Islamabad, October 25, 2024 – The Federal Board of Revenue (FBR) has revised the transshipment rules for Iranian transport operators involved in the movement of goods across Pakistan’s borders. The new rules are part of the efforts to strengthen regulatory frameworks governing international trade and transportation, especially under the Bilateral Road Transportation of Goods agreement between Pakistan and Iran.
(more…)Author: Shahnawaz Akhter
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FBR Announces Daily Updates to Active Taxpayers List
Islamabad, October 24, 2024 – In a significant policy shift, the Federal Board of Revenue (FBR) has announced that it will now update the Active Taxpayers List (ATL) on a daily basis, departing from its previous practice of weekly updates.
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OGDCL Begins Oil and Gas Production from Sanghar District
Islamabad, October 24, 2024 – Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) firm, has successfully commenced oil and gas production from its exploratory well Baloch-2, situated in the Sanghar district of Sindh.
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Pakistan’s Forex Reserves Fall by $94 Million Amid Commercial Bank Decline
Karachi, October 24, 2024 – Pakistan’s foreign exchange (forex) reserves saw a reduction of $94 million in the week ending October 18, 2024, according to data released by the State Bank of Pakistan (SBP) on Thursday. The country’s total forex reserves now stand at $16.017 billion, down from $16.111 billion the previous week, marking a modest but notable decline.
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KSE-100 Index Hits New All-Time High, Closes Near 89,000 Points
Karachi, October 24, 2024 – The Pakistan Stock Exchange (PSX) witnessed a historic milestone on Thursday as the KSE-100 index surged to an unprecedented high, closing just shy of the 89,000 mark.
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KCCI Appeals Govt to Notify Six-Day Workweek to Boost Economy
Karachi, October 24, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has urged the federal government to reintroduce a six-day working week for both federal and provincial government institutions to bolster the economy and facilitate the business sector.
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Bank Deposits in Pakistan Soar to Record High of Rs 31.34 Trillion
By the end of September 2024, bank deposits in Pakistan surged to a historic Rs 31.342 trillion, reflecting a remarkable year-on-year increase of 19.1%, according to data released by the State Bank of Pakistan (SBP). This milestone marks a significant step in the nation’s banking landscape, showcasing robust growth despite the challenges posed by fluctuating interest rates.
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FBR Projects Rs 250 Billion from New Anti-Smuggling Measures
Islamabad, October 24, 2024 – The Federal Board of Revenue (FBR) has announced ambitious plans to generate up to Rs 250 billion through a series of robust anti-smuggling initiatives, signaling a major crackdown on illicit trade.
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FPCCI Advocates Protection of Genuine Taxpayers at FBR Meeting
Karachi, October 23, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has issued a strong appeal for the protection of genuine taxpayers while urging the Federal Board of Revenue (FBR) to focus its enforcement efforts exclusively on tax evaders.
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SBP May Further Cut Policy Rate by 200 bps: Survey
Karachi, October 23, 2024 – The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is expected to further reduce the policy rate by 200 basis points (bps) or 2% in its upcoming meeting scheduled for November 4, 2024. This insight comes from a recent survey conducted by Arif Habib Limited, capturing the sentiment of market participants across various sectors.
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