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ISLAMABAD: TheNetwork for Consumer Protection has strongly criticised the government’s decision to discourage solarisation by reducing the electricity buyback rate by one third to Rs10 per unit and scrapping net billing. TheNetwork has called the move a bad gift on the eve of World Consumer Rights Day, being observed on Saturday, focusing on the theme of a “Just Transition to Sustainable Lifestyles”. The decision, applicable to new net-metering consumers, was taken at a meeting of ECC says that the power companies will purchase surplus solar electricity from consumers at Rs10 per unit during the day, while selling grid electricity at…
ISLAMABAD: The Islamabad High Court (IHC) has set aside the stay against the promotion of officers of the Federal Board of Revenue (FBR), allowing the high powered selection board to consider suitable candidates for BS-22. The petition was filed by BS-21 officer Shah Bano Ghaznavi, who appeared in the court with her counsel. During the hearing, the FBR informed the court that it had issued a notification on March 13 following the petition. Justice Khan stated that since the promotion process had not been completed, the court was ending the stay order, thereby enabling the board to make its decisions.…
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday directed strict action against those hoarding sugar and creating “an artificial shortage”, leading to a surge in prices. Chairing a review meeting on sugar supply and pricing, the prime minister emphasised that the government would not allow stockpiling and price manipulation. He said a report should be presented after conducting a crackdown on unfair profiteers and hoarders. The prime minister stressed the need for strict monitoring of sugar supply and demand, directing officials to enhance coordination with sugar mills. “Sugar is available in the Those who were creating an artificial sugar crisis should…
• No additional revenue measures imposed; fiscal targets to be maintained through expenditure control• MEFP still being finalised ahead of staff-level agreement• IMF Executive Board approval expected by early next month ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Friday concluded the first biannual review of the $7 billion Extended Fund Facility (EFF) on a positive note, without imposing additional revenue measures. Instead, the government committed to maintaining fiscal targets through expenditure controls, particularly the development programme. Official sources, however, confirmed that the draft of the Memorandum of Economic and Fiscal Policies (MEFP) was still being finalised before the…
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) will introduce an alternate dispute resolution (ADR) mechanism for Islamic finance contracts to promote the concept of out-of-court settlement which shall include mediation, arbitration, and neutral evaluation. Senior SECP officials told media on Friday that the move is a part of strategic action plan 2024-26 to develop Islamic finance in the non-bank financial sector. The primary objective is to propose a specialised ADR mechanism that aligns with Shariah principles and rules, providing a Shariah-compliant, efficient, and effective means of resolving disputes, thereby enhancing stakeholder confidence in the Islamic finance sector. “Traditional…
ISLAMABAD: The Pakistan Crypto Council (PCC) has officially been launched, marking a significant step in the country’s efforts to regulate and integrate blockchain technology and digital assets into its financial landscape. The council is set to play a pivotal role in formulating policies, fostering innovation, and ensuring a secure and forward-thinking approach to crypto adoption in Pakistan. Finance Minister of Pakistan, Muhammad Aurangzeb, will serve as the chair of the Pakistan Crypto Council, demonstrating the government’s commitment to the evolving digital economy. Bilal bin Saqib, the chief advisor to the finance minister on the PCC, has been appointed as the…
U.S. President Donald Trump has turned up the heat on America’s biggest trading partners with a slew of tariffs, setting the stage for an all-out trade war that threatens to disrupt Asian economies.From China to Japan to South Korea, Asia’s business and government leaders are now considering how to respond to a new — and more hostile — trade environment. China, a major target of the Trump administration’s tariff policy, has already retaliated with levies of its own against U.S. goods.Here is a selection of stories to bring you up to date on the latest developments. Asia has responded to Trump’s 25% tariffs…
KARACHI: Karachi Tax Bar Association (KTBA) has requested the Federal Board of Revenue (FBR) to resolve technical glitches and anomalies in the IRIS portal that are hampering taxpayer compliance efforts. In a letter sent to DG (IT&DT), FBR, KTBA highlighted technical challenges being faced by the taxpayers while attempting to use the online tax system, which is the primary interface for tax filing and payment in Pakistan. “These issues hinder the seamless filing of returns, creation of PSIDs & payment of taxes, and access to critical information, ultimately affecting the overall taxpayer experience,” the letter said KTBA requested the FBR…
ISLAMABAD: Karachi Gateway Terminal Limited (KGTL), with full funding from AD Ports Group, is spearheading a transformative dredging project at Karachi Port’s East Wharf to increase efficiency of import and export operations and attract transshipment volume. Documents available with Business Recorder revealed that the initiative marks a significant milestone in Pakistan’s maritime industry by deepening the channel and berths to 15.5 meters, allowing KGTL to accommodate larger vessels of up to 350 meters in length and over 13,000 TEUs. The dredging project underscores Pakistan’s commitment to enhancing its trade infrastructure, fostering economic growth, and improving global connectivity. A critical breakthrough…
ISLAMABAD: The Sensitive Price Index-based inflation for the week ended March 13, 2025, increased by 0.22per cent due to an increase in the prices of tomatoes (36.43per cent), chicken (6.40per cent), bananas (6.05 per cent), sugar (5.69 per cent) and LPG (1.44per cent), says Pakistan Bureau of Statistics (PBS). During the week, out of 51 items, prices of 12 (23.53 per cent) items increased, 15 (29.41 per cent) items decreased and 24 (47.06 per cent) items remained stable. The SPI for the consumption group up to Rs17,732, Rs17,732-Rs22,888, Rs22,889-Rs29,517, Rs29,518-Rs44,175 and above Rs44,175 increased by 0.10 per cent, 0.17 per…