Category: Shortcode

The Fed­eral Board of Revenue has notified a lower rate of general sales tax on petroleum products to keep its prices competitive for consumers. A sales tax SRO 183(I) of 2022 released on Thursday said the lowest GST rates were notified to pass minimum increase to consumers. The standard GST rate is 17pc. “In exercise of the powers conferred by clause (b) of sub-section (2) of section 3 of the Sales Tax Act, 1990, the federal government is pleased to direct that the following further amendment shall be made [with…

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Karachi Electric (KE) has claimed that it is still restricted to take 900 MW BQPS-III into commissioning phase due to non-availability of RLNG by Pakistan LNG Limited (PLL). In a letter to Secretary Petroleum, Ali Raza Bhutta, CEO KE, Syed Moonis Abdullah Alvi has said that RLNG supply has not yet started to the power utility despite a letter from the construction contractor Harbin Electric (Pvt) Limited on February 4, 2022, and signing of GSA with PLL on August 10, 2021 with the blessings of GoP in compliance with CCoE…

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The Board of Public Procurement Regulatory Authority (PPRA) has exempted procurement of 27 LNG spot cargoes from applicability of PPRA Rules for six months (January 2022 to June, 2022) to be procured by Pakistan LNG Ltd (PPL), official sources told Business Recorder. This decision was taken at a meeting of the PPRA Board held on January 24, 2022, under the chairmanship of Secretary Finance, Hamed Yaqoob Sheikh. Following the decision, the Petroleum Division has also convened a meeting of Price Negotiation Committee on February 11, 2022 to discuss import of LNG…

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Finance Minister Shaukat Tarin on Monday reassured K-Electric’s investors of addressing the bottlenecks in the way of sale of the power utility’s majority shares to Shanghai Electric Power. A delegation comprising K-Electric’s board of directors representing Saudi Arabia’s Aljomaih Investments and other Middle Eastern firms met the finance minister. According to sources, the delegation gave a briefing on the company’s contribution to Pakistan. Since its privatisation, K-Electric has invested Rs400 billion in the country. K-Electric Chairman Shan Ashary stated that the sale of majority stake of the company had been…

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The purpose of the IMF loan programme is to promote macroeconomic stability in Pakistan and fiscal and monetary policies should support the same vision, remarked International Monetary Fund (IMF) Country Representative for Pakistan Esther Perez Ruiz. Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, she underlined that the aim of the IMF programme was to bring a set of policies that could promote sustainable and inclusive policy growth. “Pakistan’s tax-to-GDP (gross domestic product) ratio is very low,” she said, adding that the objective of eliminating sales…

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