Pakistan’s Indus Motor Company (IMC) https://www.treehousebusinesscentre.org/ has started exporting its vehicles to Toyota Egypt, the company’s CEO Ali Asghar Jamali announced on Thursday. IMC is the sole authorized manufacturer and distributor of Toyota vehicles in Pakistan. The company’s exports to Egypt are part of its plans to expand its presence in the Middle East and Africa.
Pakistan Expects Another $2.6 Billion in Financing
Pakistan is expecting another $2.6 billion in financing from friendly countries, a report in the Business Recorder newspaper said on Thursday. The report said that the financing will be provided by Saudi Arabia, the United Arab Emirates (UAE), and China. The financing will be used to help Pakistan meet its balance of payments needs.
FBR Urged to Address Issue of Reduction in Income Tax Liability
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the Federal Board of Revenue (FBR) to address the issue of reduction in income tax liability for pensioners, senior citizens, and families of martyrs. The FPCCI said that the reduction in income tax liability will have a negative impact on the economy.
Chashma-5 N-Plant to Produce Power at Rs20 per Unit
The $5 billion Chashma-5 nuclear power plant is expected to produce power at Rs20 per unit, a report in the Business Recorder newspaper said on Thursday. The report said that the plant is expected to be completed by 2025. The plant will have a capacity of 1,100 megawatts.
PRL, Air Link Look to Acquire Majority Stake, Control of Shell Pakistan
Pakistan Refinery Limited (PRL) and Air Link have expressed interest in acquiring a majority stake in Shell Pakistan, the Business Recorder newspaper reported on Thursday. The report said that PRL and Air Link have submitted bids for the acquisition of Shell Pakistan. The sale of Shell Pakistan is part of Shell’s global strategy to exit the downstream oil and gas business.
Budget 2023-24: ‘High Earners’ to Pay a Higher Income Tax as Govt Revises Rates
The government of Pakistan has revised the income tax rates for the upcoming fiscal year 2023-24. The new rates will see high earners paying a higher income tax. The government has also introduced a new tax bracket for people earning over Rs100 million.
LoI to IMF: Govt Pledges Fiscal Discipline
The government of Pakistan has submitted a Letter of Intent (LoI) to the International Monetary Fund (IMF), pledging fiscal discipline. The LoI states that the government will take steps to reduce the budget deficit and improve revenue collection. The government has also agreed to implement a number of structural reforms, including reforms to the energy sector and the tax system.
IMF Board Scheduled to Consider $3bn SBA Today
The International Monetary Fund (IMF) Board is scheduled to consider a $3 billion loan for Pakistan today. The loan is part of a $6 billion bailout package that the IMF is providing to Pakistan to help the country address its balance of payments crisis.
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