Under the now-resumed International Monetary Fund (IMF) programme, Pakistan has committed to draft Personal Income Tax (PIT) legislation till the end of the ongoing month (February 2022) for slapping approximately Rs160 billion tax on the salaried class by jacking up tax rates and reducing the number of slabs, The News reported. This PIT will be announced in the budget for 2022-23 and…
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Prime Minister Imran Khan on Friday held meetings with a number of representatives of major Chinese companies, paving the way for billions of dollars worth of Chinese investment into the country. The prime minister arrived in Beijing on Thursday to attend the opening ceremony of the Winter Olympics and meet the Chinese leadership. As per the official handout, China Machinery…
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Russian coal merchants are proving to be the winners as European buyers, nervous a feared Russian invasion of Ukraine could lead to disrupted gas supplies, stock up on the dirtiest fossil fuel. Despite Europe’s ambitions to reduce carbon emissions to net zero by the middle of the century, which means weaning itself off all fossil fuels, but especially coal, the…
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With 17 new wind farm projects planned for Scotland, the UK’s offshore wind power capacity is set to more than double. But what happens when the wind is blowing, the turbines are cranking out electricity and there’s no demand for it? It’s already a problem. In 2020, enough electricity to supply more than one million homes was wasted due to…
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The 23-nation OPEC+ group said in a statement that it will increase production by 400,000 barrels per day in March, the same amount as in previous months. The group, which includes the 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, has resisted US pressure to further boost production to tame…
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Yousaf Weaving Mills Limited (YOUW) has awarded a contract to Prism Energy (Private) Limited for the installation of a solar system to provide 2MW electricity, a bourse filing said on Thursday. The system will provide electricity for a period of 15 years at a rate of Rs9.90/kWh, which will be raised by 3 per cent per annum, it added. Under the contract…
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Key officials of the energy ministry drew ire of the Public Accounts Committee (PAC) on Thursday after they failed to provide exact figures about the annual production and consumption of gas in Khyber-Pakhtunkhwa and Sindh. PAC Chairman Rana Tanveer and other members of the committee were flabbergasted when the top officials of the ministry kept evading the simplest of the…
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The Petroleum Division told the Public Accounts Committee Thursday that circular debt of Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL) had reached Rs1.3 trillion (Rs1,300 billion). The Public Accounts Committee (PAC) expressed its annoyance at the Petroleum Division for non-completion of gas schemes and ordered a one-year audit to ascertain the losses. During Thursday’s meeting,…
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The oil industry has warned the government of supply chain disruption and increase in oil sector’s circular debt if it maintained product rates despite rising international prices. “Based on the critical condition of the industry and increasing trend in POL prices, we urge you to ensure that no further petroleum differential claim (PDC) is imposed on the industry as it…
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Textile exports in Pakistan are on the rise – 26 percent increase to $9.4 billion in the 1HFY22. The growth in exports has continued in January to $1.55 billion – up by 17 percent YoY as has been indicated by government officials. ATPMA is celebrating this achievement which the commerce minister has attributed to a shift in export orders from…
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