Category: Shortcode

Under the now-resumed International Monetary Fund (IMF) programme, Pakistan has committed to draft Personal Income Tax (PIT) legislation till the end of the ongoing month (February 2022) for slapping approximately Rs160 billion tax on the salaried class by jacking up tax rates and reducing the number of slabs, The News reported. This PIT will be announced in the budget for 2022-23 and will become effective from July 1, 2022. According to a staff report released by the Fund on Friday, the government has committed with the IMF that parliamentary approval will be…

Read More

Prime Minister Imran Khan on Friday held meetings with a number of representatives of major Chinese companies, paving the way for billions of dollars worth of Chinese investment into the country. The prime minister arrived in Beijing on Thursday to attend the opening ceremony of the Winter Olympics and meet the Chinese leadership. As per the official handout, China Machinery Engineering Corporation (CMEC), a subsidiary of Sinomach, will set up Pakistan-China Agricultural Science and Technology Transferring Centre on government-to-government aid basis. It said that the Centre will offer agricultural mechanisation…

Read More

Yousaf Weaving Mills Limited (YOUW) has awarded a contract to Prism Energy (Private) Limited for the installation of a solar system to provide 2MW electricity, a bourse filing said on Thursday. The system will provide electricity for a period of 15 years at a rate of Rs9.90/kWh, which will be raised by 3 per cent per annum, it added. Under the contract agreement, Prism Energy will make all the investment in this project. The installation work has been commenced and it is expected that the project will be completed by the second…

Read More

Key officials of the energy ministry drew ire of the Public Accounts Committee (PAC) on Thursday after they failed to provide exact figures about the annual production and consumption of gas in Khyber-Pakhtunkhwa and Sindh. PAC Chairman Rana Tanveer and other members of the committee were flabbergasted when the top officials of the ministry kept evading the simplest of the questions from the members, when they discussed the audit paras of the Petroleum Division and report of the Sui Northern Gas Pipeline Limited (SNGPL) for 2019-20. Since it appeared to…

Read More

The Petroleum Division told the Public Accounts Committee Thursday that circular debt of Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL) had reached Rs1.3 trillion (Rs1,300 billion). The Public Accounts Committee (PAC) expressed its annoyance at the Petroleum Division for non-completion of gas schemes and ordered a one-year audit to ascertain the losses. During Thursday’s meeting, PAC Chairman PAC Rana Tanveer asked the SNGPL MD about his salary to which he could not give an answer. He said there was no precedent for the package being…

Read More