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Circular debt – again  

Circular debt is the money which various government departments owe to PEPCO as electricity charges. When the government departments do not pay for the power they use, PEPCO fails to pay to various power producing units from where it purchases electricityand the power producing units cannot pay to oil companies to purchase fuel. This creates a circle of debt which ... Read More »

Dilemma of taxpayers

According to newspaper reports, the Federal Board of Revenue (FBR) has decided to audit 15 percent of the annual income tax returns which were filed in 2013. The returns will be selected through random ballot and the exercise is meant for identifying those taxpayers who do not show their exact income in their tax returns. Earlier, at least five percent ... Read More »

Fixing oil prices – Pakistani style

The prices of Brent crude has fallen below $98 a barrel in the international market which is a 17-month low for the sixth straight session, thanks to oversupply and weak demand for the oil in the region. Earlier, the North Sea crude oil reached $115 a barrel after Islamic States of Iraq and Syria took control of several oilfields, when ... Read More »

Business in India

At least 150 Pakistani firms are showcasing their products in New Delhi to woo strong middle-class market of 600 million people with at least $12,000 per capita income in India. At least 320 stalls have been set up at the ‘Aalishan Pakistan’ exhibition besides holding an art exhibition at the sidelines of the event in which young Pakistani artists will ... Read More »

Pakistan – a promise land for startups

Pakistan’s population is increasing at a fast rate, so are the business opportunities. More are the people — more you need houses, more you need cloths, more you need food, and more you need luxuries and necessities of life. One may argue that quality of life is more important, but quantity of people is equally important. If you want to ... Read More »

Economic diplomacy

LAHORE: The world scenario has been changing at a fast rate for the last few decades. Colonialism has ended but curse of poverty is haunting the mankind. The industrial revolution in 20th century pushed the colonial powers to pack up and leave behind a legacy of hunger, illiteracy and fierce political contentions in the lands of their subjects. But it ... Read More »

Clarion call by FBR chief

Federal Board of Revenue Chairman Tariq Bajwa has claimed that hundreds of thousands of people are out of tax net in the country and serious efforts are required to persuade them to pay taxes. He says that every individual who pays tax is just like a client for his department and the government officials are supposed to take care of ... Read More »

Aftershocks of Imran, Qadri sit-ins

LAHORE: The aftershocks of the sit-ins by the Pakistan Tehreek-e-Insaf chief Imran Khan and Pakistan Awami Tehreek chief Dr Tahirul Qadri have begun to visibly appear in the economic horizon of the country after the postponement of Chinese President Xi Jingping’s visit to Pakistan. It was hoped that flood doors of the foreign direct investment would open in Pakistan with ... Read More »

PTI, PAT sit-ins – cutting edge idea

As many as 18 districts out of 36 districts in Punjab have been declared calamity-hit after various crops spreading over thousands of hectors land have been destroyed in the recent rains. According to official sources, agriculture produce is expected to be lowered by 33 percent of its target this year, roads and highway infrastructure has been destroyed while adequate availability ... Read More »

Export consignments and PTI, PAT sit-ins

The federal government has started sending containers back to ports as the politically-charged atmosphere has begun to subside. The Islamabad administration had installed the containers on the city roads to block marchers of the Pakistan Tehreek-e-Insaf and Pakistan Awami Tehreek from reaching Islamabad and containing them to certain areas. A ruthless official machinery had been used to impound the containers, ... Read More »

Bulldozing Chinese president’s visit

Chinese President Xi Jinping has cancelled his scheduled visit to Pakistan – a move that was already feared in view of the ongoing sit-ins in Islamabad by Tehreek-e-Insaf chief Imran Khan and Pakistan Awami Tehreek chief Dr Tahirul Qadri. Some circles in the federal capital claim that China’s security team did not give security clearance to their president to visit ... Read More »

Smuggled Iranian goods

According to a news item appearing in Customs Today the anti-smuggling staff of the Customs Department in Hyderabad has seized 35,000 litres oil and 17,000 metre cloth last month which was being smuggled from Iran. Fortunately, Pakistan has a unique geographical location as it is part of South Asia, but its south-west corner is in the Middle East and northern ... Read More »

Enigma of electricity bills

The official machinery in Pakistan has been outrageously proving for years that it is incapable of handling any situation from planning to implementation level. The political governments come and go and they only give directions and policies on certain issues. However, it is the bureaucracy which plans and implements the government directions. In its latest move, the government has chosen ... Read More »

Corruption as faux pas

LAHORE: There is much hype in the electronic and print media about corruption in Pakistan, but this menace persisted even before the independence and is not a new phenomenon. Once during his speech to a general public meeting, Quaid-e-Azam had said that the policeman still not had stopped taking four ana bribe from vendors and the policemen on the occasion ... Read More »

Pakistan improves world ranking, but …

The World Economic Forum’s (WEF) has issued a Global Competitiveness Report for 2014 – 2015, indicating that there is improvement in the Pakistani economy, and it is now at 129th place out of 144 economies around the world. The report issued by Mishal Pakistan, the country partner institute of the Center for Global Competitiveness and Bench-marking Networks of the WEF, ... Read More »

Political crisis amid inflation

The warning bells are ringing from all sides amid political crisis in Islamabad. The whole world is watching developments in Pakistan and friendly countries like China and the United States are looking the events with concern. The Indian prime minister, who is spitting venom against Pakistan since his Bharatiya Janata Party has come to power,is also worried about the situation ... Read More »

In the hope of future

The foreign missions situated in the Red Zone have been closed down for five days owing to volatile situation in the area while no party seems to be in a mood to accommodate the other in the current political spectrum. In this scenario one wonders where Pakistan will stand in 2050 predicted by Jim O’Neill, a British economist, that the ... Read More »

Economy in the dock

Through their contradictory statements, the government ministers have been repeatedly warning the nation about billions of rupees losses to the national exchequer since Imran Khan, chief of the Pakistan Tehreek-e-Insaf, and Dr Tahirul Qadri, chief of the Pakistan Awami Tehreek started their marches and sit-ins in the twin cities of Islamabad and Rawalpindi. Khurram Dastgir, the federal commerce minister, puts ... Read More »

SBP financing for small exporters

The State Bank of Pakistan (SBP) has spelled out various incentives for small exporters, providing refinancing facility to Small and Medium Enterprises (SMEs) under the Export Finance Scheme.The SBP move is aimed at to fulfill the financing needs of exporters and to promote the exports of the country. The SBP took this decision after noting that most of the banks ... Read More »

Visit of FBR tax delegation to Switzerland: The hype vs reality

The visit of the FBR delegation to Switzerland to discuss the double taxation agreement and convince Swiss authorities to make amendments that may ultimately lead to recovery of a reported stashed $200 billion has attracted immense interest in the Pakistani media. However, despite the optimism the recovery would be a long drawn process. It may be mentioned here that Pakistan ... Read More »