Large steel producers of the nation have said that smuggled steel from Afghanistan and Iran was destroying the domestic industry. In a letter written to the Federal Board of Revenue Member Customs Operations Syed Muhammad Tariq Huda, Pakistan Association of Large Steel Producers (PALSP) General Secretary Syed Wajid Bukhari stated that contraband steel was denting the earnings of local steel pro
Pakistan’s telecom sector is witnessing a paradigm shift and as a result the country is on its way to become a net exporter of handsets from being an importer at present. Foreign shipments of mobile phones, which began last year, are contributing to the economy in terms of foreign exchange earnings, employment generation and transfer of technology. The pace of cellphone exports has gradually
The fast moving consumer goods (FMCG) companies in Pakistan have stated that smuggled or illegally imported products from Iran were posing significant threat to their profits and sales. They highlighted that such goods cost half as much as locally available ones and their availability was increasing on the back of climbing inflation reading. To highlight the issue, the Pakistan Dairy Associa
The government has approved a tax incentive package for the active pharmaceutical ingredient (API) industry to give a boost to its growth and ensure it is on a par with the industries in India, China and Bangladesh. Earlier, the Prime Minister’s Office told the ministries and divisions concerned that PM Imran Khan desired to increase self-reliance in the API industry through concrete steps and
In a time of increasing inflation and devaluation of the Pakistani rupee, the government is looking for more taxes but it seems like there is no solution, instead of going after tax evaders, the government is penalising the existing tax payers. How valid is this claim? The urban real estate valuation in major cities in Pakistan has expanded fundamentally during recent years which ought to be in