The Federal Board of Revenue’s (FBR) recent decision to block the mobile SIMs of 506,671 individuals who failed to file their tax returns for 2023 as a penalty is a controversial move that telecom operators may challenge in courts. It is yet another example of using diktat to expand the tax net and improve tax collection instead of introducing systemic reforms based on best international practices
Noting the importance of long-standing strategic and economic relations between Pakistan and Saudi Arabia, Deputy Prime Minister and Foreign Minister Ishaq Dar and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud reaffirmed the resolve to further enhance economic cooperation and Saudi investments in Pakistan. Mr Dar held a meeting with the Saudi foreign minister on the sidelines of the 1
The oil and gas exploration companies have warned the government that their financial default was eminent as the outstanding amount against the state has almost reached Rs1.5 trillion. The Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) has written to Petroleum Minister Musadik Malik stating that the upstream oil and gas sector is in a critical situation. “Our in
Two Japanese vehicle assemblers have opted to stay out of the price war triggered by a historic cut from Lucky Motor Corporation Ltd (LMCL) and Pak Suzuki Motor Company Ltd (PSMCL). Honda Atlas Cars Ltd (HACL) has said that several dealers and customers have approached it regarding recent price adjustments made by various market players. Considering these enquiries, HACL “affirms current prices
Pressure is mounting on the State Bank of Pakistan (SBP) to call an emergency meeting and review the current interest rate amid a drop in inflation, according to sources in the financial sector. Just before release of the latest inflation figures, the central bank kept the interest rate unchanged when it announced the monetary policy on April 29. The Consumer Price Index (CPI) fell to 17.3 p