Karachi – Pakistan’s total debt surged to Rs 69.6 trillion at the end of July 2024, reflecting increased borrowing from domestic and international sources to cover the country’s fiscal deficit.
(more…)Author: Shahnawaz Akhter
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FPCCI Announces Launch of Modern Digital Media Channel
Karachi, September 5, 2024 – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) announced the launch of a modern digital media platform aimed at addressing key economic, social, and societal issues.
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SBP Records $34 Million Rise in Weekly Forex Reserves
Karachi, September 5, 2024 – The State Bank of Pakistan (SBP) reported an increase of $34 million in its foreign exchange reserves for the week ending August 30, 2024.
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FBR Unveils Rules for FED Collection on Property Transactions
Islamabad, September 5, 2024 – The Federal Board of Revenue (FBR) on Thursday announced new rules for the collection of Federal Excise Duty (FED) on property transactions. The updated regulations were formalized through SRO No. 1376(I)/2024, amending the Federal Excise Rules, 2005, and introducing a new chapter titled “Excise Duty on Property.”
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Rupee Gains 9 Paisas Against Dollar After Three-Day Decline
Karachi, September 5, 2024 – The Pakistani rupee rebounded today, gaining 9 paisas against the US dollar after a three-day decline. The rupee closed at PKR 278.68 per dollar, up from PKR 278.77 the previous day in the interbank foreign exchange market.
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Analysts Anticipate 150 Basis Points Policy Rate Cut by SBP
Karachi, September 5, 2024 — Analysts at Arif Habib Limited forecast a substantial reduction of 150 basis points in the State Bank of Pakistan’s (SBP) key policy rate, projecting the rate to fall to 18% during the upcoming monetary policy announcement on September 12, 2024.
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FBR Notifies 35% Tax Rate on Bank Deposit Profit for Non-ATL
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) has officially notified a significant tax increase for individuals earning profit from bank deposits but who are not listed on the Active Taxpayers List (ATL). The tax rate for these non-ATL individuals has been set at 35%, a substantial hike from the rate applied to ATL members.
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Initial Allowance Deduction under Updated ITO 2001
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) has explained the deduction of the initial allowance for eligible depreciable assets under the Income Tax Ordinance (ITO), 2001, which has been updated as of June 30, 2024.
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Customs Officer Fired After Failing to Report for Duty
Islamabad, September 5, 2024 – The Federal Board of Revenue (FBR) has imposed the penalty of dismissal from service upon Fayzan Atif, a Customs Inspector (BS-16) from the Collectorate of Customs (Enforcement), Sargodha. The dismissal stems from a charge of “misconduct” under the Civil Servants (Efficiency & Discipline) Rules, 2020.
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FBR May Halt Tax Refunds to Meet September Targets
Karachi, September 5, 2024 – The Federal Board of Revenue (FBR) is contemplating a halt on tax refunds for the month of September 2024 in a bid to meet its ambitious tax collection targets, sources said.
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