In a proactive move, the Federal Board of Revenue (FBR) has extended an invitation for proposals pertaining to customs-related budget considerations for the fiscal year 2025 (FY25). This initiative underscores FBR’s commitment to engaging stakeholders and incorporating diverse perspectives in the formulation of customs policies that align with the economic landscape of the country. The…
In a noteworthy development, Pakistan has experienced a substantial surge in foreign investment outflow, marking a five-year high. This trend raises significant concerns and points to a shift in the investment landscape of the country. The recent data indicates a substantial increase in the outflow of foreign investments from Pakistan, depicting a challenging scenario for…
Engro Fertilizers welcomes the fact that the government has taken a bold first step by removing the subsidy for fertilizer manufacturers that get their gas from the SNGPL network, which represents 60% of all fertilizer manufacturing capacity. They have done that by increasing the feed stock prices from PKR 580/mmbtu to PKR 1,597/mmbtu, almost a…
Tetra Pak showcased its commitment to packaging circularity at Euro Village 2024, hosted by the European Union in Islamabad. The event provided an excellent platform for Tetra Pak to demonstrate its ongoing efforts towards creating a sustainable future. Distinguished dignitaries and guests, including the Ambassador and Head of the Delegation of the European Union to…
The Board of Directors of Meezan Bank, has approved the financial statements of the Bank and its consolidated financial statements for the year ended December 31, 2023. The meeting was chaired by Mr. Riyadh S.A.A. Edrees – Chairman of the Board, Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board…
The Oil and Gas Development Company Limited (OGDC) has made a significant discovery of additional natural gas reserves in the Sindh province. This discovery marks a positive development in Pakistan’s energy sector, contributing to the country’s efforts to meet its growing energy demands and enhance self-sufficiency in the production of natural resources. The OGDC’s exploration…
The International Monetary Fund (IMF) has urged Pakistan to enhance transparency regarding its development spending. The call for increased openness comes as part of the ongoing dialogue between Pakistan and the IMF, emphasizing the importance of clear and comprehensive reporting on how development funds are utilized. Key Points: IMF’s Emphasis on Transparency: The IMF underscores…
In a significant legal development, the Sindh High Court (SHC) has dismissed a petition filed by a prominent tractor manufacturer regarding tax refund claims. The court’s decisive ruling implies that the claims made by the tractor maker will not receive further consideration. The dismissed petition by SHC sought relief for what the tractor manufacturer argued…
In an unusual turn of events, the prominent online platform X found itself in a state of downtime, lasting for more than 36 hours. This unexpected service interruption coincided with widespread protests surrounding allegations of election rigging. Users attempting to access X during this period faced disruptions, raising questions about the reasons behind the extended…
PTCL Group, Pakistan’s leading telecom and ICT services provider has achieved a double-digit revenue growth of 25.8% during the financial year 2023. PTCL Group has maintained its strong performance, strengthening its status as Pakistan’s top integrated telecom service provider. Pakistan Telecommunication Company Limited (PTCL), posted 15.4% growth in its revenues, owing to its strong performance…
