Category: Shortcode

Giving legal effect to the budgetary proposals for the next fiscal year, the National Assembly Wednesday approved the Finance Bill 2022-23. All amendments were moved by Minister of State for Finance and Revenue Dr Aisha Ghous Pasha. The House proceedings commenced after around two-hour delay with Speaker Raja Pervez Ashraf in the chair. The House also approved an amendment to impose a levy of Rs50 on the petroleum products. Besides, the House also approved amendments for collecting sales tax from traders through the electricity bills and imposing a 5 percent…

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Karot Hydropower Project, the first hydropower investment project under China-Pakistan Economic Corridor (CPEC) invested and developed by China Three Gorges Corporation(CTG), was put into full commercial operation on 29th June 2022. The Karot HPP COD Ceremony was held at Power House yesterday to inaugrate the commercial operation. At the ceremony, Dr. Munawar Iqbal, Acting Managing Director, Private Power and Infrastructure Board (PPIB) extended thanks on behalf of Pakistani government to CTG. “In spite of COVID-19 impact, the construction progress of the project remained satisfactory, and because of such a brilliant construction, the…

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Pakistan Refinery Limited (PSX:PRL) is a hydro skimming refinery designed to process imported and local crude oil, located on the coastal belt of Karachi, Pakistan. It was incorporated in Pakistan as a public limited company in 1960. The refinery’s current capacity stands approximately at 50,000 barrels per day of crude oil into petroleum products, such as furnace oil, high speed diesel, kerosene oil, jet fuel and motor gasoline, among others. The refinery is operating at two locations; main processing facility is located at Korangi Creek with supporting crude berthing and…

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The current account deficit (CAD) sharply widened to $15.2 billion in the first 11 months of the outgoing fiscal year compared to just $1.183bn in the corresponding period last year. The State Bank of Pakistan’s (SBP) latest data showed that the CAD was more than doubled when compared with $618 million in April. The May deficit was even higher than March’s $1.015bn. The economy has been trapped by a soaring CAD and falling foreign exchange reserves amid the sharp devaluation of the rupee shattering the external account of the economy…

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Textile sector has urged the government to reset energy prices before June 30, 2022, the date on which existing tariffs were scheduled to lapse, as a late change could affect the pricing for the new orders, causing losses to exporters. The All Pakistan Textile Mills Association (APTMA) made this appeal to Prime Minister Shahbaz Sharif in a letter, suggesting local energy prices should be determined after taking into account the regional ones. According to APTMA, the gas and electricity price agreement is scheduled to lapse on June 30, 2022 and…

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