Karachi, November 13, 2024 – The State Bank of Pakistan (SBP) secured Rs 776 billion through its latest auction of Market Treasury Bills (MTBs) on Wednesday, marginally short of the Rs 800 billion target set for the auction.
(more…)Author: Shahnawaz Akhter
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FBR to Enforce Shop Closures for Tax Defaults
Karachi, November 13, 2024 – The Federal Board of Revenue (FBR) has announced its plan to enforce strict measures on shopkeepers failing to comply with tax registration and payment requirements under the Income Tax Ordinance, 2001.
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Pakistan Stocks Gain 131 Points Amid Mutual Fund Buying
Karachi, November 13, 2024 – Pakistan stocks rallied on Wednesday, gaining 131 points as buying from local mutual funds bolstered market performance. The KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 93,355 points, up from the previous day’s close of 93,224 points, marking a gain of 0.14%, according to analysts.
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FBR Reviews Lifting Petroleum Tax Exemption to Address Shortfall
Islamabad, November 13, 2024 – The Federal Board of Revenue (FBR) is contemplating a strategic reversal of the sales tax exemption on petroleum products, potentially introducing a modest 5-7% tax to stabilize fiscal revenues amid a challenging economic landscape.
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FBR Transfers Batch of IRS Officers of BS-19 and BS-20
Islamabad, November 12, 2024 – The Federal Board of Revenue (FBR) has announced the immediate transfer and posting of a batch of Inland Revenue Service (IRS) officers at the BS-19 and BS-20 levels.
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Pakistan Stocks Slide by 424 Points Amid Profit-Taking
Karachi, November 12, 2024 – Pakistan stocks experienced a notable decline on Tuesday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) dropping by 424 points. The index closed at 93,224 points, down from the previous day’s close of 93,648 points, as investors engaged in significant profit-taking after recent market gains.
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Pakistan May Introduce Mini Budget Amid Tax Shortfall Concerns
Karachi, November 12, 2024 – As Pakistan faces a widening revenue gap, the government is preparing for the introduction of another mini budget to bridge the anticipated fiscal shortfall for the year 2024-25. With the International Monetary Fund (IMF) delegation currently reviewing the nation’s progress under the Extended Fund Facility (EFF), sources indicate that the mini budget is expected to follow closely after the completion of the IMF team’s visit.
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Pakistan’s Total Debt, Liabilities Rise to Rs 85.84 Trillion in 1QFY25
Karachi, November 11, 2024 – Pakistan’s fiscal challenges intensified as total debt and liabilities surged to Rs 85.84 trillion by the end of the first quarter of FY2024-25, the State Bank of Pakistan (SBP) reported Monday.
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IRSOA Condemns Unlawful Detention of RTO Karachi Officers
Islamabad, November 11, 2024 – The Inland Revenue Service Officers Association (IRSOA) has issued a stern condemnation regarding the unlawful detention of a team from the Regional Tax Office (RTO) Karachi, led by Assistant Commissioner (IR) Rai Hamza Ahmed. The incident, which occurred at a private wedding hall, saw the officers and their staff detained for over four hours while they were performing their official duties.
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KSE-100 Index Fails to Sustain 94K Level, Closes at Record High
Karachi, November 11, 2024 – The KSE-100 index, Pakistan Stock Exchange’s (PSX) benchmark, reached an all-time high of 94,020 points on Monday before slipping slightly to close at a record 93,648 points. The KSE-100 index gained 356 points from last Friday’s close of 93,292 points, marking a 0.38% increase and maintaining its upward trajectory.
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