Month: August 2023

No room for tax amnesty after IMF deal: Dar

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Ishaq-Dar

ISLAMABAD: A Nati­onal Assembly panel has raised questions over the transparency of over $3 billion loans under the concessio­nary Temporary Econ­omic Refinance Faci­lity (TERF) to some businesses during the Covid-19 pandemic and expressed concern over the central bank’s weak oversight of how the cheaper financing was utilised. Meanwhile, Finance Minister Ishaq Dar told the Standing Committee on Finance and Revenue that there was no more room for any sort of tax amnesty because of the ongoing standby arrangement with the International Monet­ary Fund (IMF). Mr Dar, who attended the NA…

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Chinese PV modules take freight train to help making a greener Central-Asia

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LONGi-Green

XI’AN, Aug. 3 (China Economic Net)- On August 3, the China-Europe (Xi’an-Tashkent) LONGi -ENERGY CHINA 1GW photovoltaic freight train departed from Xi’an. Loading with LONGi’s 20MW PV modules, the Chang’an train will head to Uzbekistan to help the green energy transition in Central Asia. “The shipment of modules to Uzbekistan, as the first overseas PV power generation project after the China-Central Asia Summit, actively responding to the Belt and Road Initiative. In the future, LONGi will strive to participate in the construction of new energy in Central Asia,” noted Mr.…

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KE consumers to be slapped with another Rs1.52 per unit surcharge

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K-Electric

ISLAMABAD: The federal government has decided to impose a Rs1.52 per unit surcharge on all electricity consumers of K-Electric to mop up about Rs25 billion in additional revenue during the current fiscal year. This will be on top of an average Rs30 per unit uniform national base tariff, Rs3.23 per unit financing cost surcharge and various taxes and duties besides the quarterly tariff adjustments and fuel cost adjustments that keep on changing on a quarterly and monthly basis. The Power Division has asked the National Electric Power Regulatory Authority (Nepra)…

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Hascol’s debt restructuring expected ‘in next few months’

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Hascols-debt

KARACHI: Troubled oil marketing company Hascol Petroleum Ltd said on Thursday the restructuring of its bank loans will conclude in the “next few months”. A statement attributed to the company’s chairman, Alan Duncan, said a corporate revival plan is “on track” and will likely lead to the injection of required fresh capital by a potential investor. Even though the statement didn’t mention the name of the potential investor, the company chairman seems to be referring to Taj Gasoline Ltd, a private oil marketing company operating 61 retail sites in Sindh.…

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Saudi, Kuwait reaffirm rights of Durra gas field

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Russia-gas

CAIRO: Saudi Arabia and Kuwait reaffirmed that they jointly own rights to natural resources in the Gulf’s Durra gas field, Saudi state news agency SPA, reported early on Thursday, citing a statement from the Saudi foreign ministry. The foreign ministry also said both countries are renewing calls for Iran to engage in negotiations on the demarcation of the eastern border of the Gulf’s maritime “Divided Area,” SPA said. Saudi Arabia and Kuwait will negotiate as one party, with Iran acting as the other side in the talks “in accordance with…

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