A sudden and significant shift has emerged in Pakistan’s banking sector as certain banks race to meet the government-mandated Advances to Deposit Ratio (ADR) threshold of 50%. The primary motivation for this rush is to avoid an additional tax imposed on banks with lower ADRs, which has been in place since 2022 and was extended […]
Pakistan is on the verge of implementing long-awaited reforms in its financial sector, including a landmark decision to impose taxes on the agricultural sector. The country’s Finance Minister, Muhammad Aurangzeb, revealed that the legislation to introduce agriculture taxes would be completed by January 2024 and would come into effect by July 1, 2025. This move […]
In a significant stride towards advancing Pakistan’s digital ecosystem, PTCL Group, the country’s leading integrated ICT provider, has unveiled its latest innovation: the nation’s first 800 Gbps per wavelength Super C+L wavelength division multiplexing (WDM) system. This technological advancement not only signifies a breakthrough for PTCL but also represents a monumental leap for the country’s […]
Introduction In a significant move for the agricultural sector of Pakistan, Al-Ghazi Tractors Limited has announced the launch of its latest tractor model, the NH850. This new addition to their product lineup marks a milestone for the company and reflects its ongoing commitment to meeting the evolving needs of farmers. With agriculture being a cornerstone […]
The textile and apparel sector has long been a cornerstone of Pakistan’s economy, contributing significantly to export earnings and providing employment to millions. In recent years, a notable transformation has occurred within this sector, particularly in the realm of high-value-added (HVA) products such as readymade garments. Despite this positive shift, an intriguing paradox has emerged: […]
In a decisive move aimed at modernizing its operations, the Federal Board of Revenue (FBR) in Pakistan has announced a comprehensive restructuring of senior tax officer functions. This initiative, detailed in a notification issued on Wednesday, seeks to streamline the FBR’s internal processes, enhance its digital capabilities, and ultimately improve tax compliance across the nation. […]
In a significant development, five Independent Power Producers (IPPs)—four established under the 1994 power policy and one under the 2002 policy—have agreed to terminate their Power Purchase Agreements (PPAs) with the government. This move comes as part of broader efforts to reduce Pakistan’s financial burden and ease pressure on consumers. According to a senior official […]
Pakistan’s economy has been struggling to find its footing in recent years, and businesses across the country are feeling the pressure. Despite the government’s reassurances about stabilizing the external debt situation, the reality on the ground tells a different story. Factories, one after the other, are either shutting down or resorting to downsizing their operations. […]
The Lahore High Court (LHC) Rawalpindi bench recently delivered a significant ruling in the case of a private company versus First Habib Mudarba Ltd, emphasizing the importance of honoring jurisdiction clauses in commercial and banking-related agreements. In this case, LHC Justice Jawad Hassan dismissed a petition that sought to challenge a banking agreement in the […]
The economic landscape in Pakistan is home to a few prominent business families who control massive conglomerates, shaping industries from banking and cement to textiles and power. Yet, despite their vast influence, none of these families qualify as billionaires in U.S. dollar terms based on their publicly listed holdings. This surprising reality contrasts sharply with […]
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