Month: June 2024

Sharp Decline in Coal Imports from Afghanistan via Torkham Border

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Torkham-Border

KHYBER: The import of coal from Afghanistan through the Torkham border has significantly decreased following the Afghan Taliban’s decision to increase taxes on coal mines and export duties. This situation has been further exacerbated by Pakistani industrialists shifting to cheaper local coal sources. Custom clearing agents in Torkham revealed that the suspension of trade through the Kharlachi border crossing in the Kurram tribal district, due to security concerns, has compounded the difficulties faced by local coal importers. The additional duties and taxes imposed by the Afghan Taliban since their rise…

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Oil Industry Rejects Budgetary Measures, Calls for Continuation of Existing Tax Regime

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oil-and-gas

ISLAMABAD: The oil industry has strongly opposed the proposed federal budget for 2024-25, claiming it undermines the recently announced policies for establishing new refineries and upgrading existing ones. The Oil Companies Advisory Council (OCAC) has urged the government to maintain the current taxation regime, including customs duties on diesel and sales tax laws on all petroleum products. In a representation to the federal ministers for finance and petroleum, the OCAC, an independent organization of refineries, oil marketing companies, and a pipeline company, expressed concerns over the budgetary measures. The council…

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KMC and K-Electric Partner to Collect Municipal Utility Charges and Taxes: Mayor Wahab

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KMC-KElectric

KARACHI – Mayor Karachi Barrister Murtaza Wahab announced on Sunday that a significant agreement has been reached between the Karachi Metropolitan Corporation (KMC) and K-Electric regarding the collection of Municipal Utility Charges and Taxes (MUCT). In accordance with a court decision, a resolution supporting the collection of these charges through K-Electric has been approved by the City Council. Mayor Wahab stated that a committee formed for this purpose conducted regular meetings, leading to the council’s approval based on the committee’s recommendations. The agreement ensures maximum relief for low-income individuals. Consumers…

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Saudi Fund Commits $101 Million for Clean Energy in Pakistan

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clean-energy

ISLAMABAD: The Saudi Fund for Development has pledged $101 million for a hydropower project in Azad Jammu and Kashmir, set to add 70 megawatts of electricity to Pakistan’s national grid, ARY News reported. This initiative is part of the Clean and Green Energy mission of the Special Investment Facilitation Council (SIFC), which aims to boost eco-friendly energy production through hydro and solar power. In addition to the hydropower project, a US company has established a GW3 solar panel plant in Karachi. This facility will aid in the manufacturing of solar…

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Balochistan Government Allocates Rs861 Million for Mangi Dam Construction in FY 2023-24

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Mangi-Dam

QUETTA: The Balochistan government has allocated Rs861 million in the current financial year 2023-24 to expedite the construction of Mangi Dam, aimed at providing clean water to the residents of Quetta. Upon assuming office, the provincial government immediately released the funds to ensure the timely provision of safe drinking water to Quetta city. Mangi Dam, with a projected cost of Rs19 billion, is expected to supply 80 million gallons of water daily to Quetta and surrounding areas. A Balochistan government official confirmed that the development work on the dam has…

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