Business

Web Desk — According to Pakistan’s statistics agency, the country’s consumer price inflation rate rose to 11.5% in November. Business Recorder quoted analysts as saying that the November number was higher than expected. The government and central bank continue to battle inflation, which has reached its highest level in 21 months. The figure also increased from 9.2% the previous month. …

Web Desk — In an alarming development, Federal Tax Ombudsman (FTO) Dr. Asif Mahmood Jah has found systematic flaws in the security of confidential/classified data of taxpayers. The FTO, thereby, has passed directions to the Pakistan Revenue Automation Limited (PRAL) to develop security policies/infrastructure and implement international standards to secure the Federal Board of Revenue (FBR) website from cyber attacks …

Web Desk — A letter sent to general industries stated that Sui Southern Gas Company (SSGC) has decided to curtail gas supplies to all captive power plants (CPPs) for general industries (non-export) in Sindh and Balochistan with immediate effect until further orders are issued. SSGC states in its letter that discontinuation of gas supplies is being implemented under the Gas …

Web Desk — In accordance with the IMF staff-level agreement, the government has decided to issue an Islamic Sukuk Bond to earn $1bn by pledging a portion of Motorway (M1). The News quoted an official as saying that the Ministry of Finance was seeking a No Objection Certificate (NOC) from relevant quarters and that it was expected that Sukuk Bonds …

Web Desk — With inspiration from Chinese agro-based innovative technologies and techniques, China’s digital farming and smart agriculture practices will spur Pakistan’s agricultural growth. An innovative group of young Pakistani agri-tech entrepreneurs has pioneered the “Digital Dera” project in the Pakpattan district, located around 148 km from Lahore. A technologically advanced project called “Digital Dera” aims to empower farmers with …

Web Desk — An official note issued by the State Bank of Pakistan (SBP) has clarified media reports in which its average inflation forecast of 7-9% in FY22 is being interpreted as the “inflation target” and compared to the inflation targets of other countries. It said the SBP’s inflation forecast is for the current fiscal year, FY2021-22. Pakistan’s government sets …

As it announced the monetary policy on Friday, the State Bank of Pakistan (SBP) raised the interest rate by 150 basis points, increasing it to 8.75%. In spite of market expectations for a rate hike, several analysts believe the central bank will now be more aggressive in its efforts to curb a bulging current account deficit and rupee depreciation. MPC …

The government is considering incremental taxes in the cement sector to improve capacity utilization, said advisor to the finance minister’s tweet on Friday. According to his tweet, “incremental taxes are under consideration for those who opt to produce less than their capacity threshold, but no incremental taxes will be applied to those who produce above the threshold.” Moreover, he stated …

Web Desk– Nokia, on its 20th birthday, has planned to surprise its users by re-launching one of its most favourites models Nokia 6310. According to The Daily Mail report, Nokia has made the latest changes in the upcoming Nokia 6310 by improving its screen display and battery life. The report further said that the phone will be launched on the …

ISLAMABAD: (Web Desk) The Federal Board of Revenue (FBR) has announced that there would be no further extension in the deadline for returns filing beyond October 15, 2021. According to a statement of the FBR, unlike in the past, FBRe uploaded forms for filing of Income Tax Returns for TY 2021 on July 01, 2021, and thus afforded taxpayers the …