Leader of the Opposition in the National Assembly Omar Ayub Khan has said the government plans to introduce a mini-budget due to its failure to meet IMF targets, which the opposition will strongly condemn as the masses endure worsening economic conditions and continuous price hikes. Speaking to the media outside the Peshawar High Court on Thursday, the PTI leader criticised the government’s han
The Federal Board of Revenue (FBR) received 5.215 million returns for the tax year 2024 until Nov 6, an increase of 76 per cent over the 2.959m received during the same period last year. The FBR received 86,035 returns last week, with penalty payments submitted beyond the Oct 31 deadline. The tax payment with returns for tax year 2024 reached Rs132.259 billion until Nov 6, compared to Rs77.
Foreign banks are gradually withdrawing from Pakistan due to the country’s declining credit profile, while local banks, having grown significantly post-privatisation, are outcompeting their foreign counterparts, according to bankers. Speaking at the two-day Future Summit 2024, which concluded on Thursday, Ahmed Khan from Citi Pakistan explained that local banks have expanded since privatisation
In an effort to expedite the elimination of contingency posts, the Ministry of Finance has instructed all federal ministries, divisions and their subordinate offices to adhere to a federal cabinet directive on cost-cutting. According to sources, only 15-16 of over 40 ministries and divisions have started the process more than two months after the cabinet made a decision in this regard, while ot
The stock market on Wednesday retreated from highs, losing over 280 points to settle just above 92,000 as investors consolidated positions following the corporate earnings season. Market sentiment was dampened by concerns over rupee volatility, a drop in global crude oil prices and uncertainty surrounding the outcome of the International Monetary Fund's (IMF) first review of the Extended Fund F