Day: February 17, 2023

Federal Board of Revenue (FBR) Chairman Asim Ahmad Thursday said the government will review the taxation measures of Rs170 billion taken through the Finance (Supplementary) Bill, 2023 in the current budget and the FBR’s annual target has been increased from Rs7,470 billion to Rs7,640 billion for 2022-23. At the conclusion of the Senate Standing Committee on Finance meeting held at the Parliament House on Thursday to review the Finance (Supplementary) Bill, 2023, he informed Business Recorder that the revenue collection target has been increased after additional revenue measures of Rs170…

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Sindh Energy Minister Imtiaz Sheikh on Thursday said that 0.2 million solar power systems will be provided at subsidised rates for the promotion of low-cost renewable energy across the province. It was decided in a meeting with the World Bank delegation led by Country Director for Pakistan Najy Benhassine, said a statement issued here. The minister informed that households residing in rural areas and intending to install solar systems would be provided with a subsidy of $160 per unit per house while for urban areas subsidy would be $110 per…

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Pakistan’s premier conglomerate, the Engro Corporation Limited, has announced its financial results for the year ended December 31, 2022. Overview of financial performance during 2022: the Engro Corporation’s standalone revenue increased from Rs 21 billion in 2021 to Rs 24 billion in 2022, exhibiting healthy growth of 14 percent. Higher revenue was primarily due to higher dividends received from Engro Polymer and Chemicals Limited (EPCL), Engro Fertilizers Limited (EFERT) and Engro Energy Limited (EEL) which, in turn, were driven by strong underlying business performance. Resultantly, the Company achieved an 11…

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State Minister for Energy (Petroleum Division) Musadik Malik has opposed the supply of subsidised gas to fertiliser manufacturers and power producers, as poor people are paying a high price for the “elite capture”. Speaking at the concluding session of the sixth edition of The Future Summit, organised by the Nutshell Group, Malik underlined that the government was supplying gas at 70 cents per million British thermal units (mmbtu) to fertiliser manufacturers and at $1.34 per mmbtu to power producers. In comparison, energy-rich Saudi Arabia was providing gas to its fertiliser…

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Digitisation has the potential to add $60 billion to Pakistan’s economy within the next seven to eight years says the Overseas Investors Chamber of Commerce and Industry (OICCI) in its recently published report. The OICCI report titled “Recommendations for Digital Transformation in Pakistan”, presented to the president of Pakistan, aims to help the country on its digital journey. The report covers suggestions on e-commerce, fintech, IT exports and web 3.0 technologies etc. “Digitisation offers innovative employment prospects to 23% of the population falling in the age bracket of 20–34 years…

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