Business

By Web Desk — The auto industry has informed the government that the imposition of new taxes on locally-assembled vehicles is a deviation from the Automotive Industry Development and Export Plan (AIDEP) 2021-26. According to a letter to the Ministry of Industries and Production, the local auto vendors and spare parts manufacturers fear that the duties and taxes imposed recently …

By Web Desk — The telecom regulator plans to contain the dominance of mobile phone operators by limiting freewill tariff increases and repurposing their profits for other telecom services, Dawn has reported.Pakistan Telecommunication Authority (PTA) has requested feedback on the draft ‘Tariff for Telecommunication Services Regulations, 2022’ that will obligate all telecom operators to provide consumers with free access to …

By Web Desk — The first smartphone assembled by Samsung in Pakistan has been unveiled, marking an important milestone in the production sector that will reduce Pakistan’s import bills. It has partnered with Lucky Motor Corporation to assemble smartphones in Pakistan. They have jointly set up an assembly plant at Port Qasim. Hammad Azhar, the Energy Minister of Pakistan, told …

By Web Desk — A mobile network operator has been fined Rs30 million by the Pakistan Telecommunications Authority (PTA) for failing to meet the quality of service standards outlined in its license. The order against Pakistan Mobile Communication Limited, commonly known as Jazz, was issued by a panel consisting of PTA Chairman Amir Azeem Bajwa, Member Compliance and Enforcement Dr …

By Web Desk — With the removal of tax exemptions on imports of solar panels and related equipment through the mini-budget mid-January 2022, the cost of setting up solar power projects in Pakistan has risen by 30% to Rs70 per unit (watt). This is a one-time cost for solar projects with a lifespan of 25 years. “The cost shot up …

By Web Desk — Several new projects have been launched by the Central Directorate of National Savings (CDNS) to promote digital investment and enhance investment opportunities. “The CDNS is developing digital prize bonds in collaboration with the State Bank of Pakistan (SBP), which will be available through electronic channels on Monday,” a senior CDNS official said. “CDNS is also developing …

Web Desk — In a meeting held on January 24, 2021, in Karachi, the Monetary Policy Committee of the State Bank of Pakistan (SBP) decided to keep the policy rate unchanged at 9.75 percent. SBP’s decision was largely in line with market expectations, where most market participants were expecting SBP to keep its policy rate unchanged While announcing the monetary …

Web Desk — Indus Motor Company (IMC) and Honda Atlas Cars Ltd (HACL) have increased prices by Rs63,000-493,000 following an increase in Federal Excise Duty (FED) after the passage of Finance (Supplementary) Bill 2021, commonly known as mini-budget. The price of different Toyota Yaris models has risen by Rs63,000-76,000, according to the announcement. Yaris 1.3GLI MT, GLI CVT, ATIV MT, …

Web Desk — Japan’s Ambassador to Pakistan Wada Mitsuhiro pointed out that Pakistan was among the biggest exporters of shrimp, mango, dates, and rice to Japan. In a meeting with Minister for National Food Security and Research Syed Fakhar Imam on Thursday, the envoy said that Japan had a substantial market for seafood, and showed great interest in importing fishery …

Web Desk — Dollar prices may cross Rs200 after the Federal Board of Revenue (FBR) imposes a withholding tax on exchange companies, which are receiving notices to the tune of hundreds of millions of rupees. According to exchange company representatives, the FBR is sending them notices regarding non-payment of withholding tax that was withdrawn in 2016. Tax notices have caused …