【Daily】25 July Brief of Pak BizNews
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Electricity base tariff increased by Rs7.91 a unit
Moving swiftly to meet a pre-condition of the International Monetary Fund (IMF) for an economic bailout, the National Electric Power Regulatory Authority (Nepra) on Friday approved for notification Rs7.91 per unit increase in ‘uniform national tariff’ and its application in three phases.
Export-oriented sectors: Govt has agreed to supply energy without disparity
The federal government has reportedly agreed to supply electricity at Cents 9/ kWh and $ 9 per MMBTU without disparity and all inclusive to five export-oriented sectors across the country for one year (till June 30, 2023), subject to shifting of Punjab-based industry using indigenous gas-based captive power plants to the national grid, sources close to Secretary Commerce told Business Recorder.
Import of Active Pharmaceutical Ingredients: DRAP certification mandatory for paying 1pc tax
The pharmaceutical companies are required to get certification from the Drug Regulatory Authority of Pakistan (DRAP) for paying 1% sales tax on the import of Active Pharmaceutical Ingredients (APIs) and their raw materials.
Pakistan’s financing needs fully met for this year: SBP
Pakistan’s $33.5 billion external financing needs are fully met for the financial year 2022-23, the State Bank of Pakistan (SBP) chief said on Saturday, adding that “unwarranted” market concerns about its financial position will dissipate in weeks.
Trade ministry seeks ECC approval for RCET
Commerce Ministry was looking at the Economic Coordination Committee (ECC) to approve Regionally Competitive Energy Rates (RCET) for five exporting sectors during 2022-23 to maintain high export growth.
Rupee depreciation raises cotton prices by Rs3,500 per maund
Cotton prices heavily fluctuated during outgoing week with an unusual increase of Rs3,500 per maund (37.324 kg) in cotton spot rate on depreciation of Pak rupee, stakeholders said on Saturday.
Loans to private sector rise 22 percent in June
Bank loans to the private sector increased 22 percent year-on-year to Rs8.070 trillion in May, the central bank data showed on Friday.
FBR estimates potential Rs3trn tax gap
The Federal Board of Revenue (FBR) has estimated a potential tax gap of Rs3,000 billion on an annual basis which exists due to tax exemptions to powerful sectors/lobbies, massive tax evasion, and the inability of the tax machinery to collect the due taxes.
Weekly SPI eases after cut in fuel prices
Drop in fuel prices helped weekly inflation slide down 0.22 percent after almost 2 months, but on an annualised basis it remained more than a decade high at 32.82 percent during the seven-day period ended July 21.
Country likely to buy Iranian LPG in PKR
Pakistan is likely to strike a deal with Iran for purchase of Liquefied Petroleum Gas (LPG) in Pak Rupees as Tehran is already considering Pakistan’s proposal, well informed sources in Commerce Ministry told Business Recorder.
Commodities and Currency: 1-Day Change