News

Ogra act amendment to bring $200m

The government is set to amend the Oil and Gas Regulatory Authority (Ogra) Act aimed at allowing the operator of Energas Terminal to have monopoly over capacity utilistion in a bid to attract investment of $200 million from Qatar. At present, the terminal operator is bound to permit the use of liquefied natural gas (LNG) infrastructure to the third party with the consent of Ogra, meaning anybod

Aurangzeb cuts development budget amid criticism

Finance Minister Muhammad Aurangzeb announced on Tuesday a Rs250 billion cut in the development budget and the withdrawal of Rs15 billion in taxes while granting three-month honorariums to Parliament employees. During his speech concluding the budget debate in the National Assembly (NA), Aurangzeb also relaxed conditions on foreign travel bans and introduced a 75% tax on non-filers. These measu

Carpet makers threaten to shut business

Carpet manufacturers have cautioned the government that if exporters are included in the normal tax regime, as per budget proposals, all exporters will be forced to shut down their businesses. While expressing concern during a visit to the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, members of the Pakistan Carpet Manufacturers and Exporters Association, led by Shahid Hassan Sheik

Exporters reject 29% tax on export earnings

Leaders of the All Pakistan Fruit and Vegetable Exporters Association have strongly rejected the government’s proposal to levy a 29% tax on export earnings in the financial year 2024-2025 budget, replacing the full and final withholding tax of 1% under the fixed tax regime. They warned the federal government that placing exports under the normal tax regime by abolishing the fixed tax regime wil

Rupee gains on World Bank financing boost

The consolidating Pakistani rupee regained Rs0.12, strengthening to Rs278.50 against the US dollar in the inter-bank market on Tuesday. According to State Bank of Pakistan (SBP) data, the domestic currency had weakened to a three-month low of Rs278.62 against the greenback on Monday. The Exchange Companies Association of Pakistan (ECAP) reported that the local currency gained Rs0.05, closing at Rs