News

Trump says he will ‘very substantially’ raise tariffs on India in next 24 hours over Russian oil purchases

United States President Donald Trump on Tuesday said he would increase the tariff charged on imports from India from the current rate of 25 per cent “very substantially” over the next 24 hours, given India’s continued purchases of Russian oil. “India has not been a good trading partner, because they do a lot of business with us, but we don’t do business with them. So we settled on 25pc but I th

Gwadar Port Authority, Chinese firm agree to boost investments

The Gwadar Port Authority (GPA) and a Chinese company agreed to boost investments at the port, the maritime affairs ministry said on Tuesday. Pakistan recently increased efforts on the commercialisation of the Gwadar Port, which was built more than a decade ago but remains a non-starter. In January, the government sought the private sector’s support in routing their cargoes through the port, se

PSX hits record high, breaching 142,000-mark

The Pakis­tan Stock Exchange (PSX) reached an unprecedented milestone on Monday, with the benchmark KSE-100 index breaching the 142,000 mark for the first time. The rally was driven by optimism surrounding strong corporate earnings announcements expected this week, alongside a landmark tariff deal with the United States and growing expectations of a resolution to the circular debt crisis in the

Overbilling probe sparks call for nationwide scrutiny

Confirming widespread overbilling and subsequent punitive action against relevant electricity officials in Lahore following a probe ordered by Prime Minister Shehbaz Sharif, the Power Division on Monday said the federal government cannot abolish electricity duty — as announced by the power minister — without the consent of the provincial governments. Testifying at a public hearing held by the N

Procedures notified for collection of tax on digital transactions

The Federal Board of Revenue (FBR) has issued new procedures to govern the registration of e-commerce sellers and the collection of tax on digital transactions. These measures are part of a broader effort to bring the retail market into the tax net and ensure tax compliance for digitally ordered goods and services. The FBR has released Income Tax Circular No. 01 and Sales Tax Circular No. 02, w