Karachi, April 6, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has put forth a comprehensive solution aimed at elevating the tax-to-GDP ratio to 15 percent, addressing the pressing need for fiscal stability and economic growth in Pakistan.
(more…)Author: Shahnawaz Akhter
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Philip Morris Pakistan and FBR Locked in Lengthy Legal Disputes
Philip Morris Pakistan Limited, a leading cigarette manufacturer in the country, has unveiled a complex web of litigations stretching across numerous years against tax authorities, which have resulted in substantial tax demands.
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SBP Unveils Ambitious Quarterly Government Borrowing Plan
The State Bank of Pakistan (SBP) has revealed an ambitious plan for government borrowing from banks, aiming to secure approximately Rs 5 trillion during the last quarter of the fiscal year 2023-24.
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Super Tax and Deemed Income Tax under Tajir Dost Scheme
Karachi, April 5, 2024 – Shopkeepers and traders enrolled in the newly launched Tajir Dost Scheme are required to pay super tax and tax on deemed income, as outlined by the Federal Board of Revenue (FBR) through the Tajir Dost (Special) Procedure, 2024.
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K-Electric Plans to Generate 640 MW from Solar and Wind Energy
Karachi, April 5, 2024 – K-Electric, the prominent electricity utility distribution and generation company, has revealed its ambitious plan to augment the power supply by incorporating 640 megawatts of electricity from cost-effective solar and wind resources.
Syed Moonis Abdullah Alvi, the Chief Executive Officer (CEO) of K-Electric, disclosed this strategic initiative during discussions with a delegation from the Council of Energy and Economic Journalists (CEEJ). Alvi emphasized that leveraging solar and wind power would notably reduce the production cost of electricity, aligning with sustainability objectives.
Highlighting the progress, Alvi mentioned that twelve companies from Europe, China, and the Middle East have submitted bids for investment in solar and wind power projects, contributing to the envisioned 640 MW capacity expansion. These alternative energy projects are slated to be situated in strategic locations such as Hub, Othal, Bela, and Sarjani Town of Karachi. The total investment in these projects amounts to an impressive $450 million.
However, amidst these advancements, Alvi acknowledged challenges related to line losses, leading to a reduction in the exempted area from load shedding. Previously, 80% of Karachi was exempted from load shedding, which has now decreased to 72% due to line losses. To address this issue, a 60-day timeline has been set for the resolution of outstanding dues, aiming to mitigate disruptions in power supply.
In parallel, K-Electric has initiated the installation of smart meters in Karachi, starting with an initial deployment of ten thousand units. Alvi revealed that a pilot project for Smart Meters is currently underway, with plans for further expansion based on the results. He noted that while the current cost of a Smart Meter ranges from forty to forty-five thousand rupees, bulk orders could influence pricing dynamics. Moreover, the installation of smart meters on all Power Management Terminals (PMTs) across the city is underway, enabling real-time data collection on electricity consumption every fifteen minutes from approximately 29 thousand PMTs.
The integration of renewable energy sources and the deployment of smart metering technology underscore K-Electric’s commitment to enhancing efficiency, reducing costs, and ensuring reliable power supply for Karachi’s residents. These initiatives reflect the utility’s proactive approach towards sustainability and innovation in the evolving energy landscape.
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FBR Enforces Media Silence for Officials, Restricting Interaction
Karachi, April 5, 2024 – The Federal Board of Revenue (FBR) has issued a directive prohibiting its officials from engaging directly with the media, sparking debates over transparency and accountability within the organization.
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Gallup Survey Finds Improved Business Confidence on New Govt
Karachi, April 5, 2024 – A survey conducted by Gallup Pakistan has unveiled a notable uptick in business confidence attributed to the efforts of the new government in Pakistan towards economic revival.
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IMF Board to Decide on $1.1 Billion Tranche for Pakistan Late April
The International Monetary Fund (IMF) is poised to make a crucial decision regarding Pakistan’s financial assistance, with the Executive Board set to deliberate on the approval of a $1.1 billion tranche by the end of April.
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FBR Grants Electricity Tax Adjustment Under Tajir Dost Scheme
In a bid to provide relief to small-scale retailers and traders, the Federal Board of Revenue (FBR) has announced a significant tax adjustment on electricity bills.
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Pakistan’s Foreign Exchange Reserves Decline by $49 Million
Karachi, April 4, 2024 – Pakistan has experienced a decline of $49 million in its foreign exchange reserves for the week ending March 29, 2024, according to official data released on Thursday.
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