Day: March 1, 2022

Federal cabinet okays third tax amnesty

Admin

The federal cabinet Tuesday formally approved a summary moved by the finance ministry, paving the way to promulgate an ordinance to offer a third tax amnesty scheme to industrialists. The finance ministry circulated a summary among the federal cabinet members on Monday for their approval of the scheme through the Income Tax Amendment Ordinance 2022. Under the amnesty, the government will allow industrialists to whiten their black money at a 5% rate by investing in the manufacturing sector. According to details, the government has decided to offer a 5% across-the-board…

Read More

Germany to break free from Russian gas with two LNG terminals

Admin

This was announced by German Chancellor Olaf Scholz at a special session of the Bundestag on 27 February 2022 addressing Russia’s attack on Ukraine. As informed, the LNG terminals are planned to be located in Brunsbüttel and Wilhelmshaven. Currently, there are several liquefied natural gas terminals in Europe, however, none of them are located in Germany. Security of energy supply Scholz also confirmed the country will increase the amount of natural gas in storage via long-term options to two billion cubic meters. Furthermore, Germany will acquire additional natural gas on the world…

Read More

OLIVE TS, HDPPL sign ‘Services Agreement’

Admin
wind-energy

OLIVE Technical Services; a wholly owned subsidiary of Fauji Fertilizer Company (FFC) and Hydro China Dawood Power (Pvt) Ltd (HDPPL) signed a Services Agreement on Monday 28th February, 2022 at Gharo, Pakistan. Under this agreement, OLIVE Technical Services shall carry out detailed End of Warranty Inspection Services for 49.5 MW Wind Power Plant of HDPPL located at Gharo, Sindh, Pakistan. The services shall be conducted in two phases spanning over a period of 5 months. This is a big step towards self-reliance and sustainability of domestic wind industry, which will…

Read More

Finance ministry says geopolitical risk threatens economic stability

Admin

Finance ministry on Monday said an escalated conflict between Russia and Ukraine could keep inflationary and balance of payment pressures in the economy for longer as the crisis would likely further increase energy costs and commodities prices. “The main risk for Pakistan’s economy is that these developments [Russia-Ukraine conflict] may further delay the downward correction in inflation and improvement in the current account balance,” the ministry stated in its monthly economic outlook report. The Ukraine crisis is a considerable risk factor to the otherwise positive outlook for Pakistan’s economy, according…

Read More

LPG price increases by Rs318.74 per 11.8-kg cylinder

Admin

The oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of March, increasing the commodity price by Rs318.74 per 11.8-kilogram cylinder. According to the notification, the authority increased the locally produced LPG price by Rs 27.01 per kilogram. After the revised price, the LPG cylinder would be sold in the open market at Rs2758.67, which was available at Rs2439.93 in February. Whereas the per Metric Ton (MT) LPG rate has been fixed at Rs233,785.88 for the month of March,…

Read More