On Thursday, the Standing Committee on Finance and Revenue approved the Tax Laws Amendment Bill 2024. This new bill allows the Federal Board of Revenue (FBR) to audit sales in advance and restrict lavish purchases if they exceed a person’s declared income. Let’s break down the important parts of this new tax law. Focus on…
Artificial Intelligence (AI) is revolutionizing many industries, and the real estate sector is no exception. Experts from the real estate and construction industries, along with AI consultants, gathered at the PropTech Convention 2024 to discuss how AI can change the real estate market in Pakistan. Let’s break down the important points shared by these industry…
The Pakistani government raised Rs1.65 trillion in an auction of Treasury Bills (T-bills) and Pakistan Investment Bonds (PIBs) on Tuesday. This was the first auction after the reduction of the interest rate by 200 basis points (bps) announced on December 16. Despite expectations that the T-bill yields would fall due to this rate cut, they…
Alibaba, a major global platform for businesses to trade with each other (B2B), has announced the launch of its Trade Assurance service in Pakistan. This move is aimed at helping local small and medium-sized enterprises (SMEs) grow and do business with more confidence. With Trade Assurance, Pakistani businesses can trade globally, knowing that their transactions…
In a positive step for the energy sector, the Oil and Gas Regulatory Authority (OGRA) has approved a significant portion of the finance cost requested by Sui Northern Gas Pipeline Limited (SNGPL) for the fiscal year 2023. This decision will allow SNGPL to recover Rs. 8.5 billion of its requested finance cost. While the company…
In recent developments, a foreign company has started to pull out from Pakistan’s oil and gas sector. This company, KUFPEC (Kuwait Foreign Petroleum Exploration Company), has sold its assets worth approximately $60 million to a local entity, Pakistan Energy Limited (PEL). The decision to sell is due to several challenges in Pakistan’s energy sector, especially…
Pakistani workers who want to seek employment in the UAE will now have to go through a new process: obtaining a police verification report. This change was discussed during a meeting of the Senate Standing Committee on Overseas Pakistanis and Human Resource Development, highlighting the evolving immigration requirements for those seeking job opportunities in the…
The International Finance Corporation (IFC), alongside a group of local banks, has committed up to $50.2 million in financing to support Armstrong ZE Pvt. Ltd. in setting up a new tyre manufacturing facility in Gharo town, Sindh. This investment aims to boost local tyre production in Pakistan, reduce the country’s reliance on imports, and create…
Sapphire Electronics (Pvt) Limited, a company under the umbrella of Reliance Cotton Spinning Mills Limited (RCML), has taken a major step forward by announcing a partnership with Samsung Electronics. This collaboration is set to bring Samsung-branded electronic products and home appliances to be manufactured and assembled locally in Pakistan. This agreement between Sapphire Electronics and…
Meezan Bank, one of the top Islamic banks in Pakistan, has teamed up with Arif Habib Limited, a leading investment bank, to make investing easier and faster for people in Pakistan. The two companies have signed a partnership to launch an exciting new service for investors called the “Instant Top-up Service.” What is the Instant…
