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ISLAMABAD: The chief executive officers of Pakistan’s leading insurance companies urged Finance Minister Muhammad Aurangzeb on Monday to restore and reinstate income tax credits for insurance to support the sector. The delegation presented to the finance minister and his team key proposals and suggestions to boost the insurance sector’s growth and productivity. The meeting at the finance division was also attended by senior government officers. The CEOs’ delegation called reforming capital gains and dividend taxations and sought minimum turnover tax exemptions. They also advocated for centralised insurance taxation to ensure consistent treatment and eliminate double taxation at the provincial level.…

ISLAMABAD: The Islamabad High Court (IHC) has issued notice to a private firm which manufactures batteries, for allegedly submitting fake documents in a tax fraud case. IHC Justice Babar Sattar issued the notice on the complaint of the Federal Board of Revenue (FBR). The firm is the manufacturer of two battery brands. Initially, the firm had filed a petition in the IHC following a search operation conducted by the FBR at its offices. The case was heard by Justice Miangul Hassan Aurangzeb. However, on the request of the company’s counsel, Justice Aurangzeb referred the matter to the chief justice, who…

ISLAMABAD: The Lahore High Court (LHC) has set aside a show-cause notice issued by the Punjab Revenue Authority (PRA) to Fauji Cement Company Limited, ruling that the notice was issued without proper legal backing. Justice Jawad Hassan delivered the verdict in response to a writ petition challenging the legality of the notice, which was dated Sept 6, 2024, and issued under Section 52 of the Punjab Sales Tax on Services Act, 2012. The petitioner, represented by Hafiz Muhammad Idrees and other legal counsels, argued that the PRA had incorrectly invoked Section 52, which deals with tax recovery, whereas the correct…

LAHORE: Barely a few weeks after exporting half a million tonnes of sugar, the federal government on Monday decided to import raw sugar to “stabilise prices” in the country. According to an official statement, the import of raw sugar (Shakkar) would help bring down prices in the country and help increase future production, as it could be refined and converted into sugar locally. Interestingly, the export permission was granted after the industry promised to keep domestic prices between Rs145 and Rs150 per kilogram. However, prices have increased to over Rs180 per kg in the last 10 days. According to market…

KARACHI: Most owners of big factories hailed the State Bank’s cautious approach to keep the interest rate unchanged at 12 per cent on Monday, but the bulk of the business community was up in arms against the central bank for not bringing down the policy rate by 500 basis points even though inflation was as low as 1.5pc last month. Abdul Aleem, Secretary General of the Overseas Investors Chambers of Commerce and Industry (OICCI), said: “I am satisfied that SBP made a very sound decision by not surrendering to pressure for rate cut. The economy needs sustainable steps to overcome…

China has consolidated its energy security through a targeted strategy of diversifying imports, and US President Donald Trump’s embrace of fossil fuel production with a “drill, baby, drill” mentality could serve to lower global prices – potentially good news for China as the world’s largest importer of crude and natural gas – according to an influential energy expert in Beijing.Meanwhile, Beijing should take actions to address an uneven distribution of energy resources in the domestic market, advised Jin Zhijun, dean of the Institute of Energy at the prestigious Peking University and a deputy of China’s top legislature.“We have built a…

The euro rose in European trade on Monday against a basket of major rivals, maintaining gains for the second session against the dollar, and about to touch four-month highs after marking the best weekly performance in 16 years.    Following the European Central Bank’s latest policy meeting, the odds of a rate cut in April declined as traders now await more data and clues.   The Price   The EUR/USD pair rose 0.4% today to $1.0871, with a session-low at $1.0827.   The euro rose 0.45% on Friday against the dollar, marking the fourth profit in five days, and hitting…

KARACHI: British International Investment (BII), the UK’s development finance institution and impact investor, announced a $75 million finance facility with Habib Bank Limited. The new facility will support farmers and agribusinesses in Pakistan by providing increased access to essential finance and enhancing their resilience to climate change. The agriculture sector is vital for Pakistan’s economic growth, food security, and the livelihoods of many, contributing 24 per cent to the GDP and employing 37 per cent of the workforce, including being the largest employer of women. However, the sector faces numerous challenges such as limited access to finance, modern machinery, and…

LAHORE: The Federation of Pakistan Chambers of Commerce & Industry’s Businessmen Panel (BMP) on Monday pointed out that Pakistan ranks 145th out of 146 countries on the Global Gender Gap Index, second only to Afghanistan, as the country continues to face significant challenges in achieving gender equality. The women’s economic participation can promote agricultural productivity, enterprise development at the micro, small and medium enterprise levels, as well as enhances business management and returns on investment. This was stated by FPCCI former president and BMP Chairman Mian Anjum Nisar, while talking to a reception hosted by the Businessmen Panel’s Women Wing…

KARACHI: Business community was largely dissatisfied with the State Bank of Pakistan’s (SBP) monetary policy decision to keep the interest rate unchanged, calling for reduction in it to single digits to stimulate economic activity and boost exports. Atif Ikram Sheikh President FPCCI said that the business, industry and trade community are disappointed with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation as the SBP did not change the policy rate on its Monday meeting. Currently, inflation as per government’s own statistics, stood at 1.5 percent in February 2024; but, the policy rate…