ISLAMABAD: The Federal Board of Revenue (FBR) and all Provincial Revenue Authorities/Boards have unanimously agreed to extend the Single Sales Tax Return (SSTR) system to include oil and gas exploration and production companies, as well as microfinance banks. According to details shared by the FBR on Friday, taxpayers from these two sectors must now file their sales tax returns through…
Read More
ISLAMABAD: The Senate Standing Committee on Economic Affairs has ordered an inquiry into the nearly five-year delay in completing the first 660 MW unit of the 1320 MW Jamshoro Power Plant. Work on the project, which began in 2014, was initially scheduled for completion in 2019 but is now expected to achieve its Commercial Operation Date (COD) later this month.…
Read More
ISLAMABAD: Federal Minister Ahsan Iqbal met with Wang Huihua, General Manager of China Energy International Group, on Friday to review the group’s contributions to Pakistan’s infrastructure and energy sector, including 21 mega projects worth over $12 billion. The discussion highlighted two flagship hydropower projects: the 700 MW Azad Pattan Hydropower Project and the 870 MW Sukki Kinari Hydropower Project, with…
Read More
QUETTA: The Balochistan cabinet has expressed serious concerns over the lack of progress regarding the lease extension agreement with Pakistan Petroleum Limited (PPL), according to provincial government spokesperson Shahid Rind. Rind revealed that the agreement between the provincial government and PPL expired nearly 15 years ago. Despite this, PPL has reportedly earned over Rs100 billion during the period without sharing…
Read More
ISLAMABAD: The Senate Standing Committee on Planning, Development, and Special Initiatives was informed on Friday that the government is considering a proposal to dissolve the China-Pakistan Economic Corridor (CPEC) Authority. Planning Ministry Secretary Awais Manzur Sumra revealed that the authority is currently non-functional, and the prime minister has suggested forwarding the matter to the federal government’s rightsizing committee. The ministry…
Read More
ISLAMABAD: In a rare move, the National Electric Power Regulatory Authority (Nepra) approved dual relief measures for electricity consumers on Friday, offering both a negative fuel cost adjustment (FCA) and significant discounts on incremental winter consumption. Nepra announced a reduction of Rs1.14 per unit in the monthly FCA for October 2024, which will be reflected in December bills. However, with…
Read More
• Emphasis on continuity in efforts to restore infrastructure• Emphasis on aligning uplift efforts with SDGs• Priority areas: improved healthcare, education, climate-smart initiatives in agriculture, irrigation. KARACHI (Dec 6): Sindh Chief Minister Syed Murad Ali Shah has issued detailed guidelines for the preparation of the Annual Development Program (ADP) for 2025-26 aimed at ensuring strategic planning for provincial development, focusing…
Read More
ISLAMABAD: The Economic Affairs Division (EAD) has sought comprehensive updates on eight pipeline development projects to evaluate their readiness for potential financing by the Islamic Development Bank (IsDB). The details will be shared with the IsDB Programming Implementation and Supervision Mission (PIASR), scheduled to visit Pakistan from December 8-14, 2024. The projects under negotiation include: Diamer Bhasha Dam Hydropower Project500…
Read More
ISLAMABAD: Prime Minister Shehbaz Sharif has called for stringent measures to curb petroleum product smuggling as part of efforts to safeguard Pakistan’s revenue and boost economic recovery. Chairing a review meeting on the country’s economic conditions and Federal Board of Revenue (FBR) digitization initiatives, the premier emphasized the urgency of addressing this persistent issue. Sharif highlighted the positive impact of…
Read More
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved two formulas to transition from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) for 59 Independent Power Producers (IPPs), effective July 1, 2023. This transition aligns with global changes as LIBOR ceases publication after September 30, 2024. ECC and Nepra DecisionsThe Economic Coordination Committee (ECC)…
Read More
