The government on Thursday deferred approval of pension cuts for existing pensioners due to questions about its legal mandate. However, it greenlighted a contributory pension scheme for new civilian employees, starting immediately, and for military personnel, starting next year. The military authorities did not agree to several proposals to rationalise pension benefits, leading the government t
The power tariff in Pakistan is likely to increase by Rs3.41 per unit due to the monthly fuel adjustment (MFA), according to media reports. The National Electric Power Regulatory Authority (NEPRA) is set to hear an application from the Central Power Purchasing Agency (CPPA) requesting the hike. The CPPA has cited an increase in the monthly fuel adjustment for May as the reason for the propos
The 15% additional income tax on banks may remain in place after Prime Minister Shehbaz Sharif intervened on Thursday, directing authorities not to provide any relief to the banks. The premier’s intervention came as the government finalised new tax avenues that might be announced today (Friday) during the approval of the Budget 2024-25. The National Assembly is expected to approve the new budge
Pakistan’s trade deficit with the Middle East narrowed by 24.43 per cent to $11.81 billion in the first 11 months of the current fiscal year from $15.63bn over the same period last year, mainly attributed to a decrease in the import of petroleum products from the region. The trade imbalance with the region has decreased since the beginning of FY24, primarily because of reduced consumption of pe
Ahead of a substantial price hike, the Pakistan Petroleum Dealers Association (PPDA) on Thursday accused major oil marketing companies (OMCs) of creating an artificial shortage of petroleum products to earn windfall inventory gains and appealed to the government and the Oil and Gas Regulatory Authority (Ogra) for urgent intervention in the situation. Oil industry officials said the price hike i