Year: 2024

FBR Expands Single Sales Tax Return to Oil, Gas, and Microfinance Sectors

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FBR-Tex

ISLAMABAD: The Federal Board of Revenue (FBR) and all Provincial Revenue Authorities/Boards have unanimously agreed to extend the Single Sales Tax Return (SSTR) system to include oil and gas exploration and production companies, as well as microfinance banks. According to details shared by the FBR on Friday, taxpayers from these two sectors must now file their sales tax returns through the SSTR starting with the tax period of November 2024, due in December 2024. Streamlining Tax ComplianceThe SSTR, accessible via the Single Portal at www.iris.fbr.gov.pk, was initially launched for the…

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Senate Panel Orders Probe into Delayed Jamshoro Power Plant Unit

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coal power plants

ISLAMABAD: The Senate Standing Committee on Economic Affairs has ordered an inquiry into the nearly five-year delay in completing the first 660 MW unit of the 1320 MW Jamshoro Power Plant. Work on the project, which began in 2014, was initially scheduled for completion in 2019 but is now expected to achieve its Commercial Operation Date (COD) later this month. Chairing the meeting, Senator Saif Ullah Abro noted that the project’s cost has escalated to Rs 1.74 billion ($680 million). The Committee attributed the delay to inefficiencies in the Power…

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Ahsan Iqbal, China Energy International GM Discuss $12 Billion Mega Projects

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ahsan-iqbal

ISLAMABAD: Federal Minister Ahsan Iqbal met with Wang Huihua, General Manager of China Energy International Group, on Friday to review the group’s contributions to Pakistan’s infrastructure and energy sector, including 21 mega projects worth over $12 billion. The discussion highlighted two flagship hydropower projects: the 700 MW Azad Pattan Hydropower Project and the 870 MW Sukki Kinari Hydropower Project, with a combined investment of $3.5 billion. Minister Iqbal emphasized the significance of the Azad Pattan project in advancing Pakistan’s sustainable energy goals, lauding China’s steadfast commitment to its timely completion.…

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Balochistan Cabinet Expresses Concern Over PPL Lease Extension

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New-Project

QUETTA: The Balochistan cabinet has expressed serious concerns over the lack of progress regarding the lease extension agreement with Pakistan Petroleum Limited (PPL), according to provincial government spokesperson Shahid Rind. Rind revealed that the agreement between the provincial government and PPL expired nearly 15 years ago. Despite this, PPL has reportedly earned over Rs100 billion during the period without sharing profits with the provincial government. The provincial government has decided to raise its concerns with the federal government to address the issue, the spokesperson added. The matter highlights longstanding grievances…

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Proposal to Dissolve CPEC Authority Under Review, Senate Panel Briefed

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Senate-Panel

ISLAMABAD: The Senate Standing Committee on Planning, Development, and Special Initiatives was informed on Friday that the government is considering a proposal to dissolve the China-Pakistan Economic Corridor (CPEC) Authority. Planning Ministry Secretary Awais Manzur Sumra revealed that the authority is currently non-functional, and the prime minister has suggested forwarding the matter to the federal government’s rightsizing committee. The ministry has also recommended initiating the repeal of the CPEC Authority Act. The committee, chaired by Senator Quratul Ain Marri, also approved a private member’s bill to include representatives from the…

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