The budget proposals for FY25 will stifle growth and innovation in the informal technology sector and exacerbate brain drain through high taxation, the chief of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said on Thursday. Atif Ikram Sheikh, the FPCCI chief, said at a press conference that despite repeated assurances from the incumbent government, budgetary proposals su
The Ministry of Maritime Affairs has turned down a suggestion put forward by members of the Senate Standing Committee on Maritime Affairs for administrative merger of two key ports to reduce unnecessary administrative expenses and streamline their affairs. The committee meeting, held here on Thursday under the chairmanship of Senator Faisal Vawda, discussed development and expansion of the mari
The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved major changes to the federal government’s pension system, set to be notified on July 1 after formal endorsement of the federal cabinet. The ECC, presided over by Finance Minister Muhammad Aurangzeb, also sanctioned nearly Rs500 billion in technical and supplementary grants just two days before the close of the fiscal
The Pakistan Stock Exchange (PSX) on Wednesday gained 335 points to close at 78,275 points, with analysts attributing the gain to expectations that the proposed budget would eventually be passed, which would then pave way for striking a deal with the International Monetary Fund (IMF). Last week, the PSX crossed 80,000 points during intraday trade before closing at a sustained record high. Th
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