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LAHORE: Federal Finance Minister Senator Muhammad Aurangzeb on Saturday said that sustained, meaningful dialogue between the government and the business community is essential for finding workable economic solutions, stressing that engagement limited only to the annual budget cycle cannot address structural problems. Addressing the All Pakistan Chambers Conference hosted by the Lahore Chamber of Commerce and Industry (LCCI), he said constructive discussions have recently taken place between the federation and the provinces on the NFC Award, leading to the formation of eight working groups, with progress expected by January 15.…

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LAHORE: Calls are growing for the government to establish dedicated value-addition zones and marble parks to transform Pakistan’s gemstone and marble industry, which remains largely informal despite its significant natural wealth. Industry representatives warn that without modern processing facilities, freight relief, and long-term export-focused reforms, Pakistan will continue to lose billions in potential revenue to regional competitors. The appeal comes at a time when the global gemstone and related products market is expanding rapidly. According to local industry estimates, the global market for precious and semi-precious stones was valued at…

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ISLAMABAD: The circular debt has deteriorated the financial position of oil and gas exploration companies, leaving them unable to invest in exploration activities. Additionally, the companies have been facing cash flow problems as gas is curtailed due to LNG imports that have flooded into the country. The exploration companies have repeatedly raised the issue of circular debt in the gas sector, arguing that it has compromised their financial health and restricted their ability to move ahead on their investment plan. The government has recently awarded 23 offshore licences to oil…

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The Federal Board of Revenue has decided to tighten the noose around private-practice doctors, clinics and private hospitals allegedly involved in tax evasion amounting to billions of rupees. The decision has been taken in light of the latest statistics obtained during FBR’s data analysis, which revealed large-scale alleged tax evasion by doctors across the country. Despite having taxable income, more than 73,000 registered doctors were found to have not filed income tax returns. According to FBR officials, the latest data shows that there are 130,243 registered doctors nationwide. However, during…

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ISLAMABAD: The International Monetary Fund (IMF) has slashed Pakistan’s power subsidies by Rs143 billion and set a strict target of limiting the flow of circular debt to Rs400 billion this year, the renewed goals that will require improving poor performance rather than continued reliance on taxpayers’ money. However, contrary to the IMF’s new target of adding only Rs400 billion to the circular debt flow, the Economic Coordination Committee (ECC) of the Cabinet approved a higher flow target of Rs522 billion for the current fiscal year. The ECC approved the target…

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