Islamabad, December 4, 2024 – The Federal Board of Revenue (FBR) announced the formation of multiple procurement committees on Wednesday to facilitate the implementation of its Transformation Plan.
(more…)Author: Shahnawaz Akhter
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Petroleum Sales Surge to 25-Month High in November 2024
Karachi, December 3, 2024 – Pakistan’s petroleum sales climbed to a remarkable 25-month high of 1.58 million tons in November 2024, marking a 15% year-on-year (YoY) increase, according to analysts at Arif Habib Limited. This significant growth is attributed to heightened demand driven by curbs on smuggled Iranian petroleum products and a 12-15% YoY reduction in motor spirit (MS) and high-speed diesel (HSD) prices, respectively.
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Market Anticipates 200bps Policy Rate Cut: Topline Poll
Karachi, December 3, 2024 – Market participants are gearing up for a substantial monetary policy adjustment, as a poll by Topline Securities Limited suggests a majority expects a 200 basis points (bps) cut in the policy rate during the upcoming Monetary Policy Committee (MPC) meeting, scheduled for December 16, 2024.
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KSE-100 Soars to New High Amid Monetary Policy Optimism
Karachi, December 3, 2024 – The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index reached an unprecedented milestone on Tuesday, closing at 104,559 points, driven by strong investor sentiment surrounding an anticipated rate cut by the State Bank of Pakistan (SBP). This surge represents an impressive gain of 1,284 points from the previous day’s close at 103,275 points.
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Advance Tax on Marriage Functions Updated for Tax Year 2025
KARACHI, December 3, 2024 – The Federal Board of Revenue (FBR) has updated advance tax rates applicable to marriage gatherings across Pakistan for the tax year 2025. These updates, issued under Section 236CB of the Income Tax Ordinance, 2001, aim to enhance compliance and revenue collection from events held at marriage-related venues.
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FBR Implements New Tax Rates on Sale of Immovable Property
KARACHI, December 3, 2024 – The Federal Board of Revenue (FBR) has announced updated advance tax rates on the sale or transfer of immovable property in Pakistan for the tax year 2025. These changes, outlined under Section 236C of the Income Tax Ordinance, 2001, aim to streamline tax compliance and ensure clarity for property transactions.
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UBL Board Approves Amalgamation of Silk Bank
KARACHI, December 3, 2024 – In a significant move towards strengthening its market presence, United Bank Limited (UBL) has announced that its board of directors has approved the amalgamation of Silk Bank Limited (SBL) into UBL.
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Banks experience over Rs 226 billion withdrawal in October 2024
Karachi, December 3, 2024 – Banks in Pakistan witnessed significant withdrawals in October 2024, as deposits fell by Rs 226.42 billion, according to data released by the State Bank of Pakistan (SBP).
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Pakistan Posts 12.57% Export Growth During 5MFY25
Karachi, December 2, 2024 – Pakistan exports surged by 12.57% during the first five months of the fiscal year 2024-25 (July to November), reaching $13.69 billion, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. This marks a notable increase compared to $12.16 billion recorded in the corresponding period of the previous fiscal year.
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FPCCI Advocates Establishment of Bank of Balochistan
Karachi, December 2, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has called for urgent measures to address Balochistan’s economic challenges. He proposed establishing a Bank of Balochistan (BoB) to facilitate industrialization, enhance access to finance, and drive sustainable development in the province.
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