Category: bussines

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday suspended the fresh property valuations for the collection of withholding taxes in the Islamabad Capital Territory (ICT) after taxpayers raised a hue and cry over increases of up to 1,250% in valuations, which they said lacked any rational basis. The development comes on the heels of Rs103 billion in income tax collection from the real estate sector during the first five months of the current fiscal year, which is 18% higher than the last fiscal year, despite depressed market conditions. The…

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ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday said Pakistan and Azerbaijan were working to translate their strong relations into tangible trade and investment outcomes, with Azerbaijan expressing an appetite to invest close to $2 billion in Pakistan. In an interview with Report, the minister said bilateral relations, particularly with Azerbaijan, had grown stronger since the current government assumed office, with frequent high-level engagements including visits by Prime Minister Muhammad Shehbaz Sharif and Pakistan’s participation during the COP29 timeframe in Baku. He said the focus was…

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ISLAMABAD: The government has finalised a plan to set up a new statutory authority for the gemstone sector and a warranty office under the proposed National Gemstones Policy. The plan was submitted during a meeting chaired by Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar, to review and finalise the gemstone policy, aimed at unlocking the vast untapped potential of Pakistan’s gemstone sector. Minimum export price benchmarking for gemstone shipments has been proposed to curb under-invoicing, a major concern flagged by regulators. An easy, online…

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KARACHI: Morgan Stanley has projected that gold prices will post relatively smaller gains in 2026 as purchases by central banks and exchange-traded funds moderate, although anticipated interest rate cuts and a weaker US dollar are expected to keep the broader uptrend intact. In its latest outlook, the investment bank forecast gold prices at around $4,800 per ounce by the fourth quarter, citing strong Chinese retail demand, continued, though selective, central bank buying, and global growth concerns as key supportive factors. Commenting on the report, Adnan Agar, Director at Interactive Commodities,…

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ISLAMABAD: Taking inspiration from the Chinese ‘WeChat’ platform, Pakistan will launch its ‘BEEP’ app for government officials in the coming months. “The app is almost ready for rollout, and the project will meet its deadline of June 30, 2026,” the National Assembly Standing Committee on IT & Telecom was informed on Tuesday. Committee Chairman Syed Aminul Haque asked National Information Technology Board (NITB) Chief Executive Faisal Ratyal to ensure the timely rollout of BEEP. The committee was informed that the application had been developed locally and certified by all relevant…

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Energy Minister Awais Leghari said that the prices of smart electricity metres have fallen by around 40 per cent, a move he said would lead to massive national savings. In a statement, the minister said that the reduction in prices would result in annual savings of up to Rs150 billion at the national level, following timely and effective measures taken to strengthen transparency and competition in the procurement process. Leghari said that improved transparency and the adoption of international competitive standards had helped electricity distribution companies procure smart metres at…

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ISLAMABAD: Power consumers may enjoy a relief in their upcoming electricity bills following a reduction of up to Rs0.71 per unit in tariff on account of fuel adjustment charges for November 2025. The expected relief, which will materialise in the bills issued for January 2026, comes after the Central Power Purchasing Agency (CPPA) formally petitioned the National Electric Power Regulatory Authority (NEPRA), stating that distribution companies were prepared to refund Rs0.7182 per unit to consumers due to what it described as overcharging during November. In its petition submitted on behalf…

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ISLAMABAD: Owing to consistent efforts and timely actions by the Power Division to promote transparency and competition, the prices of smart meters for power distribution companies have been reduced by up to 40%. “This reduction will result in estimated annual savings of Rs150 billion at the national level,” said Federal Minister for Power Awais Ahmed Leghari. The federal minister made these remarks on Monday after a report on smart meters was presented. He stated that the adoption of transparent and internationally competitive procurement processes had reduced the price of a…

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KARACHI: Gold prices in Pakistan rose on Monday, tracking gains in the international market, where spot gold hovered near a seven-week high, supported by a softer dollar and expectations of US interest rate cuts ahead of key economic data. In the domestic market, gold per tola surged to Rs454,862, gaining Rs2,600 during the day. Similarly, 10-gram gold was sold at Rs389,970, up Rs2,229, according to the All-Pakistan Gems and Jewellers Sarafa Association. On Saturday, the gold price per tola had closed at Rs452,262 following a decline of Rs2,000. Meanwhile, silver…

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KARACHI: Despite the State Bank of Pakistan (SBP) cutting the policy rate by 50 basis points, contrary to market expectations, the business community has expressed widespread disappointment over the central bank’s decision to reduce the rate modestly from 11% to 10.5%. Industry leaders have termed the modest reduction insufficient to provide meaningful relief to businesses struggling under high production costs, rising energy tariffs and a challenging economic environment. President of the Karachi Chamber of Commerce & Industry (KCCI), Muhammad Rehan Hanif, described the move as “far below what is urgently…

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