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SECP defers implementation of expected credit loss model of IFRS 9 for circular debt

The Biz Update1 month ago1 month ago01 mins

ISLAMABAD, November 11, 2024: The Securities and Exchange Commission of Pakistan (SECP) has announced a temporary deferment of the Expected Credit Losses (ECL) Model, under International Financial Reporting Standard (IFRS)-9 ‘Financial Instruments’, for companies holding financial assets directly or indirectly owed by the Government of Pakistan in connection with inter-corporate circular debt. This deferment extends…

Government’s Push to Cut Power Costs: A Double-Edged Sword?

The Biz Update1 month ago1 month ago04 mins

KARACHI, November 11 2024: In a recent briefing to the Senate Standing Committee on Power, an update on the government’s negotiations with Independent Power Producers (IPPs) took centre stage. The co-chair of the Energy Task Force announced the potential for major savings an estimated Rs300 billion annually which could translate to a reduction of Rs2-3…

ATRL’s Refinery Overhaul to Save PKR 15 Billion Annually as Upgrades Begin

The Biz Update2 months ago2 months ago04 mins

KARACHI, November 09 2024: Attock Refinery Limited (ATRL) conducted a corporate briefing session on November 8th, 2024, to discuss the company’s FY24 financial results and its outlook for the future. Below are the key highlights from the session: These developments reflect ATRL’s ongoing efforts to enhance its operational efficiency, resolve industry challenges, and capitalize on…

Pakistan Requests China to Reschedule $3.4 Billion Debt Amid IMF Program

The Biz Update2 months ago2 months ago03 mins

ISLAMABAD, November 09 2024: Pakistan has formally requested China to reschedule an additional $3.4 billion worth of official and guaranteed debt for two years. This debt, which is due for repayment during the International Monetary Fund (IMF) program period, is pivotal to Pakistan’s ongoing financial stabilization efforts. Government sources, speaking to The Express Tribune, emphasized…

KCCI Chief Strongly Opposes Affidavit Requirement for Sales Tax Returns

The Biz Update2 months ago2 months ago04 mins

KARACHI, November 09 2024: President Karachi Chamber of Commerce and Industry (KCCI) Muhammad Jawed Bilwani, while vehemently condemning the reinstatement of the requirement to file an affidavit with sales tax returns, demanded that the authorities must suspend the affidavit requirement immediately until comprehensive consultations are conducted and effective alternative measures are established. President KCCI stated…