The Pakistan Association of Large Steel Producers (PALSP) has called upon the government to immediately withdraw the tax exemptions granted to industrial units in the former tribal areas (now merged districts or NMDs). According to PALSP, these exemptions are being widely misused, causing severe harm to the local tax-paying industries in Pakistan.
(more…)Author: Mrs. Anjum Shahnawaz
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Pakistan Increases Petroleum Prices on New Year 2025
ISLAMABAD: The federal government of Pakistan has increased the price of petrol by Re0.56 per litre, effective from the first fortnight of 2025. The announcement, made on New Year’s Eve, reflects adjustments based on fluctuations in the international oil market, as stated in a notification issued by the Finance Division.
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PM Shehbaz Launches ‘Uraan Pakistan’ Five-Year Economic Plan
Islamabad, December 31, 2024 – Prime Minister Shehbaz Sharif officially launched Uraan Pakistan, a homegrown five-year National Economic Transformation plan, on Tuesday in Islamabad.
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Karachi Sit-ins Turn Violent, Several Vehicles Set on Fire
Karachi, December 31, 2024 – Sit-ins organized by the Majlis Wahdat-e-Muslimeen (MWM) across various locations in Karachi took a violent turn on Tuesday, with multiple vehicles set ablaze and clashes reported between protesters and law enforcement.
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ADB, Pakistan Ink $200M Loan Deal to Boost Electricity Distribution
Islamabad, December 31, 2024 – The Asian Development Bank (ADB) and the Government of Pakistan signed a $200 million loan agreement on Tuesday aimed at enhancing the country’s electricity distribution system.
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SBP Governor Presents Year-End Review to Aurangzeb
Islamabad, December 31, 2024 – Jameel Ahmad, the Governor of the State Bank of Pakistan (SBP), presented a detailed year-end performance review of the central bank to Finance Minister Senator Muhammad Aurangzeb during a meeting at the Finance Division on Tuesday.
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Predictions for Petroleum Prices in Pakistan from January 1, 2025
Islamabad, December 31, 2024 – Market forecasts suggest that Pakistan is set to adjust petroleum prices upward, with the new rates taking effect from January 1, 2025. This revision scheduled for December 31, 2024, will impact multiple petroleum products, reflecting global trends and domestic cost adjustments.
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FBR to Collect Rs 70 Billion from Banks as Tax Laws Promulgated
Karachi, December 31, 2024 – The Federal Board of Revenue (FBR) is poised to collect an estimated Rs 70 billion from the banking sector after the promulgation of the Income Tax (Amendment) Ordinance, 2024, a significant development aimed at bolstering revenue collection.
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Karachi to Face More Cold as School Winter Vacations End
Islamabad, December 31, 2024 – Karachi, Pakistan’s largest metropolis and port city, is bracing for colder weather this week as the winter school vacations come to an end. Many schools across Karachi are set to reopen on January 1, 2025, coinciding with a dip in temperatures expected in the coming days.
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IHC Rules in Favor of PTA, Fines FBR Deputy Commissioner
Islamabad, December 30, 2024 – The Islamabad High Court (IHC) on Monday ruled in favor of the Pakistan Telecommunication Authority (PTA), granting its petition against the Federal Board of Revenue (FBR) for the improper deduction of an additional amount under the pretext of advance tax.
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