FPCCI opposes proposed increase in gas price

KARACHI: Mian Anjum Nisar President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) strongly criticized the move to increase gas prices and urged Prime Minister Imran Khan to immediately stop the implementation of the proposal. He said that the proposal of the Ministry of Petroleum would seriously affect the… Continue reading

Sales tax on sugar increased to 17%

KARACHI: Federal budget 2019-20 has proposed to increase sales tax on sugar to 17% from existing 8.0%. [the_ad id=”31605″]Presently Sugar is subject to sales tax at 8%. This sector has huge economic potential but the tax collection from this sector is Rs 18 billion which is much lower than its… Continue reading

Sales tax rationalized to increase government revenue

KARACHI: In order to arrest the declining revenue trends, the federal government has proposed to revise and raise incidence of sales tax on various imports and sectors. Steel sector is currently paying sales tax on the basis of consumption of electricity at the rate of Rs. 9.0 per unit of… Continue reading

Salaries of government employees raised by 10 percent

KARACHI: Finance Minister Ishaq Dar has proposed an ad-hoc increase of 10 percent in salaries of government’s employees in the Federal Budget 2017-18. Unveiling the federal budget in the National Assembly here on Friday, Finance Minister Dar proposed that the minimum monthly wage was increased from the existing Rs13,000 to… Continue reading

SHC issues notice in public interest petition about MVT

KARACHI: A divisional bench of High Court of Sindh (SHC) comprising Justice Aqeel Ahmed Abbasi and Justice Abdul Malik Gaddi on Friday issued notices to Secretary Excise and Taxation, Director General, Excise, Taxation and Narcotic Control, Motor Vehicle Registration Wing and President National Bank of Pakistan (NBO) for September 20…. Continue reading

APTMA expresses great concern over increase in custom duty

KARACHI: APTMA has expressed great concern over the callous attitude of the government in increasing the duty on import of raw cotton from 2 per cent to 3 per cent which along with the additional duty of 1 per cent has increased the incidence of total import duty to 4… Continue reading

Cement prices increase by Rs 35-40/bag owing to FED

KARACHI: Owing to the rising Federal Excise Duty (FED) through the finance bill 2016, the cement prices would be increased by Rs 35-40/bag or around 7 per cent throughout the country from July 1, 2015. The owners of cement companies have announced on Tuesday through different channels that the prices… Continue reading

MSCI upgraded Pakistan to EM/ Flows likely to increase

KARACHI:  Morgan Stanley Composite Index (MSCI) has upgraded Pakistan Market from MSCI Frontier Markets (FM) Index to MSCI Emerging Markets (EM) Index. This will be effective from May 2017. After this announcement by MSCI, the benchmark 100-share Index of Pakistan Stock Exchange (PSX) Wednesday gained 1042.13 points in a day… Continue reading

Sindh earmarks Rs225 billion for Annual Development Program 2016-17

KARACHI: Government of Sindh has earmarked Rs225 billion for Annual Development Program 2016-17, an increase of a massive 39 percent over the current year’s ADP of Rs162 billion. Highest ADP allocation of Rs26 billion is made for the irrigation sector followed by Rs20.731 for local governments, Rs15 billion for health… Continue reading