In this photo, the State Bank of Pakistan building in Karachi can be seen. – SBB/website Macroeconomic conditions in Pakistan improved during FY 2023-24 due to a range of reasons, including successful engagement with the IMF. In its annual state of Pakistan’s economy report for the fiscal year 2023-24, the State Bank of Pakistan (SBP) … Read more
Islamabad: Business leaders are urging the Federal Board of Revenue (FBR) to postpone requiring taxpayers to file an affidavit with their sales tax returns. They claim that while taxpayers can check the status of suppliers through the FBR system, they often lack insight into the entire supply chain and can be unfairly penalized for mistakes … Read more
IMF Managing Director Kristalina Georgieva leaves after delivering a speech on global economic outlook and policy priorities ahead of the 2024 IMF and World Bank Group Annual Meetings in Washington, D.C., October 17, 2024. “Rising protectionism and trade restrictions fracture the global economy.” Global trade is no longer the engine of growth it once was: … Read more
Searle Company Limited has officially denied rumors circulating on social media, especially WhatsApp, regarding its alleged interest in acquiring a 51% stake in Abbott Laboratories. In an official clarification issued by the company, Searle categorically denied any discussions, negotiations or interest in acquiring the Abbott Laboratories stake. “We refer to the recent news circulating on … Read more
A policeman walks in front of the Federal Board of Revenue (FBR) office building in Islamabad, on August 29, 2018. — Reuters FTO finds blatant case of organized tax fraud Fake transactions worth Rs 84 billion were made. Taxes worth Rs 14 billion were evaded in just a few months. ISLAMABAD: A glaring example of … Read more
Representative image showing a woman using a smartphone. – Neem Neem, an embedded financial platform that helps digital businesses seamlessly integrate financial services, has launched Neem Paymenow – a Sharia-compliant solution for Earned Wage Access (EWA) designed to provide financial relief and promote economic empowerment of wage earners in Pakistan. This solution was launched at … Read more
Traders react to a news report on the Pakistan Stock Exchange. – Reuters/File Stocks hit a new all-time high above 86,500 on Wednesday, as earnings season reignited investor interest in index-heavy stocks, with positive sentiment stemming from the Shanghai Cooperation Organization (SCO) summit and optimism about political stability. The Pakistan Stock Exchange (PSX) KSE-100 index … Read more
A worker holds a fuel nozzle to fill fuel in a car, after the government announced an increase in petrol and diesel prices, at a petrol station in Karachi on September 16, 2023. — Reuters KARACHI: The federal government on Tuesday kept petrol price unchanged, while raising the price of high-speed diesel (HSD) by Rs … Read more
Boeing worker Riley Nelson holds a sign at a picket line near the entrance to a Boeing production facility in Renton, Washington, US on October 11, 2024. – Reuters Thousands of Boeing employees are set to receive layoff notices within weeks, industry sources said, as a top U.S. official traveled to Seattle to try to … Read more
Representative image showing the FBR logo. —FBR location/file FBR extends the deadline for filing income tax returns for the second time. The deadline has been extended in light of requests from various trade bodies. Earlier, the FBR had extended the deadline to October 14. ISLAMABAD: The Federal Board of Revenue (FBR) has extended the date … Read more