National Refinery Limited (PSX: NRL) has announced the production and supply of very low furnace oil (VLFSO), also known as “bunker fuel”, after the necessary change in crude mix and adjustments in the production process.In a notice to the Pakistan St…
OGRA Tells the Public Not to Get Too Happy Over Petrol Price Speculations
After the recent claim by Interim Commerce Minister Gohar Ejaz regarding a reduction in prices of petroleum products, the Oil and Gas Regulatory Authority (OGRA) on Monday emphasized the importance of avoiding speculations regarding the prices.The comm…
Rupee Rises 15th Day in a Row Against US Dollar
The Pakistani rupee rose 15th day in a row against the US Dollar today after opening trade at 289 in the interbank market.At 11:30 PM, it was bullish, rising as high as 286 after gaining ~Rs. 5 against the greenback.Later, the interbank rate eased to t…
FBR Asked to Extend Income Tax Return Filing Deadline As Experts Cite Technical and Legal Challenges
Tax Bar Associations, chartered accountant firms, tax advisers, and tax experts have approached the Federal Board of Revenue (FBR) for an extension in the last date for income tax return filing up to October 31, 2023, due to technical and legal issues…
SECP Allows Islamic Finance Commissioner to Grant Shariah Compliance Certificates
Securities and Exchange Commission of Pakistan (SECP) has delegated the authority to grant Shariah compliance certificates to companies to the Commissioner of the Islamic Finance Department.The commission issued a notification, S.R.O. 1349 (I)/2023 on…
Sales Tax Fraud Spikes Via Fake Invoices Despite Automation
The quantum of sales tax fraud has considerably increased after the facilitation and automation of obtaining new sales tax registrations by the Federal Board of Revenue (FBR).Sources told ProPakistani that the use of fake/flying invoices to commit sal…
Banks to Remain Closed On 29 September
The State Bank of Pakistan (SBP) announced on Friday that it will remain closed next Friday, 29 September 2023, on account of Eid Milad Un Nabi.“The State Bank of Pakistan will remain closed on September 29, 2023 (Friday) being a public holiday on the…
FBR Directs Field Formations to Complete Tax Collection Before 28 September
The Federal Board of Revenue (FBR) has directed all Inland Revenue field formations to recover tax demands before September 28, 2023, to improve tax collection during the current month.In this regard, the FBR has issued instructions to the field offic…
Currency Dealers Unhappy With Banks Replacing Exchange Companies
Currency dealers warned that replacing existing money exchange companies could backfire and allow banks to abuse the situation by manipulating the exchange rate.Authorities have stated that they are under pressure to close down exchange companies beca…
Caretaker Planning Minister Gives One-Week Deadline for Provincial and Islamabad’s Master Plans
The caretaker Minister for Planning, Development & Special Initiatives, Muhammad Sami Saeed, asked the provincial governments and Islamabad Capital Territory (ICT) to submit their respective Master Plans with recommendations in one week.The Minister m…
Distribution Companies to Collect Rs. 30 Billion Extra From Electricity Consumers in October
Ex-WAPDA Distribution Companies (DISCOs) have sought an increase of Rs. 1.83 per unit in fuel cost adjustment (FCA) to collect an additional Rs. 30 billion from consumers in October.According to a national daily, DISCOs have filed a petition through t…
Shamshad Akhtar, Fawad Hassan discuss economic, fiscal matters
Caretaker Minister for Privatization Fawad Hassan Fawad called on Caretaker Finance Minister Dr. Shamshad Akhtar in Islamabad today.On this occasion, both the Ministers discussed important economic and fiscal matters and exchanged valuable insights and…