tuesday. Secretary Privatisation Jawad Paul informed the committee that $4.3m had been paid to the financial adviser Ernst & Young (E&Y) out of a total fee of $6.8m, representing 63
Pakistan Stock Exchange (PSX) on Monday closed on a bullish note, powered by a pre-budget rally that saw the benchmark KSE-100 index surge over 1,500 points. Analysts attributed the positive momentum to a robust economic outlook, fuelled by finance minister's comments on rising remittances, higher foreign exchange reserves, low inflation and support for the construction industry. The index c
The Asian Development Bank (ADB) has announced that Masato Kanda officially assumed office as the 11th president of the bank on Monday. "I am deeply honoured to take on the role of ADB president at this important moment for our region," Kanda said, according to an announcement made by ADB on its website. "With the trust of our 69 members and strong support of our dedicated staff, I am commit
Pak Suzuki Motor Company has announced a price hike for its car models, with increases reaching as high as Rs120,000, effective from February 25, 2025. The automaker cited upgrades to its Suzuki Alto variants as the reason for the price revision. The Suzuki Alto VXR MT now costs Rs2,827,000, reflecting a rise of Rs120,000. Meanwhile, the Alto VXR AGS and Alto VXL AGS see an increase of Rs95,000