The Public Accounts Committee on Wednesday declared that the National Telecommunication Corporation (NTC) had violated the Constitution by failing to deposit its surplus profits into the Federal Consolidated Fund and by incurring unauthorised expenditures worth billions of rupees. Members of the committee also criticised the corporation for providing poor services and operating parallel adminis
A parliamentary committee on Wednesday questioned why the government was focusing on sugar prices despite having deregulated wheat prices, as the finance ministry confirmed ongoing discussions with the International Monetary Fund for an import rebate. A meeting of the National Assembly’s Standing Committee on Finance and Revenue, presided over by Syed Naveed Qamar, expressed concern over tax ex
Hub Power (Hubco), the country’s largest independent power producer, said on Wednesday it was seeking an extension to $51 million in bank guarantees to protect its coal-fired power plants, a crucial source of stable power amid Pakistan’s rising use of solar. The guarantees, previously short-term, would now stay in place until 2034 to cover future loan repayments and potential penalties, the com
A meeting of the committee formed by the prime minister to oversee the closure and privatisation of the Utility Stores Corporation (USC) was held at the Finance Division on Wednesday. Chaired by Finance Minister Muhammad Aurangzeb, the meeting was attended by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar Khan, secretaries of the Establishment, Finance, and I
The Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to extend the deadline for filing sales tax returns for June, citing frequent portal downtimes and persistent login failures on the IRIS system. In a letter addressed to the FBR chairman, the KTBA highlighted operational hurdles faced by taxpayers, consultants, and corporate entities under the current authen