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Govt mulls ending free electricity for public sector, officials | The Express Tribune
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[ad_1] ISLAMABAD: The government is considering ending the provision of free electricity to government officials and agencies, according to sources from the power division. The federal government, under severe public and political pressure, has decided in principle to work on an emergency plan in the Ministry of Energy. The plan proposes terminating the free electricity…
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Oil, gas exploration sector announces $5 billion investment in Pakistan
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[ad_1] A general view of oil drilling equipment on federal land near Fellows, California, U.S., April 15, 2023. — Reuters ISLAMABAD: Reposing full trust in Prime Minister Shehbaz Sharif-led government’s pro-investor policies, a group of Oil and gas exploration and production (E&P) giants aims to spend $5 billion to tap new energy in energy-strapped Pakistan,…
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Retail sector advocates sustainable tax policies | The Express Tribune
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[ad_1] ISLAMABAD: In a crucial meeting with the Senate finance committee, representatives of the Pakistan Retail Business Council (PRBC) presented their point of view against the proposed increase in sales tax from 15% to 18% on Point of Sales (POS)-connected retailers. The plea was compelling enough that it not only won the consensus of all…
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‘New taxes will cripple IT sector’ | The Express Tribune
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[ad_1] KARACHI: The budget for fiscal year 2024-2025 burdens the skilled salaried class with higher income taxes, which can lead to a massive brain drain, exacerbating the current situation, hindering the growth of the Information Technology (IT) sector, and potentially destroying it. The General Sales Tax (GST) on IT hardware surged from 5% to 10%,…
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Govt proposes Rs267 billion for various ongoing, new power sector schemes
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[ad_1] A lower view of a transmission tower in Pakistan. — AFP/File The government has allocated an amount of Rs267,952.773 million for various ongoing and new schemes of power sector in annual public sector development programme (PSDP) for year 2024-25. According to the budgetary document released on Wednesday, out of total allocation, a sum of…
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Agriculture sector faces funding shortfall in Budget 2024-25 | The Express Tribune
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[ad_1] LAHORE: The saviour of Pakistan’s economy for FY-24, the agriculture sector, only managed to attract Rs5 billion for the next fiscal year from the incumbent government. During his budget speech on Wednesday, Finance Minister Muhammad Aurangzeb stated that agriculture is the main pillar of Pakistan’s economy, contributing 24% to GDP and 37.4% to employment…
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Oil sector demands repair of infrastructure | The Express Tribune
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[ad_1] KARACHI: The Oil Companies Advisory Council (OCAC) has written a letter to the Karachi Port Trust (KPT), urging the port authority to begin the long-awaited repair and maintenance work on roads and sewerage infrastructure in the Keamari oil installation area (KOIA) to ensure smooth transportation of petroleum products to the upcountry ahead of the…
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Oil, gas sector irregularities unearthed | The Express Tribune
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[ad_1] The Auditor General of Pakistan (AGP) has discovered numerous deviations from rules and policies by the Director General Petroleum Concession (DGPC) in dealings with oil and gas exploration companies, which have resulted in substantial losses to the national exchequer. The auditors stated that an examination of annual data on oil and gas production over…
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Propelling the ICT sector via imports of IT products | The Express Tribune
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[ad_1] KARACHI: The information, communication and technology (ICT) sector is often hailed as the engine of export growth amongst all the services sectors. The ICT sector generated $2 billion worth of exports in the first eight months of FY24, which is approximately 15% higher than the amount generated in the first eight months of the…
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Govt mulls restricting use of cash, decides to introduce reforms in real estate sector
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[ad_1] A man counts Pakistani rupee notes at a currency exchange shop in Peshawar, Pakistan September 12, 2023. — Reuters KARACHI: The federal government is considering imposing a restriction on use of cash along with introducing reforms in the real estate sector in its bid to tackle money laundering and terror financing. The development comes…
