FBR’s FIFO policy cannot override taxpayer rights, Ombudsman rules after Rs42.86m refund delay ISLAMABAD: The Federal Tax Ombudsman has recommended that the Federal Board of Revenue (FBR) introduce a faceless income tax refund system to enable electronic transfer of refunds directly into taxpayers’ bank accounts after automated verification of eligible claims. The recommendation was issued…
National forum to tackle food security as minister outlines livestock exports, seed certification push ISLAMABAD: Pakistan and the Food and Agriculture Organisation (FAO) have agreed to organise a National Climate Forum to strengthen climate action in agriculture, as the country seeks to build resilience against the impacts of climate change despite its negligible contribution to…
KARACHI: Gold prices in the local market increased on Friday even as international rates declined, with the yellow metal still heading for its first monthly gain in five months. According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs3,000 to Rs430,436. Ten-gram gold…
KARACHI: Pakistan Stock Exchange (PSX) rebounded on Friday as the benchmark KSE-100 index gained almost 550 points to settle near 176,100, supported by a decline in global oil prices and reports that Pakistan was seeking to reinitiate diplomatic negotiations to ease tensions in the Middle East. At the close of trading, the KSE-100 posted a…
LAHORE: The Punjab Revenue Authority (PRA) has intensified its enforcement campaign against tax defaulters across the province, sealing three premises, including a hotel, for tax non-compliance in Lahore and other cities. According to a PRA spokesperson, the action was taken after tax evasion was established and repeated violations of tax laws were detected. Dozens of…
Index eases to 9.05% YoY; week-on-week tomato, chicken prices fall; diesel and petrol costs rise KARACHI: The Sensitive Price Indicator (SPI) for the week ended July 30, 2026 recorded a year-on-year increase of 9.05%, slipping below the double-digit threshold despite escalating tensions between the United States and Iran in the Middle East and the resultant…
ISLAMABAD: As Pakistan’s digital development momentum gains pace, the fibre-to-the-home (FTTH) subscriptions have grown steadily to 2.8 million, supported by a robust fibre footprint spread over 234,000 kilometres, 5.1 million homes passed and six operational submarine cables. Federal Minister for Economic Affairs Ahad Cheema chaired a meeting on the National Connectivity Plan, joined by Minister…
Decision expected to lower shipping and insurance costs, facilitate trade and support economic growth Deputy Prime Minister and Foreign Minister Ishaq Dar on Friday welcomed the decision of the Lloyd’s Market Association’s Joint War Committee (JWC) to remove Pakistan from its Listed Areas for war risk insurance. In a post on X, Dar said the decision…
Cars, property, stock curbs for ineligible persons shelved despite IMF commitment Prime Minister Shehbaz Sharif chairs a meeting of the Federal Cabinet in Parliament House Islamabad on June 26. Photo: PTV ISLAMABAD: The federal cabinet has rejected a proposal to immediately ban purchases of cars, investment in stocks, cash withdrawals and buying properties beyond a…
KARACHI: Pakistan Petroleum Limited (PPL), the operator of Shah Bandar exploration licence, has made a gas and condensate discovery at exploratory well Rahi X-1, located in Sujawal district of Sindh province. “This is the fourth consecutive discovery at the Shah Bandar Block by PPL as an operator with 63% working interest along with its joint-venture…