Category: Shortcode

The Federal Board of Revenue (FBR) may propose new taxation measures including the possibility of taxing banking profits in case it is unable to achieve the assigned revenue collection target of Rs536.53 billion in November 2022. Sources told Business Recorder here on Sunday that the government has no intention o take new taxation measures in near future. However, some proposals have been drafted by the FBR which are yet to be approved by the Finance Minister. If the shortfall continues in November 2022, then there is a strong possibility of…

Read More

The Auditor General of Pakistan (AGP) has detected losses to the tune of Rs 1191.28 million in various heads in the accounts of Khyber Pakhtunkhwa Revenue Authority (KPRA) during financial year 2018-19 and directed their recovery, said Audit Report on the accounts of Revenue Receipts of the government of Khyber Pakhtunkhwa. The audit report has already been presented in the provincial assembly, wherein the Speaker has referred it to the Public Accounts Committee of the house for detailed deliberations. In first major case a loss amounting to Rs 445.96 million…

Read More

The business community, while hailing decision of natural gas rationing for domestic consumers, urged the government to make this wisdom based verdict a permanent feature throughout the year. They said that fifty percent of total gas in Pakistan is consumed by a household which is one of major hindrance in economic growth of country. A delegation of industrialists and traders led by Chaudhry Jawad Hafeez told this during a meeting with Coordinator to Federal Tax Ombudsman Meher Kashif Younis here Sunday. They discussed issues relating to trade and business development,…

Read More

The United States cannot stopPakistan from purchasing Russian oil and it will bepossible to do so soon, Pakistan Finance Minister Ishaq Dar He made these remarks while addressing the Pakistan Muslim League -Nawaz (PML-N) workers in Dubai, The Express Tribune newspaper reported. Dar, during his visit to the US last month, had a meeting with the officials of the US State Department in which the matter of oil purchase from Russia was discussed.Citing India’s example, the Pakistani minister said that the ministry will try to purchase oil from Russia on…

Read More

ISLAMABAD: State-owned Pakistan State Oil’s (PSO) liquidity crisis has swooped to an all-time high with an unprecedented hike in its receivables to Rs621.168 billion and payables to Rs268.5 billion, The News reported Monday. The situation has resulted in the company being unable to offload its liabilities with regard to letters of credit (LCs) amounting to Rs218.5 billion for the import of furnace oil and LNG. The worrying liquidity crisis has virtually put the LNG supply at risk for the winter season as the receivables and payables of PSO have scaled up to Rs890 billion, a…

Read More