Category: Recent Post

The National Accounts Committee (NAC) came up with a GDP growth figure of 3.94% for FY21, which is based on provisional figures for the first nine months of the fiscal year. This news sparked debate between the government and opposition parties. The government is claiming that this achievement is the result of timely fiscal and monetary accommodation with the Covid-19 outbreak in Pakistan. In addition, the announcement and implementation of construction package played a significant role in bringing a V-shaped recovery. Even some ministers are of the opinion that the…

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Punjab on Monday moved to check vehicular pollution, withdrawing proposed tax relief on old vehicles (major polluters) and slashing 75pc tax on electric vehicles to promote cleaner environment. However, it brought tractors’ trade under the tax net by replacing the word ‘motor car’ with ‘motor vehicle’ in its finance bill and triggered fears that this essential machine for agriculture will become more expensive and hurt farmers and farming. The decision brings other vehicular dealers in tax net as well. The bill also moved to rope in all those professional (doctors,…

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The country’s all the five oil refineries have protested over imposition of duties and taxes on crude oil and violation of commitments by the government for incentives for upgrade and modernisation. They have asked the government to honour commitments it had made with the refining sector as part of the new policy for petroleum refining finalised recently and awaiting formal approval and announcement. In a joint letter to the Ministry of Energy Petroleum Division, all the five refineries have noted that many clauses in the Federal Budget 2021-22 were “not…

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WE have surplus generation capacity and we have frequent electricity shortages — particularly when the demand peaks in summers. Sounds like a paradox? Indeed, it does. The recent forced power cuts experienced by hapless consumers across the country were no surprise. People have suffered sudden blackouts of long duration before, and there is no guarantee these will not be repeated next year or the year after. The other day, SAPM on Power and Petroleum Tabish Gauhar took to Twitter to explain the reasons for the recent blackouts. According to him,…

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The prices of all petroleum products are set to significantly go up on Tuesday owing to higher international prices and some adjustments in tax rates. Three different options are under consideration of the government. Based precisely on existing tax rates and oil import price, the ex-depot price of high-speed diesel (HSD) is estimated to go up by Rs5.58 per litre and that of petrol by Rs4.27 per litre. Similarly, the ex-depot prices of kerosene oil and light diesel oil (LDO) are calculated to increase by Rs3.77 and Rs4.05per liter, respectively,…

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