Month: May 2022

The country’s apparel textile sector on Sunday warned the federal government of ‘disastrous’ implications for the economy if it discontinued the special power tariff to the five export-oriented sectors, saying that the IMF should be told the concessional facilities are not a ‘subsidy.’ The IMF should be informed that the special tariffs and DLTL are not subsidies rather ‘crucial’ export-policy decisions to unburden the export sectors from cross-subsidy to compete with competing nations in the global market. “The IMF should be categorically communicated that special energy tariffs and other facility…

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Business community here out rightly rejected the historic increase in prices of petroleum products, asking the government to revise its decision while keeping in view the fragile condition of business and industry and ailing economy of the country. The government’s decision would prove detrimental for the already feeble national economy, warned Hasnain Khurshid Ahmad, President Sarhad Chamber of Commerce and Industry, according to a statement issued here. The SCCI chief maintained the cost of industrial production would escalate after the whopping increase in prices of petroleum commodities that would bring…

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The Finance Bill 2022 is expected to introduce a new concept of tax, ie, ‘Windfall Levy’ in the Income Tax Ordinance, 2001 for special taxation of the potential sectors making extraordinary profits, but not depositing the due amount of taxes. Sources told Business Recorder here on Saturday that the concept of the “Windfall Levy” does not exist in Pakistan. This is for the first time that such kind of “Windfall Levy” would be introduced in the income tax law. In this connection, the Federal Board of Revenue (FBR) may add a new…

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Liberalisation of the power market and indigenisation of energy mix should be the way forward for Pakistan to get rid of International Monetary Fund (IMF) borrowings, and eradicate poverty from the country. Chief Executive Officer of Engro Powergen Qadirpur Limited Shahab Qader told Business Recorder that the country should explore Thar coal, low BTU gas fields, and renewable energy sources and all these are local resources. “These resources don’t have alternative uses. We can produce only power from these resources so there will be no change in the cost and…

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The ongoing loadshedding will continue to haunt the masses for the next 2-3 months till the fiscal constraints of the government are done away with, Federal Minister for Power Division Khurram Dastgir Khan says this while talking to The News. “We have made all the power plants operational, which were non-functional for lack of maintenance and fuel in the wake of no decision making and bad governance by the ex-PTI government.” However, the minister disclosed that the incumbent government is now facing fiscal constraints that have virtually forced the Power…

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