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Business & Economy

Pakistan - Business & Economy

Govt charging zero sales tax on Light Diesel, Kerosene oil: Dar ISLAMABAD: Minister for Finance, Revenue and Economic Affairs, Muhammad Ishaq Dar on Monday said the government is charging zero sales tax on light diesel oil and kerosene oil to provide relief to poor consumers. In a statement in the Senate, the minister said, the government had waived off Rs 13.55 per liter sales tax on light diesel and Rs 14 per liter on kerosene oil that was being charged by the previous government. The minister took exception to some recent statements by the political leaders and media reports regarding non provision of the subsidy to consumers on petroleum prices and said, there is a mechanism for increase or decrease in petroleum prices. He said a summary is sent to the Prime Minister through Ministries of Finance and Petroleum by Oil and Gas Regulatory keeping in view petroleum prices in international market as well as petroleum development levy. He said the ...

Pakistan - Business & Economy

Platts launches Middle East LNG price marker as region's demand grows SINGAPORE: Commodity pricing agency S&P Global Platts will begin assessing prices for liquefied natural gas (LNG) delivered to the Middle East and Pakistan, reflecting growing imports into a region better known as an exporter, the company said on Monday. Demand for LNG in Dubai, Egypt, Jordan, Kuwait and Pakistan has grown close to tenfold since 2010 to 20.8 million tonnes per annum in 2016, with Egypt taking about one-third of those imports, according to Platts, ...

Pakistan - Business & Economy

Dar reviews FBR's 6-month performance ISLAMABAD: Minister for Finance, Senator Mohammad Ishaq Dar Friday chaired a meeting to review the six-month performance of Federal Board of Revenue (FBR) for the period July- December of the financial year 2016-17.Briefing finance minister, Chairman FBR Nisar Muhammad Khan said the FBR had collected more than Rs 1,467 billion in the first half of the financial year 2016-17 as compared to Rs 1,370.9 billion during the corresponding period in the financial year 2015-16, reflecting ...

Pakistan - Business & Economy

LPG production reaches 1.918mmt, imports 0.840mmt, sales 2.559mmt ISLAMABAD: The Liquefied Petroleum Gas (LPG) sector witnessed multi-fold growth during the past three years as its production crossed 1.918 million metric tonns (mmt) figure, imports reached 0.840 mmt and its sales were recorded at 2.559 mmt, Chairman, LPG Distributors Association Irfan Khokhar said Friday."Due to effective strategy of the current government, price and availability of the commodity remained better as compared to previous years, but there is a need to further streamline matters especially ...

Pakistan - Business & Economy

Country's wheat demand reaches 25 million tons: Senate told  ISLAMABAD: Minister for National Food Security and Research Sikandar Hayat Khan Bosan Thursday informed the Senate that during the last year the demand of wheat in the country was 25 million tons against the production of 25.63 million tons. During question hour in the Upper House, the minister said the government has increased regulatory duty on the import of wheat from 10 to 60 percent during the last three years to discourage the import because ...

Pakistan - Business & Economy

Exporters urged to take benefit of incentive package ISLAMABAD: Finance Minister Senator Mohammad Dar Thursday urged exporters to make all efforts to benefit from the export incentive package announced by the prime minister the previous day.Talking to President Federation of Pakistan Chambers of Commerce and Industries (FPCCI), Zubair Tufail who called on him here, the minister said it was the largest export incentive package in Pakistan's history.He urged the exports to show the results in exports which the government desired and the country ...

Pakistan - Business & Economy

Philippines buys around 50,000 tonnes of rice from Pakistan, Vietnam MANILA: Philippine grains traders have purchased just over 53,000 tonnes of rice from Thailand and Vietnam in recent weeks, looking to boost supply in the wake of typhoons that destroyed local crops in the last quarter of 2016, the government said on Thursday. The shipments, comprising 41,464 tonnes from Thailand and 11,580 tonnes from Vietnam, were part of the 90,760 tonnes covered by import permits the state grains agency National Food Authority (NFA) issued before ...