Wednesday , 14 November 2018
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Economy

IMF wants higher taxes in Pakistan

As policy-level talks kick off, IMF stresses higher tax collection in Pakistan The International Monetary Fund (IMF) has expressed its dissatisfaction at the current state of Pakistan’s tax collection, a team representing the body that arrived here in the city to discuss the country’s ongoing financial crisis said late Monday. Earlier in the day, the delegation, which has already concluded …

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Saudis cut oil production, Prices to go up

Oil prices climbed on Monday as the world’s biggest supplier Saudi Arabia announced plans to cut production in the face of fears of oversupply. Saudi Arabia’s energy minister said oil-producing nations should cut output by one million barrels per day to re-balance the market. Khalid al-Falih’s comments follow a meeting in Abu Dhabi at the weekend, where the Organisation of …

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Huge bailout packages to save the crumbling enterprises

Huge bailout packages to save the crumbling enterprises

The government on Monday approved Rs53 billion bailout packages for the bleeding national airline and power companies to avoid a halt to their operations. The decision was taken at a meeting of the Economic Coordination Committee (ECC) of the cabinet which also ordered the Sui Southern Gas Company (SSGC) to ensure uninterrupted gas supply to zero-rated export industries, including their …

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Shaheen Air gets acquired by a Saudi prince

Acquisition plan: Shaheen Air, Saudi prince clinch deal After Riyadh’s assurance to Pakistan of a $6-billion assistance package, a Saudi prince is now keen to rescue the country’s second largest airline, Shaheen Air International, from the financial crisis. Shaheen Air has finalised a deal with a Saudi prince. The takeover is likely to happen over the course of next two …

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FBR no longer a policy making body

FBR no longer a policy making body

The federal cabinet on Thursday decided to separate revenue collection administration from tax policy formation to promote equity and transparency in the tax machinery. The decision was taken at a special briefing meeting headed by Prime Minister Imran Khan who directed all economic divisions to keep the executive body in loop on the progress of ongoing reforms. Following the decision …

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Policymaking separated from tax collection

Policymaking separated from tax collection

A separate committee will be set up soon and notified to devise a tax policy and include tax experts on the board The government on Thursday decided to segregate revenue collection administration from tax policy formation to enable equity and transparency in the tax machinery. The federal cabinet reached this decision in a special briefing meeting presided by the Prime …

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Imran Khan updates cabinet on MoUs and Agreements signed in China

Federal Minister for Information Chaudhry Fawad Hussain on Thursday said that Prime Minister Imran Khan’s China visit was highly successful as several agreements and memorandums of understanding were signed between the two countries. Briefing the media persons about the federal cabinet meeting chaired by Prime Minister Imran Khan, the minister said that following this visit Pakistan would be able to …

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Can Russia actully dump US dollar?

Russia seeks to dump dollar as new US sanctions loom Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback. President Vladimir Putin has repeatedly slammed the US unit’s dominance on the world’s stage but the country’s …

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Pakistan’s exports to China will double next year

Pakistan's exports to China will double next year

China has agreed to increase its imports from Pakistan to $2.2 billion by end of 2018-19 from the existing level of $1.2bn and to $3.2bn by end of next fiscal year, Adviser to Prime Minister on Commerce, Industry and Investment Abdul Razak Dawood said on Wednesday. He was addressing a joint press briefing along with Minister for Planning, Development and …

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Pakistani technocrats get updated on CPEC by Chinese diplomat

Pakistani technocrats get updated on CPEC by Chinese diplomat

The Chinese Embassy has said China-Pakistan Economic Corridor (CPEC) has played an important role in Pakistan’s economy, power, infrastructure and employment sectors. According to sources, this came during a briefing by a Chinese envoy to technocrats at the Chinese Embassy on Wednesday. The technocrats were informed that there was an increase of 2.11 per cent in Pakistan Gross Domestic Product (GDP) …

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