13.5km Babusar Tunnel to be part of four-lane project reducing travel distance by 120km ISLAMABAD: The National Highway Authority (NHA) has approved the construction of a new 172-kilometre motorway from Mansehra to Chilas via Kaghan, Naran and Jhal Khand, according to an official statement issued on Tuesday. Federal Minister for Communications Abdul Aleem Khan, who…
KARACHI: The Pakistan Stock Exchange (PSX) experienced a mixed early trading session on Wednesday, with the benchmark KSE-100 Index remaining in negative territory. The KSE-100 Index declined to 170,646.92 points, losing 374.85 points or 0.22 percent from the previous close of 171,021.77. The index witnessed volatility during the session, reaching an intraday high of 171,624.45…
‘India fails to impose and effectively enforce forced labour import prohibition,’ office says in report Pakistan is doing the right things at the moment in navigating through a complex and uncertain global trade situation. It has recently announced major tariff reforms, due for the last 20 years. Photo: REUTERS The United States has proposed an…
Allegtaion that Inland Revenue officials recovered large amount under coercive circumstances without lawful assessment ISLAMABAD: The Federal Tax Ombudsman (FTO) has ruled that obtaining tax deposits from taxpayers during proceedings under Section 175C of the Income Tax Ordinance, 2001, without subsequently determining liability through the prescribed legal process, constitutes maladministration. The complaint was filed by…
Iran renewed attacks on the United Arab Emirates on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days. FILE IMAGE: PIXABAY Oil prices rose on Wednesday, extending gains from the previous session, as hostilities in the Middle East erupted anew with Iran…
KARACHI: Pakistan’s oil marketing companies (OMCs) recorded their sharpest monthly sales decline since November 2023 as elevated petroleum prices, driven by the Iran-US war, forced consumers to curb fuel consumption and restrict travel to essential needs. “Elevated POL prices drove the sharpest volume decline since November 2023,” noted Bazif Memon, Energy Sector Analyst at Optimus…
KARACHI: Pakistan’s heavy taxation of mobile services is creating a “tax trap” that is raising connectivity costs, suppressing mobile adoption and slowing the country’s broader digital transformation agenda, according to a new report commissioned by telecom group VEON. The study, prepared by Frontier Economics, argues that Pakistan’s telecom sector is among the most heavily taxed…
ISLAMABAD: The government on Monday approved a tamed economic growth target of 4% for the new fiscal year after it could not fix chronic ills during the past four years holding back higher growth, and it projected imports crossing $70 billion amid growing external sector pressures. The Annual Plan Coordination Committee (APCC), the body mandated…
ISLAMABAD: Trade and shipping activity at Gwadar Port has got a boost in the backdrop of US-Iran war as port utilisation reaches 30% amid optimism about further increase in business. The Middle East war is reshaping the region and its surroundings where different blocs are emerging. The United States, the United Arab Emirates (UAE) and…
A delegation of top leadership from chambers of commerce and industry across the country met with the prime minister, presenting proposals for the upcoming budget. The prime minister directed that all pending tax refund cases be cleared by June 15. Prime Minister Muhammad Shehbaz Sharif met with the delegation, where detailed discussions were held on…