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ECC puts off decision on higher LNG import margins

ISLAMABAD (Web Desk) The Economic Coordination Committee (ECC) of the cabinet has deferred decision on tax exemptions worth billions of rupees and increase in margins on liquefied natural gas (LNG) imports following opposition from the Finance Division which fears it will not be able to meet revenue target.Pakistan State Oil …

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Govt aims for large hike in current expenditures in its last budget

ISLAMABAD (Web Desk) The Federal Cabinet on Tuesday approved Budget Strategy Paper (BSP) for next fiscal year envisaging Rs1.1 trillion for defence, Rs1.6tr for debt servicing and 5.3pc fiscal deficit in the absence of any foreign aid for budgetary support.Presided over by Prime Minister Shahid Khaqan Abbasi, the meeting also …

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Rs8.27 trillion irregularities found in govt accounts

ISLAMABAD (Web Desk) The Auditor General of Pakistan (AGP), Javaid Jahangir, has claimed that during the audit year 2017-18 auditors pointed out irregularities amounting to Rs8.276 trillion in the accounts of the federal government.It may be mentioned that this figure is almost double the amount allocated for the fiscal year’s …

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Pakistan’s growth to slow down to 5.1% in FY19: ADB

ISLAMABAD (Web Desk) After five years of upward movement, Pakistan’s economy is expected to slow down to 5.1% in the next fiscal year 2018-19 because of growing external account challenges, said the Asian Development Bank (ADB) on Wednesday.The Manila-based lending agency has advised Pakistan to tighten the monetary policy and …

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Economic growth hit 12-year high, claims govt

ISLAMABAD (Web Desk) Govt has missed all major macroeconomic targets For the next fiscal year 2018-19, the outgoing government plans to set the GDP growth target at 6.5%.In its 99th meeting, the NAC approved the provisional growth rate for the outgoing fiscal year, revised the 2016-17 growth rate to 5.37% …

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Fuel costs burn out textile export revenue

Islamabad (Web Desk) Nishat Mills Limited (NML) —the Nishat group’s flag ship company is the largest composite textile unit in the country. The conglomerate has half a dozen other group companies listed on the Pakistan Stock Exchange (PSX) which include MCB Bank, Adamjee Insurance, DG Khan Cement Company, Nishat (Chunian) …

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Dollar reaches record high against Iran’s Rial

Tehran (Web Desk) Iran’s national currency the Rial plunged above 6 percent against the US dollar in free market on Sunday thus deteriorating a depreciation streak that started over the past few months. The US dollar was traded below 54,000 Rials in early trading of Sunday but jumped to above …

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Current expenditure surges by 12.4pc

KARACHI (Web Desk)  Rising debt stock and depreciation of local currency were the main contributors to a sharp increase in federal current expenditure in the first half of FY18. The State Bank of Pakistan’s second quarterly report said the federal current expenditures grew by 12.4 per cent as compared to 2.6pc …

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Income tax relaxations to cause Rs90bn losses

ISLAMABAD (Web Desk)The massive increase in income tax exemption slab and lowering of maximum tax rate to 15 per cent from 35pc for salaried and non-salaried individuals will likely to cause around Rs90 billion losses to the national kitty. The proposed move under the ruling PML-N government’s economic package is likely …

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