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ISLAMABAD: Experts have urged the government not to overburden the formal industry and salaried class, which could lead to increased tax evasion. Addressing the launch of a report titled, Pakistan’s Tobacco Tax Policy Boosts Illicit Trade, Sakib Sherani, former principal adviser to the Ministry of Finance, said that a more balanced, well-enforced tax regime is needed to ensure sustainable revenue generation while minimising market distortions and public health risks. Mr Sherani said tax policy failure fuels Rs300 billion in revenue loss in the tobacco sector alone. The report was co-authored by Sakib Sherani and launched by ACT Alliance Pakistan on…

ISLAMABAD: With system losses stubborn at a record 16.16 per cent, the Oil and Gas Regulatory Authority (Ogra) on Wednesday notified almost half a per cent increase in the price of Regasified Liquefied Natural Gas (RLNG) for sale to consumers by the two Sui gas companies for the current month. This is on top of about 2pc increase in RLNG sale price last month. Karachi-based Sui Southern Gas Company Ltd (SSGCL) serves consumers in Sindh and Balochistan, and Ogra approved an increase in its system losses from 13 to 16.16pc. On the other hand, Lahore-based Sui Northern Gas Pipeline Ltd…

ISLAMABAD: The prices of all petroleum products are estimated to fall by up to Rs14 per litre for the next fortnight, ending March 31, owing to fluctuation in the international market and import premiums. This relief is, however, subject to unchanged tax rates. An official said there were considerations on the part of the government to absorb a part of the price cushion to increase petroleum levy or impose carbon tax for securing cheaper additional $1bn financing from the International Monetary Fund (IMF) for climate adaptation and mitigation. Based on existing tax rates, the informed sources said the ex-depot price…

KARACHI: Concerns about the economic outlook intensified following the announcement of a gas tariff increase for captive power plants (CPPs), which was prompted by the visiting International Monetary Fund (IMF) mission. As a result, the Pakistan Stock Exchange (PSX) experienced renewed selling pressure, leading to the benchmark index’s third consecutive negative closing on Wednesday. The government notified 23pc hike in gas tariff for CPPs, which will undoubtedly push production costs and hurt the export-oriented segment of the economy, especially the textile sector. The IMF mission is busy evaluating the government’s economic performance benchmarks established under its $7 billion Extended Fund…

KARACHI: Some greedy retailers have pushed up the retail price of sugar to as high as Rs180 per kg from Rs170 by attributing the hike to rising wholesale prices. A retailer said the wholesale rate for sugar had risen to Rs168 per kilogram from Rs153 per kg two weeks ago. The average national price of sugar last month was Rs145-160 per kg, but it continued to crawl up in the lead-up to Ramazan and has kept rising even during the holy month. In the first week of January, the average price ranged between Rs130 and Rs150. But some retailers who…

KARACHI: Global rating agency Moody’s has upgraded Pakistan’s banking outlook to positive from stable on the back of improved financial performance. “We have changed our outlook on Pakistan’s banking system to positive from stable to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago,” said the statement issued by the rating agency. Financial sector experts say the banks have generated substantial profits over the past couple of years despite a lack of engagement in using their money for economic growth. Lending to the private sector has been dismal. However, the…

Bitcoin rose on Wednesday away from four-month lows while settling above $80,000 on positive sentiment after more purchases by major corporations.    Now markets await mainline US inflation data for February, expected to provide fresh clues on the odds of a Fed rate cut in upcoming months.   Prices   Bitcoin rose 0.95% at Bitstamp today to $83,733, with a session-low at $81,268.   On Monday, bitcoin rose 5.5%, the first profit in six days away from a four-month trough at $76,600.   Crypto Market Value    The market value of cryptocurrencies rose by $30 billion today to $2.795 trillion. …

ISLAMABAD: Pakistan has offered Oman the use of Gwadar and Karachi ports for greater access to emerging markets in Central Asia. The offer was made during a high-level meeting between Commerce Minister Jam Kamal and his Omani counterpart, Qais Al Yousif in Muscat this week. An official announcement issued by the commerce ministry in Islamabad said the two sides discussed strategies to enhance bilateral trade and investment. There was also consensus on the need to improve transportation links and to utilise Pakistan as a trade route to Central Asian countries. The Pakistani delegation highlighted the potential of Gwadar and Karachi…

KARACHI: The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, the Chairman of the FPCCI Policy Advisory Board, Mian Zahid Hussain said that Pakistan is an agricultural country. Still, no attention is paid to saving water. He said that despite water scarcity, its wastage is on the rise, which will have consequences. Mian Zahid Hussain said that, at present, water scarcity in the country has increased to an alarming extent, which is also increasing the risk of drought. He warned that a drought-like scenario in Punjab and Sindh…

ISLAMABAD: Chinese Ambassador to Pakistan Jiang Zaidong has called for China and Pakistan to work together as key partners in modernisation, economic growth, and international stability. He highlighted the enduring China-Pakistan friendship, emphasising mutual respect and expanding collaboration. The Chinese envoy was speaking as guest of honour at a seminar jointly organised by China-Pakistan Study Centre (CPSC) at the Institute of Strategic Studies Islamabad (ISSI) in collaboration with China Media Group (CMG). The seminar was titled, “China in Spring: China’s Opportunities, Shared by the World.” Jiang Zaidong underscored China’s economic resilience, investing $3.6 trillion in tech-driven innovation, and advancing green…