Karachi, October 10, 2024 – Pakistan’s total foreign exchange reserves have risen to $16.05 billion, according to the latest data released by the State Bank of Pakistan (SBP) on Thursday.
(more…)Author: Shahnawaz Akhter
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FPCCI Criticizes KP and Balochistan for Levying Cess
Karachi, October 10, 2024 – Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has strongly condemned the recent decisions by the governments of Khyber Pakhtunkhwa (KP) and Balochistan to impose an Infrastructure Development Cess (IDC) on both imports and exports.
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SBP Revises Instructions for Banks on CCTV Camera Installation
Karachi, October 10, 2024 – The State Bank of Pakistan (SBP) has issued revised directives regarding the installation of Closed-Circuit Television (CCTV) cameras by banks and microfinance banks (MFBs). These revisions, based on input from various stakeholders, are aimed at facilitating the phased implementation of enhanced surveillance measures while ensuring the security of banking operations nationwide.
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KCCI Advocates Policy Rate Cut by 300 Basis Points
Karachi, October 10, 2024 – The Karachi Chamber of Commerce and Industry (KCCI) has urged the State Bank of Pakistan (SBP) to cut the policy rate by at least 300 basis points in response to falling inflation and to stimulate economic growth.
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Pakistan Launches Grand Operation Against Sales Tax Fraud
Islamabad, October 10, 2024 – In a bold move to address rampant tax evasion and boost revenue collection, Pakistan has launched a large-scale operation targeting sales tax fraud across various sectors of the economy. Finance Minister Mohammad Aurangzeb and Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial made the announcement in a press conference, revealing that the country faces a staggering tax gap of Rs 3.4 trillion due to widespread fraud.
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FBR Imposes Major Penalty on Customs Appraiser for Facilitating Tax Evasion
Islamabad, October 10, 2024 — The Federal Board of Revenue (FBR) has taken decisive action by imposing a major penalty on Shahzad Ameen Ahmed Babar, an appraising officer of Pakistan Customs, for facilitating the evasion of duties and taxes.
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FBR Shuts Down Redemption Fine for Smuggled Goods
Islamabad, October 9, 2024 – The Federal Board of Revenue (FBR) has announced the complete elimination of the redemption fine for smuggled goods, intensifying the government’s crackdown on illegal trade activities.
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KCCI Announces Full Working Day on Fridays to Better Serve Business Community
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.
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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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