Finance Minister Muhammad Aurangzeb said on Thursday that big companies are responsible for about half of the total tax evasions, which amount to Rs3.4 trillion, and warned chief financial officers (CFOs) of these companies not to sign incorrect returns to avoid severe punishments. Addressing a press conference along with Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial, the fina
With the poverty rate rising by 0.3 per cent within one year to 40.5pc in FY24, the World Bank on Thursday warned that even the 2.8pc and 3.6pc economic growth rate it projected for current and next year was direly insufficient to dent poverty levels and improve living standards of the majority in Pakistan. At the launch of the Pakistan Development Update (PDU), the World Bank officials also wa
The International Monetary Fund urged Pakistan on Thursday to shift its growth model away from the government’s pivotal role in economic decision-making to an emphasis on lowering trade barriers in order to stimulate production. The suggestions came from Esther Pérez Ruiz, the IMF resident representative for Pakistan, during an interaction at the Sustainable Development Policy Institute (SDPI)
The stock market on Wednesday continued its winning streak for the seventh straight session on higher remittances, briefly crossing 86,000 intraday on easing political tensions and specula-tions of robust corporate earnings. However, despite aggressive foreign selling, the index scaled an all-time high with meagre gains. Ahsan Mehanti of Arif Habib Corporation said stocks hit a new high aid
IT is odd that the government has recruited former State Bank governor Reza Baqir as a consultant to work on building its Sovereign Wealth Fund. Baqir has little experience building organisations. Besides, his tenure at the State Bank has left a legion of unanswered questions. Baqir entered the State Bank amid high inflation and an abrupt change of guard at the finance ministry, when Asad Umar