Islamabad, December 4, 2024 – Finance Minister Muhammad Aurangzeb reiterated the government’s commitment to modernizing the housing sector without returning to directed lending, a practice he described as harmful due to its long-term economic distortions. Speaking at the International Affordable, Green & Resilient Housing Conference, the minister emphasized the need for creating mechanisms that incentivize the private sector, particularly banks and microfinance institutions, to take the lead in providing accessible housing finance.
(more…)Author: Mrs. Anjum Shahnawaz
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Pakistan Weather Report – December 4, 2024
Islamabad, December 4, 2024 – The Pakistan Meteorological Department (PMD) has issued its weather report for Wednesday, December 4, 2024, predicting cold and dry conditions across most regions of the country. The PMD noted that continental air is prevailing over much of Pakistan, contributing to the dry and chilly weather.
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Pakistan and Saudi Arabia Commit to Deepening Economic Ties
Pakistan and Saudi Arabia have reaffirmed their commitment to strengthening economic, trade, and investment ties, aiming for a qualitative transformation in their bilateral relationship. The development came during a “warm and cordial” meeting between Pakistan’s Prime Minister Muhammad Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh.
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FBR Mandates Forensic Lab Tests for Vehicle Auctions
The Federal Board of Revenue (FBR) has introduced a significant policy change, requiring the Customs Department to conduct forensic laboratory tests through reputable forensic labs before auctioning confiscated vehicles. This move aims to enhance transparency in the auction process and ensure the sale of non-tampered vehicles to buyers.
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Latest Petroleum Price Hike Driven by Taxes and OMC Margins
The recent increase in petroleum product prices in Pakistan has been attributed to multiple factors, including taxes and Oil Marketing Companies’ (OMCs) margins, which collectively account for 68% of the ex-depot prices. Effective December 1, 2024, petrol prices rose by Rs 3.72 per litre to Rs 252.10, while High-Speed Diesel (HSD) saw a hike of Rs 3.29, now costing Rs 258.43 per litre.
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Aurangzeb Vows Support for Small Traders in Tax Reforms
Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to integrating the wholesale and retail sectors into the tax net while ensuring that small traders and shopkeepers receive maximum facilitation during this transition.
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Aurangzeb Directs CCP to Expedite Action Against Cartelization
Islamabad, December 3, 2024 – The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has instructed the Competition Commission of Pakistan (CCP) to expedite its investigations into cartelization and collusive practices, emphasizing the government’s unwavering commitment to fostering competition and disciplining markets.
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Cold and Dry Weather to Prevail Across Pakistan Today
ISLAMABAD, December 3, 2024 – The Pakistan Meteorological Department (PMD) has forecast predominantly cold and dry conditions across the country for Tuesday, December 3, 2024. However, isolated areas in the northern regions are likely to experience precipitation.
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Provinces Miss Deadline to Amend Agricultural Tax Laws
ISLAMABAD: The federal government has confirmed that provinces failed to meet the deadline for amending their agriculture income tax legislation, which was set for October 2024. This was disclosed during a presentation to the National Assembly Standing Committee on Finance, where officials provided an update on the quantitative performance criteria and structural benchmarks related to Pakistan’s ongoing International Monetary Fund (IMF) program.
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PM Shehbaz Hopes for Further Rate Cuts After Inflation Drops
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday hailed the remarkable decline in inflation to 4.9%—the lowest in six and a half years—expressing optimism that this milestone could lead to further reductions in the key policy rate by the State Bank of Pakistan (SBP). Speaking during a federal cabinet meeting, Shehbaz emphasized the importance of leveraging this development to improve the financial well-being of the general public.
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