The International Monetary Fund (IMF) has not only objected to Prime Minister Shehbaz Sharif’s Rs200 billion package aimed at reducing power tariff for industrial consumers by Rs10.69 per unit but also did not endorse the proposal of imposing wealth tax on all types of assets, including bank balances. The sources said that in lieu of reducing tax burden of some sectors, the government proposed
Despite severe economic challenges, the government may abolish up to a 15% additional income tax on the profits that banks make by extending loans to the cash-strapped finance ministry. This move could provide approximately Rs60 billion in benefits to a sector that earned Rs960 billion in profits last year. Senior government officials and banking industry sources informed The Express Tribune th
Petrol and high-speed diesel (HSD) prices in Pakistan are expected to rise from July 1 after four consecutive price cuts. Petrol is projected to increase by Rs7 per litre and HSD by Rs8 per litre due to higher international market rates. According to media report that international prices for petrol and HSD have risen by $4.4 and $5.5 per barrel, respectively, in the last fortnight. This cou
The issues related to smartphone financing have landed in the Special Investment Facilitation Council (SIFC), which has directed the Ministry of Information Technology and Telecommunication to conduct due diligence by the end of June 2024. Sources told The Express Tribune that draft regulations for smartphone financing had been tabled before a recent meeting of the SIFC. During discussions,
Oil and Gas Development Company Limited (OGDCL) – Pakistan’s largest oil and gas exploration firm – has partnered with a global technology firm to enhance the use of technology for better planning, exploration, and production of oil and gas deposits across Pakistan. SLB, a company listed on the New York Stock Exchange and operating in around 100 countries, will assist OGDCL in improving controls o