Millat Tractors Ltd (MTL) has stopped tractor production till further notice due to the government’s failure to issue a mechanism for payment of refund claims. In a stock filing on Thursday, MTL informed all the stakeholders that the general sales tax (GST) on tractors is 10 per cent and the GST on all input raw materials is 18 per cent, resulting in a continuous stream of refunds. The farm
India overtook China as the world’s biggest importer of Russian oil in July as Chinese refiners bought less because of lower profit margins from producing fuels, a comparison of import data showed. Russian crude made up a record 44 per cent of India’s overall imports last month, rising to a record 2.07 million barrels per day (mbpd), 4.2pc higher than in June and 12pc more than a year ago, data
Local gold association on Thursday gave a price shock to buyers by jacking up the domestic one-tola (24 kt) rate to a new all-time high of Rs261,800, up by Rs800 from Wednesday despite a drop in world gold rate by $8 per ounce to $2,504. All Sindh Sarraf and Jewellers Association (ASSJA) also jacked up the 10-gram (24 kt) rate by Rs686 to Rs222,451. The association on Wednesday also increase
A day after securing about Rs10.5 billion through Rs5.76 per unit adjustments for two months — May and June — K-Electric on Thursday sought another Rs3.1 per unit fuel cost adjustment for July to extract Rs6.2bn more from its consumers. The National Electric Power Regulatory Authority (Nepra) has set Aug 29 for a public hearing at the request of KE. On Wednesday, the regulator allowed KE to cha
Pakistan is in talks with Middle Eastern banks to secure about $4 billion in loans required to meet external financial needs during the current fiscal year as part of the $7bn Extended Fund Facility (EFF) currently pending approval of the executive board of the International Monetary Fund (IMF). Finance Minister Muhammad Aurangzeb and his team, including Minister of State for Finance, Revenue