Karachi, October 9, 2024 – In a move aimed at enhancing support for the business and industrial sectors, the Karachi Chamber of Commerce and Industry (KCCI) has announced that it will observe a full working day on Fridays, departing from the previous half-day schedule. The decision reflects the Chamber’s commitment to providing uninterrupted services to its members throughout the week.
(more…)Author: Shahnawaz Akhter
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FBR Suspends Top IRS Official Amidst Accountability Measures
Islamabad, October 9, 2024 – In a move reflecting ongoing accountability efforts, the Federal Board of Revenue (FBR) has suspended a senior official from the Inland Revenue Service (IRS) for a period of 120 days.
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Pakistan Sees 39% Surge in Workers’ Remittances in 1QFY25
Karachi, October 9, 2024 – Pakistan has experienced a remarkable 39% surge in workers’ remittances during the first quarter (July – September) of the fiscal year 2024-25, according to data released by the State Bank of Pakistan (SBP) on Wednesday. The remittance inflows soared to $8.79 billion, a significant increase from $6.33 billion in the corresponding quarter of the previous fiscal year.
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KSE-100 Index Surpasses 86,000 Points Milestone in Early Trade
Karachi, October 9, 2024 – The KSE-100 index of the Pakistan Stock Exchange (PSX) has achieved a remarkable milestone, surpassing the 86,000 points mark in early trading on Wednesday. The benchmark index is currently trading at 86,048 points, reflecting a notable gain of 384 points from the previous day’s closing figure of 85,664 points.
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Pakistan’s Debt Soars Beyond Rs 70 Trillion by August 2024
Karachi, October 9, 2024 – Pakistan’s debt burden has surged past Rs 70 trillion by the close of August 2024, according to a report released by the State Bank of Pakistan (SBP).
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FBR Enforces Stringent Rules for Customs Agents Licensing
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has introduced stringent new regulations for the grant of customs agents licenses in an effort to bolster compliance and integrity within Pakistan’s customs processes.
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FBR Introduces Tax Holiday for Gwadar Vehicle Imports
Karachi, October 8, 2024 – In a major policy development aimed at fostering economic activity around the Gwadar Port and Free Zones, the Federal Board of Revenue (FBR) announced a tax holiday for vehicles imported by entities operating within these areas.
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SBP Unveils Series of Incentives to Boost Home Remittances
Karachi, October 8, 2024 – In a strategic move aimed at fortifying Pakistan’s foreign exchange reserves and stimulating the inflow of remittances, the State Bank of Pakistan (SBP) announced a series of robust incentives on Tuesday. These initiatives are specifically designed to encourage exchange companies (ECs), authorized dealers (ADs), and microfinance banks (MFBs) to amplify their efforts in mobilizing home remittances.
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Pakistan Stocks Hit New Record High of 85,664 Points Amid Bullish Rally
Karachi, October 8, 2024 – The Pakistan stocks continued its bullish streak on Tuesday as the benchmark KSE-100 index surged to an all-time high of 85,664 points, marking a 754-point gain from the previous day’s close of 84,910 points.
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FBR Enforces Mandatory Declaration of Foreign Assets
Karachi, October 8, 2024 – The Federal Board of Revenue (FBR) has mandated that Pakistani residents with substantial foreign income and assets must declare these holdings as part of their annual tax returns. This new requirement, governed by Section 116A of the Income Tax Ordinance, 2001, will apply to individuals whose foreign income and assets exceed certain thresholds.
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